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Why brands should embrace Web3

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Why brands should embrace Web3
Why brands should embrace web3 Part 1

Next up is a session called “Why Brands Should Embrace WEB3.” It was hosted by Marissa Trew, Chief Content Officer at Blokhaus, on the first day of the conference, Thursday the 14th at 4pm EST.

If you do not have a chance to participate in this event, GeckoCon Conference, which you can read in this article. The session discussed the topic of how to engage your audience with Web3. We explored blockchain, metaverse, and NFT. The panel talked about gaining a competitive advantage. Businesses can use Web3 to connect with their audiences. Speakers include:

  • Sébastien Borget – Co-founder and COO of The Sandbox
  • Ben Fairbank – Co-founder and CEO of RFOX
  • Irene Zhao – SO-COL Co-Founder
What are the main challenges that exist for both brands and individual creators right now?

Irene answered this by explaining some of the challenges of NFTs. Releasing an NFT without defining its utility is bad for your brand. Having no roadmap or real benefits for holders is also bad form. If you release an NFT for release, the value of the NFT will likely decrease.

Moreover, Ben found that companies were unsure how to handle this. They have a brand to protect. In response to the creator, Ben noted that he is becoming a brand. Web3 people who understand the technology are a bit more flexible. You can be a bit more experimental. He also pointed out that metaverse and Web3-based brands are moving much faster.

Both shared their views on how these problems can be reduced. Ben shared his observation that collaboration is happening. This allows brands to test the waters. Web3 native brands are also great at building communities and can quickly gain market share. Irene also mentioned this. This is your opportunity to build a strong community. When a company first launches a Web3 project, it’s really important to communicate with users.

What do you think are the next steps before we reach the mass adoption stage?

Irene compared Web2 technology to Web3. Web3 technology can continuously capture your audience’s attention. The idea of ​​the audience is no longer passive; they can become owners of brand content. This is powerful because it allows brands or creators to stay connected with their fans and customers. Businesses can continue to provide real utilities.

Sébastien pointed out that the metaverse is a current space. More effort is needed to lower the barrier to entry. This applies to both creators and users. 99% of the content is likely user-generated, so no special skills are required.

Ben noted that a regulatory structure is needed to plan and build. Copyright law and deontology are just two of the issues. Countries are still trying to catch up with technology. Once the real crowds start coming in, mass adoption that we haven’t seen yet could create a new set of problems.

Interaction in the digital realm

The next question was about Sébastien. Marissa asked, “How have you seen the way brands, celebrities, and creators interact in the digital realm and how this has evolved over the past year?”

Value interaction is key. Sébastien cited Snoop Dogg as an example. He always wanted to connect with his fans in real life. Snoop Dog has created a mansion in the sandbox metaverse. All his fans can now visit. Practical logistics are no longer an issue. Admission to private parties and concerts is possible both in the metaverse and in real life. The Doggies NFT collection is more than just a PFP. They are 3D animated and allow for complex movements within the game. He is organizing a land sale and his fans are using their position to develop and express their fandom.

Other projects include amazing virtual buildings and houses, as well as education and games. There are no limits to the creative possibilities. One of the most important takeaways is to advise brands not to copy what already exists in the real world. This is an opportunity to reinvent and add value. Of course, this doesn’t mean the community feels like they have to buy something.

conclusion

Finally, digitally native creators are opening up opportunities in the metaverse at a much faster rate. Brands have direct access to customers around the world and are not limited to a specific radius. Location also plays an important role. You can purchase land close to brands you support, love, and want to collaborate with.

Plus there is part 2 of this discussion. You can read how the rest of the conversation unfolded.

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