Why Brands Need to Embrace Web3 – Part 1

Here is the session called “Why Brands Need to Embrace WEB3”. This occurred on the first day of the conference, Thursday 14th at 4:00 PM (EST), where we had Marissa Trew, Senior Content Lead at Blokhaus, as the host.

If you didn’t have the opportunity to participate in this GeckoCon conference, you can read it in this article. The session discussed the topic of how to unlock audience engagement with Web3. It explored blockchain, the Metaverse, and NFTs. The panel spoke about obtaining a competitive edge. Companies could use Web3 to help them engage with their audiences. The speakers were:

• Sébastien Borget – Co-founder and COO at The Sandbox
• Ben Fairbank – Co-founder and CEO of RFOX
• Irene Zhao – Co-founder at SO-COL

What Are the Main Challenges You See That Exist Currently for Both Brands and Individual Creators?

Irene answered this by outlining some of the challenges with NFTs. Releasing an NFT without defining the utility behind isn’t great for brands. Not having a roadmap or some real-life benefits for the holders is also bad form. If an NFT launches for the sake of launching – it is likely the value of the NFT will diminish.

Moreover, Ben confirmed that companies are not sure how to go about it. They have a brand to protect. In response to creators, Ben mentioned they are becoming brands themselves. Web3 people that understand the technology, are a little bit more flexible. They can be a bit more experimental. He also noted brands that are metaverse or Web3 native are moving much quicker.

Both shared their view on how these challenges could reduce. Ben shared his observation that collaborations are taking place. This allows brands to test the water. Web3 native brands are also excellent at community building and can quickly gain market share. Irene had mentioned this also. The opportunity of building a solid community is at launch. The first time a company releases a Web3 project it’s really important to engage with users.

What Do You Believe Are the Next Steps Before We Come to the Phase of Mass Adoption?

Irene compared Web2 technology with Web3. Web3 technology can continuously engage the audience. The idea an audience is no longer passive and can become holders of a brand’s contents. This is powerful because the brand or the creators can keep engaging their fans, or their customers. Companies can continue giving real-life utilities to them.

Sébastien pointed out that the metaverse is currently space. More is needed to bring down the barriers to entry. This is true for both creators and users. As 99% of the content will most likely be built by the users, no specific skills should be necessary.

Ben mentioned the regulatory structures are needed to plan and build around. Copyright laws and care of duty are only 2 of the problems. Countries are still trying to catch up to technology. Once the real crowd starts to come in a whole set of new problems could arise with mass adoption that we’ve not yet seen.

Interaction in a Digital Realm

The next question was specific to Sébastien. Marissa asked, “How have you seen the way brands, celebrities, and creators interact in the digital realm and how this has evolved in the past year?”

Value interaction is key. Sébastien used Snoop Dogg as an example. He always wanted to engage with fans in real life. Snoop dog created a mansion in the sandbox metaverse. All his fans can visit now. Real-life logistics are no longer an issue. Private party and concert access are a possibility in the metaverse or real life. The Doggies NFT collection isn’t just a pfp. They are 3d animated and allow intricate movements within the game. He is organizing land sales and fans are using their locations to develop and express their fandom.

Other projects include education and gaming as well as amazing virtual architecture and houses. There are no limits to creative possibilities. One of our most important takeaways is to advise brands not to copy what exists already in the real world. It is an opportunity to re-invent and to give value. This is of course without the community feel they need to buy something.

Conclusion

Finally, digitally native creators are opening opportunities much quicker in the metaverse. Brands can get access to a global audience directly and are not limited by a certain radius. The location also plays a role. You could buy land close to brands you support, love, or want to collaborate with.

Moreover, there’s Part 2 of this discussion, you can read how the rest of the conversation developed.

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