To take full advantage of Web3 technology, every brand must build a new, direct to consumer playbook. This new marketing strategy will be all about communities, co-creators, and be a digital-first reality.
NFTs will be the most powerful tools for branding going forward. Think of NFTs as brand loyalty programs on steroids.
With NFTs companies can collaborate with customers like never before. Interact, feed off their token community beyond selling a product to involving member customers in product launches, co-designing, and a share in decision making.
Consumers will continue to gravitate towards Web3 and all if its many facets. It’s a fact that people are spending less time on Web2 social media sites and businesses don’t want to be left behind, the FOMO mentality is now in full swing for large traditional companies.
The two biggest statistics for any brand are Engagement and Retention and NFTs provide that in a big way. NFTs are the perfect ‘cookie’ as they allow for hyper-customization of the customer experience.
Consumer adoption of Web3 has been slow primarily due to the relative complexity of obtaining a crypto wallet. However, within the next 3-5 years as the whole onboarding process to Web3 becomes much less burdensome adoption will be widespread. Additionally, Web3 puts a premium on user custody and ownership whereas Web2 provides users with ownership of nothing!
In a way, it may be a good thing that consumer adoption will be slower as this provides Brands the time to experiment with Web3 capabilities, like NFTs and Metaverses. A new skill set will need to be learned and conquered by brand managers and for a time, businesses will have to straddle both traditional markets while addressing the new future of customer engagement and retention.