Consumer brands and Web3

Consumer brands and Web3

NFTs and metaverse are an opportunity for consumer brands to find new ways of engaging with their customers, and maybe find new ones.

More and more brands are pouring into the space: most recently it was Walmart and Crocs that filed several documents within regulatory bodies, notably for the creation of NFTs and providing services in a “virtual” ecosystem (Walmart)

Gap announced a collection of virtual clothing NFTs several days prior.

However, many crypto enthusiasts argue that the arrival of highly centralized multinationals would pervert the original mission of Web3, which is to create a decentralized world full of possibilities for everyone.

Indeed, Twitter conversation between Budweiser and Pepsi, both trying to make themselves sound cool using the crypto slang, was kind of cringe:

– “Welcome brand friend. WAGMI.”

– “Thanks, fren! WAGMI.”

Can a brand pave its way to the crypto community by buying/issuing some NFTs and using some slang? Hardly. However, it can try to make more intelligent steps, like did Adidas with their BAYC collaboration, which was received much better.

We believe that brands can integrate the crypto space, but they really need to devise a meaningful contribution to it.

In return, the brands can help increase crypto awareness: Walmart has 240M customers (weekly), Adidas – 150M members, Pepsi sells billions of bottles… Multinationals, with all their flaws, can be a good vehicle for crypto adoption, they just need to make it right.