October 14, 2022

How Web 2.0 Companies and Brands Can Utilize Web 3.0.

How Web 2.0 Companies and Brands Can Utilize Web 3.0.

As we move into the next phase of the internet, web3 brands need to be prepared to adapt their strategies to make the most of this new landscape. Web3 is all about decentralization, so brands need to think about how they can connect with their customers in a more distributed way. One way to do this is to create decentralized applications (dApps) that run on the blockchain. This way, brands can interact with their customers directly, without going through a third party. Additionally, brands can use web3 technologies to create more secure and transparent supply chains. By tracking goods and materials on the blockchain, brands can ensure that their products are sourced ethically and sustainably. In the era of web3, brands need to be prepared to think outside the traditional centralized model to remain relevant and competitive.

Very few businesses have native Web3 projects currently. We’re mostly all Web2-based and trying to figure out how to embrace Web3. Here’s how to make it happen.

Step 1 - Discovery

Talk to your team and advisors to decide how your business will accept crypto, how you’ll account for crypto in your accounting, how you’ll deal with any tax implications, etc. Then, build a communication channel in Slack or Discord called “Web3.” This will help you connect with everyone in your company who’s interested or already active in Web3. Talk to them and ask what they’d like to see your company do in this space. At the same time, open discussions with your customers to find out what type of NFT utility is important or valuable to them.

With this foundation firmly set, you can begin the conversation towards Web3 adoption.

Step 2 - Embed Yourself

In this next stage, you’re going to dive into Web3. Begin buying into a couple of NFT projects that align with or complement your business. After you’ve invested, join the projects’ Discord channel and learn from them. Ask some of your employees to also join these Discord communities, so they understand how the features and functions work, and how people communicate in these communities. It’s surprisingly efficient but very different. 

As your team begins to find its way, they can reach out to the community by combining Web 2.0 products like a website with Web 3.0 apps or dApps such as those that offer smart contract capabilities or decentralized exchange to provide IRL value or a benefit to the project.

Step 3 - Launch Your NFT Project

This is when the fun begins and you launch your own project. Remember, it all starts with utility! Some brands create digital versions of physical projects (like Funko Pop NFTs). Some create virtual products and if one sells well, they make the physical product and send it to the people who purchased the virtual version.

The most important question you need to ask yourself is, what do you want your NFT or token to do for your customers and community?

We’re still in the beginning days of Web3 and the full potential of NFTs and crypto tokens has yet to be defined. But once you begin figuring out what you want your Web3 project to do for people, you’ll start to understand all the excitement about Web3 and how it will impact your brand.

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