Trying to understand web3 and how it fits into your next brand campaign? You are not alone! Web3 is the next online ecosystem, created with decentralized protocols that aim to reduce dependency on larger tech companies. Do you know what a Decentralized data system is? Don’t worry we will define that too. Decentralization can help prevent companies such as Google, Netflix, and Amazon from gaining monopolistic control. We are currently in Web 2, the second iteration of the internet that allows consumers to create and edit files, rather than just view them. The freedom of Web2 opened up opportunities for social media platforms as well as public marketplaces. This reimagined how we use the internet, by making it a platform for creation, connection, and marketing.
In the transition to Web3, we have been introduced to NFTs, Non-fungible tokens that can be thought of as certificates of authenticity for digital artifacts. Every NFT is unique, giving them a level of exclusivity. They are sold using specialized markets in the blockchain. The establishment of NFTs has introduced a new tier to branding.
Forbes said it best by explaining how Web3 will be the future of entertainment. NFTs can serve as a currency for exclusive content that is released to the buyer after their purchase. Already popular entertainers are using the purchase of their NFT packs as a gateway for audience members to access private content. A transfer of ownership structure allows the creator to retain full control of their content, rather than splitting the profits with a host site, such as Spotify, or Netflix.
Branding-wise, this opens endless avenues for your business to grow in the digital space. Web3 provides a new tier to a consumer-centric marketing strategy, and you don’t want to be the last to follow suit. It may appear hard to make sense of, but like all things digital, you don’t want to be late in the game.
Coach made the jump into the NFT world by partnering with VaynerNFT to create an NFT line of various holiday animals that were released over a 10-day period. With the purchase of each digital collectible, each purchaser gets one made-to-order Rogue bag. The NFT is now more than just the token but is a digital representation of the value behind the partnership between both companies.
Your brand can work with an NFT specialist to develop NFTs that are relevant to the brand, offering customers exclusive content. NFTs are a range of digital assets from art, to apparel, to avatars. No matter your industry, it just takes a creative mind to find your place in the NFT space. There are no limitations on the aspects of your company you can infuse into an NFT. A creative visual representation of your brand will be distinguished by its rarity and exclusivity. Make NFTs your campaign. Publish previews of your NFT packs on social media, and watch the clicks come in.
Our advice, get to know the value of what others see in Web 3, and find your place in the NFT arena. As the digital era continues to thrive, your brand could benefit from considering how implementing this could increase the level of affinity your target audience has with your brand.
Web3: The third generation of online services where AI-based semantics, AR/VR-based immersive-ness, and blockchain-based technology come together to create transparent and socially responsible internet experiences.
NFTs: A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.