Saturday Feb 24, 2024

How Brands can Use Web3

NFT as a tool for building relationships with consumers

In recent years, major brands have paid attention to non-interchangeable tokens. For example, Nike has started selling branded sneakers in the virtual world of Roblox — they can be worn by users’ avatars during sports. These virtual sneakers, which do not exist in real life, are an example of NFT.

Meanwhile, in the fashion industry, Dolce & Gabbana set a record by auctioning an NFT collection of nine items for $6 billion. Among them is the Glass Suit, which the avatar of the auction winner can wear in the metaverse.

According to Shannon, the main advantages of NFT are the ability to prove the ownership of the product and its originality, as well as direct interaction with consumers. With tokens, brands can offer users an unusual experience.

“Hermés can invite consumers to a fashion show or send them gifts using NFT,” she says. “Or, for example, a sports team can use NFT to offer fans the opportunity to meet their favorite players.”

Interaction with consumers in the metaverse

The metaverse is a virtual 3D reality in which you can buy and carry the digital items listed above. Already, the metaverse and NFT affect many consumers — this is shown by HubSpot’s Blog Research.

More than half of the users who have ever bought digital currencies and items have done so in the last three months. 75% purchased cryptocurrencies, 62% — virtual items (for example, Fortnite skins) and 60% — NFT.

30% of respondents believe that more brands should launch virtual stores in the metaverse.

34% of cryptocurrency owners used them to make various purchases (not only to exchange for other digital currencies).

27% reported that they would be more likely to use the platform if they received virtual currency for it.

This means that consumers are willing to buy virtual products and services, as well as use digital currencies for these purposes. In many ways, this makes sense — now a significant part of our life takes place on the Internet: we find partners through dating apps, make friends using social networks and even work completely remotely.

Web3 is a new stage in the development of the Internet, which, ideally, can meet the needs of more consumers in terms of data privacy, convenience, communication and entertainment. And if users are interested in these technologies, then brands should probably join them.

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