Depending on whom you ask, Web3, a new iteration of the internet based on blockchain technology, is a form of monetization, the future of organizing, or a get-rich-quick scheme. But amid this debate, many companies are already testing a range of ways to create value — from increasing brand awareness to experimenting with new models of product ownership — using Web3 tools. These initiatives mark both a technological advancement and a new approach to corporate strategy.
The British Fashion Council (BFC) and Roblox introduced a category to The Fashion Awards 2021 — the Fashion Award for Metaverse Design.
Courtesy of Roblox
How Brands Are Experimenting with Web3
What early adopters like Gucci, Nike, and Ralph Lauren are getting right.
May 10, 2022, Updated May 12, 2022
· Long read
Summary.
Web3 is set up as a “winners-share-all” model, where products, services, markets, and exchanges are built together, governed together, and benefit together. Brands are increasingly dipping their toes into this world to learn how to connect with customers and create value via non-fungible tokens (NFTs), distributed ownership platforms, and blockchain. This article presents three approaches for doing so — virtual products, hybrid products, and distributed ownership — and explores the benefits and pitfalls of each.