Capitalize on the Shift from Physical to Digital in Web3
Brands can leverage their physical assets in digital environments to create new revenue streams in web3
Investors have poured nearly $94 billion into web3 companies in recent years. As entertainment goliaths like Disney make the leap to web3, it’s becoming clear that there’s a “whole new world” of opportunity ready to tap into. But to fully capitalize on the shift, brands must be ready to create marketing strategies that focus on physical NFTs and create new ways for their audiences to engage.
Inside the Physical NFT Renaissance
Brands aren’t pouring money into web3 initiatives because it might benefit them. Rather, the technological advancements that web3 enables empower businesses with greater control of their assets and more visibility into the data driving their results. This is most apparent in three critical elements of web3 strategy:
Decentralization: One of the key features of web3 is its decentralized nature, which eliminates the need for central authorities and intermediaries in various processes. This empowers individuals and businesses to have more control over their data, assets, and interactions with other parties. By adopting decentralized technologies, brands can create more efficient and secure systems, enabling them to offer better services and products to their customers.
Transparency: Web3 technologies, such as blockchain, promote transparency by making all transactions and interactions publicly visible and verifiable. This ensures that businesses can build trust with their customers by being open and accountable for their actions. Brands can leverage this feature to create transparent supply chains, fair marketplaces, and decentralized platforms where users can access accurate and reliable information.
Immutability: The immutability of web3 technologies ensures that once data is recorded on a blockchain, it cannot be altered or tampered with. This feature is particularly useful for businesses dealing with sensitive information or intellectual property, as it guarantees the integrity and authenticity of their data. Immutability also enables businesses to create tamper-proof records and systems, which can be invaluable for industries such as finance, healthcare, and logistics.
These three elements create a stronger organizational backbone for brands of every scale, leading to businesses that can operate more efficiently and with more transparency than they’re able to in the web2 ecosystem.
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Creating New Revenue Streams and Increasing Customer Engagement
While the operational advantages of web3 are compelling on their own, the new era of the internet also boasts higher earning potential than the web2 ecosystem. The web3 economy enables the transfer of goods and services without intermediaries, reducing the cost of doing business. That allows brands to improve the earning potential of their physical NFTs.
Tokenization allows businesses to represent assets or services as digital tokens on a blockchain. This enables brands to create new revenue streams through the sale or trade of these tokens. For example, artists can tokenize their artworks, allowing collectors to purchase and trade unique pieces, while businesses can tokenize loyalty points or rewards, making them more accessible and valuable to their customers. When these items are traded on a secondary market, the creator may automatically earn a royalty for each trade. As a result, physical NFTs have increased revenue compared to traditional distribution channels.
Decentralized Finance (DeFi)
DeFi platforms enable users to access financial services such as lending, borrowing, and trading without the need for intermediaries. Brands can leverage DeFi to offer innovative financial products and services, such as tokenized bonds, equity, or even brand-backed stablecoins, which can attract customers and generate additional revenue.
NFTs and Digital Collectibles
Non-fungible tokens (NFTs) provide a way for creators and brands to monetize digital assets and collectibles. Brands can leverage physical NFTs to create unique, limited-edition items or experiences that can be bought, sold, and traded, driving customer engagement and loyalty.
Becoming Leaders in the Web3 Ecosystem
As more brands learn of the benefits the landscape offers, web3 is becoming a more competitive space. With this flood of brands and businesses to web3, it’s safe to assume that a paradigm shift will occur in the next few years, which will dramatically reshape the economic landscape of the Internet. To capitalize on the shift, businesses must be proactive in exploring and adopting these new technologies. This involves researching and understanding the potential benefits and challenges of web3, as well as finding ways to integrate these technologies into existing business models.
Brands should also be open to collaboration and partnerships within the web3 ecosystem. By working with web3-native developers, entrepreneurs, and other businesses, they can drive innovation and create synergies that will help them stay ahead of the curve and become leaders in the next generation of the internet. Dibbs is built to help brands do exactly that. Our Tokenization-as-a-Service (TaaS) platform enables increased revenue from existing physical assets. Schedule a demo of Dibbs’ tokenization solution to give your consumers exciting new ways to connect with you and create communities around your collectibles.