A 10-Point Recap on a Revolution for Brands
Everyone is talking about Web3. Yet, only a few brands dare to venture into it. While some have taken the plunge, many still prefer to wait and watch. It’s understandable: compared to Web2, Web3 is a complete paradigm shift that requires rethinking your approach, tools, mindset, essentially the entire way of marketing and connecting with your audiences. However, giving up is not an option! Here are our 10 golden rules to explore this new realm confidently.
Missed the beginning: What exactly is “Web3”?
First, let's quickly review the basics of Web 3.0. It's emerging alongside the so-called “2.0” web, the ‘social’ web that saw the rise of social networks. Will it replace it? That's still open to question! What is certain is that Web3 continues in this social direction but promises to empower internet users through decentralized ecosystems. In these, data remains the property of the user, unlike the model constructed (and championed) by Web2 platforms, with GAFAM leading the way.
In practice, this new web iteration is based on blockchains. To simplify, one could say that data updates are simultaneously carried out by all the community computers that make up this blockchain. As a result, information is updated instantaneously, everywhere at the same time. It's verifiable in real-time and tamper-proof. This technology enables the creation (mining) of tokens: cryptocurrencies (Bitcoin, Ethereum…) and the famous NFTs, intangible digital assets…
But what's the connection with the metaverses, these multi-user 3D worlds from the gaming universe? Some of them (the newest ones) are precisely built on a blockchain. Consequently, they allow you to “tokenize” (turn into NFTs) the 3D artifacts that make them up (lands, wearables, skins, powers…) and use cryptocurrency for transactions.
When it comes to brands, luxury was the first to take action. Some houses are leveraging metaverses to offer playful and immersive experiences. Others prefer to “drop” NFT collections, like Gucci: earlier this year, the Italian house notably put up for sale a series of art toys from a collaboration. The twist? They offered to acquire dual digital and physical ownership of the works.
10 Golden Rules to Adopt the Right Mindset and Succeed with Your Projects
1. Forget Direct-to-Consumer Marketing Targeting
Yes, the GAFAM model, based on the data frenzy, hyper-targeting of affinity profiles, and acquisition cost control, is comfortable for brands. No, they can no longer rely on it in Web3: it’s indeed impossible to truly know who is behind a digital asset (NFT or cryptocurrency) or an avatar in a metaverse. They can target an avatar/wallet, but with no certainty about who's behind it in terms of identity, behaviors, or interests…
2. Put Community at the Center
Can't specifically target individuals? No problem, expand your focus to the communities you interact with. This depends on both your brand DNA and the type of project you wish to offer. The idea is to rally around a strong promise, where everyone finds value: the community and the brand alike.
3. Clearly Define and Present Your Promise
What is the nature of your project? What DApps does it involve? Is it an NFT drop, an operation in one or more metaverses…? And especially, what's in it for your community (and your brand) to participate and, if applicable, in the context of co-ownership, help it grow? In the Web3 ecosystem, creators and holders are “co-owners”. Similarly, the principle of blockchain is “consensus”: every computer calculates and verifies if the mining request is compliant… and if there isn’t 51% validation, encryption isn’t authorized.
4. Keep the Flame Alive Around Your Proposition
Once launched, your project is no longer yours: you can't pull the plug, it will continue to exist over time, even without you. It’s your responsibility to support its interest and value in the long run. So think it through from the start and be creative! Typically, NFTs are often reduced to the image (2D, 3D, Gif) to buy. But an NFT is primarily a smart contract engraved on the blockchain that grants privileges, access to services (DApps)... and it’s up to the creator, with the help of their community, to nurture the benefits of holding this NFT over time.
5. Choose Your Blockchain Wisely
This is a crucial decision for your project and its future. Ask yourself the following questions: what is its entry cost (gas fee)? What decentralized applications (DApps) does it allow to activate? What is the potential audience? What are the monetization possibilities for you and the community? What is its environmental impact? Knowing that second-generation chains (Polygon) are more efficient (PoS vs PoW)...
6. Establish Peer-to-Peer Dialogue
With Web3, forget the top-down notion. You don't control things or give directives to the community. It’s the community, which you join, that communicates among itself. All individuals interact as equals... including you.
7. Invest in the Right Communication Ecosystem
As we've mentioned, the sense of community belonging and being an active project participant is crucial. And the choice of networks, as well as how to use them for communication and unification, is relatively codified. Opt for Twitter and Instagram for teasing. Then use Discord and Signal to recruit members, motivate them, and promote the project.
8. Tailor Your Proposition to the Targeted DApp
Are you entering a metaverse? Choose it based on who you are and what you have to offer. A brand that launches an experience in Fortnite or even in Roblox will head toward something very playful, while the Sandbox universe may allow for more immersive projects. On the other end of the spectrum, 3D metaverses offering ultra-realistic experiences are emerging today to address other needs: shopping, culture, art, education... They mainly focus on replicating reality (digital twins) to better present products & services… and ultimately sell them.
9. Think of Web3 as “Web3D” (and Staff Accordingly)
It’s a fact: metaverses are 3D worlds. This raises the question of capacity: you'll need to find talent to create these worlds and produce experiences. Such profiles are rare and sought-after! That's why Nike acquired the RTFKT studio (3D sneakers) to build in-house production capacity. Luckily, France boasts one of the most creative and prolific scenes in this domain, thanks in part to its video game industry, which has well understood that there’s a role to play here.
10. Embrace a Libertarian, Altruistic Mindset… Not Ego-Addictive
The social dynamic driving these new projects is very different from that of Web 2.0, where sometimes very ego-driven individuals put themselves forward on major social platforms. In Web3's “culture”, projects are spotlighted, often driven by anonymous promoters or those who absolutely don’t seek fame. Here, the star is the common good. In fact, there is often a “charity” aspect (a percentage of sales going to an association) in successful NFT drops.
As you can see, Web3 is a complete paradigm shift. A disruption of all the usual ways. Its libertarian philosophy, intangible nature, and obsession with value-sharing compel us to fundamentally rethink our practices. What’s certain, though, is that the Web3 train is rolling, and it’s not stopping anytime soon. It's now up to brands to understand it and jump on board… or risk being left behind.
