If you’re like most marketers, Web3 has been on your radar for anywhere between “not yet” and “some time in the future.” We should probably revise this timeline because Web3 might arrive sooner than we all anticipated. Whether a result of the epidemic or not, a big number of American large brands are investing so heavily in Web3 that it is difficult to ignore.
Brands are currently moving swiftly into the Web3 era, while agencies are falling further and further behind. Agencies and marketers must immediately adjust if they want to be prepared for this new reality, regardless of whether it is due to a lack of strategy or expertise. We haven’t witnessed a transformation of this magnitude since the introduction and growth of social media, which began as a modest wave of excitement.
Because they have a certain flexibility that larger brands do not, you will typically notice that smaller brands are the first to apply new ideas. They can innovate and serve customers successfully since they have lesser costs and risk. Experimentation may also be possible because of the absence of notable clients.
On the other hand, businesses that serve larger clientele typically have processes in place that are trusted by their customers. Instead than keeping an eye on every new piece of technology that enters the market, they adhere to tried-and-true methods and are less nimble.
Recall that we stated traditional? That’s correct; this isn’t how the market is currently moving. Instead, the biggest businesses are adopting Web3’s essential capabilities. Why? because consumers have embraced this new trend more quickly than most companies. Large brands have thus recognized this trend and launched different blockchain, bitcoin, and metaverse features.
Anheuser Busch said that it would start selling “Budverse” cans toward the end of the previous year. These cans were NFTs, or, to put it another way, available through the virtual world, as opposed to the actual cans to which we are all used. Around 1,300 people currently own the so-called Heritage Edition of the Budverse Cans, whereas 1,500 have been traded as of the time this guide was being put up. The cans currently have a floor price of $0.43.
While this number may appear modest, the corporation purposefully made just 1,936 of them (marking the year of its founding) in order to create demand. Nike, Gucci, Macy’s, and other well-known companies have all started similar advertising initiatives. You see, we said that they were not insignificant brands taking part in Web 3 activities.
While Gucci launched a Garden Experience where users could purchase designer wearables for their virtual self, Vans built a skateboarding experience for supporters on Roblox. Nike recently established Nikeland in Roblox.
After striking a contract with Bored Ape Yacht Club, Adidas, like Nike, is making an investment in Web3. This connection allows anyone to purchase one of 10,000 NFTs, ape avatars with unique personalities. If it weren’t enough, Visa also invested $150,000 to buy CryptoPunk NFT. This NFT is the biggest and most expensive one available right now.
As you can see, luxury brands are increasingly investing in NFTs, the metaverse, and other Web3 capabilities. However, mainstream American businesses are still paying attention to Web3. The investment would only be worthwhile if consumers were actively participating, like with any business activity or marketing strategy. Happily, actively participating is a mild understatement. People are increasingly eager to spend money on NFTs, new metaverse access points, and cryptocurrencies each year.
Fortunately, payment platforms like PayPal, Robinhood, and Venmo have made it easy for businesses to integrate. When it comes to cryptocurrencies, many customers have purchased Ethereum, Bitcoin, or another currency through PayPal only to see it increase in value. If they make money, they invest it in the metaverse.
Companies want to accommodate customers who want to spend their hard-earned money on crypto and NFTs in the metaverse, and entry barriers are dissolving as a result. As a result, everyone has greater access to the entire ecosystem.
What about Web3’s future? Since there are no boundaries to the future, businesses will always be looking for new opportunities. NFTs and cryptocurrency are a promising beginning, but there is certainly more to come. Users will be able to sign on to Web3 with just one point of access, creating a single identity that spans the entire metaverse and Web3 when they do so. Compared to Web2, where users struggled to remember dozens of identities and passwords, this is an improvement.
In the future, all we will need to do to start conducting transactions is provide various Web3 components access to our identity. There is no need to create an account or keep passwords on a small notebook that always disappears just when you need it. The reduced risk of credit card information theft is another advantage of this streamlined method.
We don’t know what else might be evidence for the D2C (direct to consumer) world if this. It’s crucial to highlight once more how quickly this movement is sweeping the globe. Consumers are paving the way and signaling that Web3 is the direction they want, so as a marketer or agency, it’s critical to pool your resources and examine how you can adapt.
Retooling and Coping with the Web3 Revolution
Numerous organizations are adapting their strategies as this change continues to happen at the speed of light. For instance, we’ve noticed more agencies promoting advanced job openings inside the industry. Agencies will soon provide Web3 services to clients while they look for new talent. However, because all agencies must take into account the team’s skills, recruitment alone is unlikely to be helpful. Retooling is necessary if agencies are to satisfy clients.
We can already see this retooling happening if we take a look around the e-commerce business. Shopify recently updated its software so that stores may support NFTs. The Chicago Bulls quickly constructed their own storefront on the platform. A pilot program where NFTs can be sold without complicated management will also be available to individuals who open stores. Be prepared to see additional e-commerce platforms making the same change in the upcoming months.
The current talent shortage is among the major issues facing marketing organizations. It’s not like hiring someone to oversee the social media component of the plan because this is a new industry. Fewer than 100,000 people worldwide, according to some estimates, have knowledge of crypto stores and Web3 features. The market will eventually require more than one million developers as the niche expands over the next 18 months.
What can an agency do, if anything? Well, teaching developers Solidity is the first step. Its is a fantastic place to start because this programming language powers Ethereum and numerous other blockchains and smart contracts. Fortunately, people who are already familiar with Rust or C++ will find Solidity to be quite easy to learn; this is far preferable to beginning from scratch.
We strongly advise spending money on training resources for your team in order to upskill your current employees. Don’t, however, believe that you must spend a lot of money flying your crew out of the nation for training exercises. The pandemic merely hastened the world’s transition to a digital age, which was already underway. Use Coursera, Udemy, and Skillshare in addition to online conferences. On these sites, skilled developers have made courses specifically for this use.
The market seems to shift in days rather than weeks or months, making it difficult to gauge its speed. For those with adequate memory, the launch of Web3 is comparable to the launch of e-commerce. With the advent of Java at the start of 1996, marketing firms were compelled to undergo a similar process of retooling. Candidates would sit in bed reading the Java manual as numerous dot-com companies began hiring, prepared to impress any potential employers.
Some people have experience in the sector, which aids the transfer as the marketing specialty changes. Everyone had a clean slate to work with in 1996, which is similar to the scenario we are in now. In this scenario, everything looked to go well for the government, companies, and the economy as a whole. There is therefore no reason why the sector can’t likewise successfully navigate this most recent change.
You have two choices as a marketer or marketing agency, you may resist the change and fall behind rivals, or you can lead this revolution. The market will go forward whether you opt to support Web3 or not. Think about training your staff, staying current on events, and setting up your agency for client success.