Web3 is an exciting frontier for brands looking for new ways to reach and engage with consumers. But it’s not just about leveraging advanced blockchain technology; web3 is about developing exciting new opportunities for personal growth, self-expression, and community. As a result, everyone from artists, musicians, and filmmakers, to major global corporations are developing web3 brands to leverage this unique space.
However, if you’ve never launched a web3 project before, it can be challenging to figure out where to start or what to focus on. In this article, we’ll explore several real-world examples of web3 projects — many successful, but some not — and see what lessons they can impart to help uplevel your web3 marketing strategies and make your first drop as successful as possible.
Focus on community building to enable people to meet like-minded fans and discuss your brand.
Be clear and realistic about what your project offers.
Take your time when doing your own research, and be patient when launching your first project.
By learning from the mistakes and successes of existing web3 projects, your business can increase its chances of success.
Critical Lessons from Web3 Brands and Projects
Build and Cultivate Community
Web3 projects are built on decentralized technology, which allows the transfer of ownership from a singular, central entity and spreads it out among a collective population. This sense of ownership makes web3 powerful and alluring, as it gives users a sense of belonging, leading to increased engagement and loyalty to your brand. The most successful web3 brands have been able to build and cultivate a sense of community among collectors.
For some brands, this may be easier than others. For example, the luxury brand Louis Vuitton has long existed at the forefront of tech innovation, and has leveraged its global community of collectors and fashionistas to make its foray into web3 a success. In 2021, the brand joined the Aura Blockchain Consortium and unveiled an initiative to verify the authenticity of physical luxury products through digital certificates of provenance minted on the blockchain. Then in 2023, the company celebrated the 200th birthday of its founder with the release of “Louis The Game.” Built within the company’s metaverse and designed around Vuitton’s journey from the Jura region of France to the city of Paris, this unique experience allows fans to work together (or compete via included leaderboards) to hunt for 30 distinct NFTs, which can be redeemed for limited-edition merchandise. Louis Vuitton continues to innovate within this space — its next project is the VIA Treasure Trunk, a digital recreation of its iconic luggage design, complete with a soulbound token that unlocks exclusive creations right from Louis Vuitton’s design house.
Even if your brand doesn’t already have a built-in community, you can forge one by leveraging people's inherent connections through play, collecting, or discussing your brand. Axie Infinity is one of the most successful web3 communities that didn’t already rely on a pre-existing brand. Instead, it created a community through platforms like Discord to enable its players to discuss strategies or share their latest creations.
Whether you can leverage an already existing community or need to build one from scratch, allowing fans to interact with one another in some fashion is crucial. Then, you must interact with them regularly across social media and other platforms to keep them engaged with your brand. To learn more about how to cultivate a community for your web3 project, contact us today.
Be Clear About Your Project’s Value
Web3 is a relatively new space, so it’s tempting to ride the wave of hype and make vague offers that promise the moon and the stars. However, the most successful projects are realistic about their offerings and provide concrete language that describes exactly what buyers will receive.
Take Dapper Labs’ NBA Top Shot, which has rapidly become one of the most successful web3 brands on the market. These digital trading cards have taken off with fans because Dapper Labs has treated them as a collectible for fans to engage with, not as a method for investment. The value proposition is made clear right on NBA Top Shot’s home page, which describes how basketball fans can purchase digital packs to build a collection of their favorite moments in NBA history and buy and sell them to other fans on its marketplace. Some of these digital assets command high values on the second-hand marketplace, but Top Shot does not market them as a way to get rich — which ultimately fosters a sense of trust among its users.
On the flip side, luxury automotive brand Porsche recently made headlines with its failed push into the web3 space. Porsche offered a limited series of expensive NFT art prints but was unclear about what buyers would receive beyond this. Its initial launch only pointed out that owners would “gain exclusive access to experiences in the virtual and real world.” What those opportunities actually are remain a mystery, beyond vague promises of “participating directly in Porsche’s journey into the world of web3 and enter[ing] a dialogue with the brand.” Due to overall confusion and a lack of interest, Porsche halted the mint shortly after launch, only selling about 30% of its initially projected 7,500 total.
When developing your web3 project, balancing your excitement for getting people onboard with realistic expectations is crucial. It may be tempting to overpromise your project’s offerings or make vague declarative statements about “exclusive opportunities” without any explanation, but it will hurt its success in the long run.
Be Patient
Web3 is still in its early stages, so taking a patient approach to building and launching your first project is vital. Many potential customers still need to be educated on the value of digital asset collection and ownership, so your project may take extra time to gain traction with the broader market. However, if you’re willing to put in the work, web3 offers a wealth of opportunities to reach and engage with new customers.
Take AB InBev, the global brewing company responsible for brands like Budweiser and Bud Light. It took a while to get into the web3 space, starting with a partnership with Coinbase in 2014 to give concertgoers the ability to pay with crypto. Eventually, the company began its full push into web3 in 2021, launching a series of its own NFTs and then incorporating Nouns NFTs in its February 2022 Super Bowl TV spot.
When launching a web3 project, it’s vital to take the time to do your research and investigate a variety of other web3 projects. Look at what worked and what didn’t, and see how to implement these lessons when dropping your NFTs. Just as you would with implementing any new marketing strategy, once your project is live, be patient, test frequently, and adjust as you learn more about what resonates with your audience.
Let Dibbs Kickstart Your Web3 Brand
The world of web3 moves pretty fast — let the experts at Dibbs help you keep pace. Whether you’re making all-digital products or want to use our world-class tokenization-as-a-service platform to convert real-world collectibles into valuable digital assets, our expertise in web3 can help you generate reliable new revenue streams and bring your web3 marketing strategies into a new generation of decentralized blockchain technology. Ready to learn more? Get in touch today.
