Why brands need to embrace Web3 – Part 2

This is the follow-up article for the “Why brands need to embrace Web3” panel. This presentation is part of GeckoCon 2022. You can read Part 1 of this panel discussion.

The “Why brands need to embrace Web3” panel was moderated and the panelist are

• Marissa Trew, (Senior Content Lead at Blokhaus).
• Sébastien Borget (Co-founder and COO at The Sandbox).
• Ben Fairbank (Co-founder and CEO RFOX).
• Irene Zhao (Co-founder at SO-COL).

How Can Brands Better Work With Content Creators to Develop a More Robust Offering?

First, Irene kicked us off. In the Web2 world, brands have a specific way of engaging the creators. We usually see sponsored posts or promotions. Irene gave her thoughts on this by saying brands could give creators some part of ownership via NFTs. This would provide deep relationships between creators and brands.

Also, Ben mentioned that brands are now trying to go to where their customers are. Gone are the days when a shop is set up and customers come to them. Brands are looking for collaborations with people who have a proven track record. In this Web3 era, creators have a closer working relationship with the project. It’s no longer one size fits all. Joint ventures, collared abortions, and DAOs are all different types of offerings for brands that need different things.

Then, Sébastien commented that brands are looking to attach themselves to culture and movements. He notes that the members of the board are slow to react. It is the employees themselves that are pushing to educate higher-level management. As a result, brands are sensitive to who they work with and are trying to organize themselves to make something meaningful. Brands need to give an actual value to the creators whether that is in relife or in the metaverse.

How Do Brands Time the Embracing of WEB3 in a Way That Suits Them Best?

With Web3 there is an attempt to define something new. Brands and companies acknowledge we are still experimenting. This is different from Web2. It took some start moving into the space and understanding its value. That’s why we’re seeing an acceleration to the metaverse noted Sébastien. He continued by saying the metaverse is a topic that all brands are looking to leverage.

Then, Ben gave the example of COVID and its impact on brands having to show their relevance. Companies were challenged to people and to penetrate the digidifferentlyfferent way. With these factors in mind, Ben has seen an increase in Web3 analysts and Head of Metaverse roles being introduced. Companies are getting ready to experiment now.

Conclusion

On the other hand, Merassia the host of “Why brands need to embrace Web3” opened up the conversation to everyone. She touched on various points. They included:

• Digital native brands,
• How individual creators can reinforce the strength of their communities and
• Ethical responsibility of action due to blockchain technology.

Also, much of the discussion centered around the Bored Ape Yacht club. A Web3 native brand had within a year gathered as much attention as Disney. Ben mentioned brands that we haven’t even heard of yet could dominate. Therefore, building up audiences is an easier route with a lot less resistance. Then, Sébastien continued with the Bored Ape Yacht Club brand presence being everywhere. This is something that he think’s will become the norm now.

Moreover, Irene encouraged creators to protect, educate and engage their communities. She also suggested thinking of the long-term gains. Then, there is a responsibility on creators to push the boundaries and therefore the industry forward. They all noted we must be mindful. Everything is recorded on the blockchain.

Finally, everyone was excited to see the space develop both from a creator economy perspective and brand adoption. Therefore, with both these parties in sync, it will give users the best experience thus creating a network effect and mass adoption.

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