The past few years have seen the rise of branded web3 projects that expertly blend physical and digital products, resulting in delighted fans and lucrative opportunities. As a result, companies that have been hesitant to dive into the next generation of the internet now have a blueprint they can follow to find their own success in this forward-thinking space. By studying the best web3 companies and understanding what they have in common, tech-savvy entertainment brands can make the pivot and tap into an engaged community of blockchain users. Here’s how these companies took advantage of web3 opportunities and what you can learn from them.
The next generation of the internet — aka web3 — is built on a foundation of decentralization, data, and security.
The best web3 companies foster brand growth by creating captivating experiences that aren’t possible in any other space.
Web3 projects can’t thrive without a strong community, so engage with users regularly.
Fostering Brand Growth in Web3
Building in web3 isn’t just about finding new revenue streams or staying on the cutting edge of technology. For many companies, web3 provides an opportunity to build deeper, more meaningful relationships with their customers, which enables long-term growth. The best web3 companies are already revolutionizing consumer interactions in three key ways:
- Offering new products and services: Thanks to the blockchain, brands have unprecedented opportunities to create unique offerings in a secure, transparent environment. This has led to NFTs that represent physical items, new ways to engage with various mediums of art, and even decentralized applications, or Dapps.
- Rewarding loyalty: Fostering loyalty is among the best ways to build a plugged-in community that keeps coming back for more. Web3 brands are taking traditional loyalty programs a step further by leveraging tokenization; when brands issue tokens alongside a purchase, customers can use those tokens in exchange for free prizes or discounts on future purchases.
- Creating immersive experiences: It’s easy to think about web3 in terms of ecommerce and product revenue, but there’s so much more to it. For example, the Metaverse, another web3 pillar, offers brands the opportunity to build virtual worlds and interactive engagements. This allows customers to connect more deeply with their favorite companies, whether they’re in the shopping, entertainment, or community-building spaces.
To learn more, read the full article: “Exploring the Potential for Brand Growth in Web3.”
3 Projects From the Best Web3 Companies
Your brand’s foray into web3 is going to depend largely on what your company does and what its values are. That said, there are plenty of examples of successful web3 projects that can serve as inspiration and show you how some of the most well-known companies in the world are staying ahead of the curve. These four examples all perfectly embody their brands’ values and reputations while moving the companies into the future.
Coca-Cola
Ubiquitous beverage brand Coca-Cola is no stranger to effective messaging; more than 50 years after its famous “I’d Like to Buy the World a Coke” ad aired for the first time, the commercial is still regarded as one of the best ever made. Coca-Cola once again leveraged those good vibes in 2021 with its first set of NFT collectibles, the Friendship Box. Combining collectibles and philanthropy, the box — which featured four pieces of digital artwork — was auctioned off on International Friendship Day, with proceeds benefiting Special Olympics International. As Global Digital Design Senior Director Josh Schwarber said of the project, “We didn’t want to do this just to make an NFT. We wanted to inject the core principles of Coca‑Cola and celebrate both our heritage and ties to friendship, while also doing something that hasn’t been done before.”
Gucci
As a high-end, luxe fashion brand, Gucci might not be the first company that comes to mind when you think about brands likely to make an impact in web3. But that’s exactly what the renowned Italian fashion house did in 2021 when it released Aria, an NFT film inspired by its line of clothing of the same name. The “fashion film,” as it was described by co-directors Alessandro Michele and Floria Sigismondi, was created to speak to the collection’s themes of renewal and “a yearning to bloom and flourish after the shadow of winter has passed.” The film sold for $25,000 at auction, with proceeds going towards UNICEF USA in an effort to make COVID-19 vaccines more readily available.
Snickers
If you’ve watched a Super Bowl in the last decade or so, you’ve likely seen one of the humorous spots in which everyday people turn into different versions of themselves (usually with the requisite celebrity cameo) until they get a bite of their favorite candy bar. Snickers built on its most famous ad campaign with its first foray into web3 and created a clever algorithm that detects the anger level of the internet. This Australia-based “Hungerithm” was built on AI technology capable of automated sentiment analysis, which was humorous on its own, but there was a real-life benefit: Snickers bars at participating retailers went down in price as internet denizens became more negative, giving the brand another cheeky way to imply that you’re not yourself without a Snickers.
For more information about these projects, check out “How Brands Are Taking Advantage of Web3 Opportunities.”
Key Lessons From the Best Web3 Companies
Even though web3 is a relatively new concept, some of the world’s most influential brands have already embraced it and all that comes along with it. There’s a lot to learn from these companies, but these are the three most important lessons:
- Build an engaged community: One of the reasons people are drawn to web3 projects is the decentralized nature of blockchain technology, which makes every transaction more transparent and secure. This allows brands to transfer ownership of things like NFTs from a single entity to a collective population, giving members of that community a sense of belonging. Foster that community through social media and other communication platforms and give them opportunities to work together. Louis Vuitton did just that with the 2023 release of “Louis the Game,” an interactive adventure celebrating the 200th birthday of its eponymous founder.
- Be clear about value: This article covers some web3 success stories, but what about projects that went the other way? This actually happened with Porsche's first foray into the space, which ended in cancellation due to lack of interest. Unlike the projects listed above, which have clear value propositions that allow fans to understand exactly what they’re getting, Porsche’s vague promises of “exclusive access to experiences in the virtual and real world” were never defined, which led to confusion and low sales.
- Be patient: What went wrong with Porsche? It could be that those behind luxury auto brand’s failed web3 offering expected instant success and didn’t spend enough time laying the groundwork for success. These projects take time to gain traction, and consumers as a whole are still learning about everything web3 has to offer. Just as you would with any other marketing strategy, approach web3 strategically, do your research, test frequently, and adjust as you grow.
Find out more about how these strategies pay off in “What Brands Can Learn From Existing Web3 Projects.”
Make a Seamless Transition into Web3 With Dibbs
Whether your brand has been established for decades or is relatively new to the scene, modern innovations like web3 offer numerous opportunities to take your legacy into the digital era. The right tech partner can help you navigate these uncharted waters as you build your community and create new revenue streams. To find out how Dibbs can help you revolutionize your brand identity and take it into the future, schedule a demo today.
