How can brands benefit from Web3
Web3 technologies, such as decentralized applications (dApps) and non-fungible tokens (NFTs), offer several potential benefits for brands.
One potential benefit of dApps is that they can be used to create new, innovative marketing campaigns that are more engaging and interactive for consumers. For example, a brand could create a dApp that gamifies the shopping experience or rewards customers for engaging with the brand’s content.
NFTs also offer many potential benefits for brands. For example, brands could use NFTs to create unique, limited-edition products that are more valuable to collectors. NFTs could also be used to create digital experiences that are exclusive to certain customers, such as virtual VIP events or behind-the-scenes access to brand events.
Another potential benefit of web3 technologies is that they can help brands to build more direct and personal relationships with their customers. For example, a brand could use a decentralized social network to interact directly with customers or create a loyalty program that uses blockchain technology to track customer interactions with the brand.
Ray Ban, Gucci, Channel, Clinique, Coca-Cola, Louis Vuitton, KIA that’s not even a full list of brands that are already implementing web3 into their services. Here are a couple of interesting use cases:
Coursera x NFTs
Coursera students who passed Duke Engineering’s FinTech Program are granted certificates of completion as NFTs. When users complete a course, an institution can provide them with NFTs. Backed by smart contract mechanisms, NFTs will verify their accomplishments.
Students can use NFTs to showcase their academic achievements and confirm certifications. What’s more, trainees can employ NFTs as proof of their degrees, class attendance, and other information.
NBA x NFT Marketplace
NBA launches its own NFT Marketplace & dynamic NFTs for fans. The platform gives users the ability to create Moments, and video clips from NBA games. The video clips could be traded on the Marketplace. The rarer the video clip, the higher its potential value as a collectible.
BMW x Blockchain
BMW is partnering with BNB blockchain and Coinweb. With the help of blockchain tech, the company is aiming to make daily operations more efficient, eliminate paperwork and create a new loyalty program. This will take two steps: Blockchain integration to automate processes and streamline financial services and; the creation of a loyalty program with blockchain-based rewards with the help of Coinbase encouraging customers to buy more from BMW.
Educational Programs & Lectures x NFTs
World-known museums are continuing to step up as educators on the nascent, offering open dialogues to instructional seminars on how to produce, purchase, and sell NFTs. After the 2020 crisis NFTs became a new revenue stream and museums introduce a new format of exhibitions with helps to raise additional money
Belvedere Museum released a digital replica of Gustav Klimt’s “The Kiss, which was divided into a 100-by-100 grid and sold as 10,000 NFTs. The price for one fraction of the digital image is $2,000, or 0.65 Ethereum.
Overall, the potential benefits of web3 technologies for brands depend on the specific use case and the goals of the brand. However, these technologies offer many exciting opportunities for brands to connect with customers in new and innovative ways.
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