How Brands Are Taking Advantage of Web3 Opportunities
Brands are leveraging every facet of web3 technology to find new revenue streams
As commerce changes to better suit digital ecosystems, brands are finding themselves in fierce competition to garner attention from consumers. It’s no longer enough to be familiar, offer good products, or have a catchy slogan. Consumers want brands to do all of that and more; to remain a part of the conversation, brands must actively seek innovative ways to engage with consumers.
Here are some of the tantalizing ways noteworthy brands are embracing the possibilities afforded by web3.
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Coca-Cola's Friendship Box
Coca-Cola entered the NFT (non-fungible token) market in March 2021 by releasing its first-ever set of NFT collectibles, called "Friendship Box." The Box, which contained 4 unique pieces of digital artwork, was auctioned off on International Friendship Day, with the proceeds going to the Special Olympics International organization.
Coca-Cola not only generated interest and excitement around its classic iconography but also showcased a tenet that has guided the company since the days of “I’d Like to Buy the World a Coke”: the idea that friendship is both universal and pretty darn great. The sale also gave the beverage giant the opportunity to demonstrate its philanthropic efforts and long-term association with the Special Olympics. Friendship Box demonstrates the potential of web3 to drive sales, build brand loyalty, and make a positive impact on society, all while attracting attention and positioning the 130+-year-old company as modern and relevant.
Gucci's Aria NFT Project
Gucci launched an NFT project called "Aria", a digital film project released to promote its Aria collection of clothing, in March 2021. The NFT sold for $25,000 at Christie’s, which described the NFT as “a fashion film co-directed by Alessandro Michele and award-winning photographer and director Floria Sigismondi.” The NFT was meant to speak to the theme of renewal and “a yearning to bloom and flourish after the shadow of winter has passed.”
Gucci donated all proceeds to UNICEF USA to support its role in COVAX, an initiative aimed at ensuring access to COVID-19 vaccines. The company also purchased 10T of carbon offsets in partnership with Offsetra, an industry-leading carbon offset company, to make the NFT project carbon-negative.
As a whole, the NFT project, donations, and carbon offset credits have helped Gucci resonate with a new generation of technology and art enthusiasts, while also contributing to social good campaigns. As more high-fashion brands are looking to shake off their aloof aesthetics in an effort to appeal to younger consumers, Gucci’s foray into web3 was a shrewd way to introduce a fresh brand voice — one still dedicated to high quality, but more contemporary and intriguing.
The Snickers Hungerithm campaign was a clever campaign in Australia that centered around the concept of a dynamic pricing system for Snickers bars. The “Hungerithm” algorithm used automated sentiment analysis, an AI (artificial intelligence) technology, to monitor the overall mood of the internet and adjusted the price of Snickers bars in real-time, lowering prices as the collective mood of the internet worsened. It was a cheeky and fun way to deliver the message that Snickers satisfies hunger and improves anyone's mood.
These data were then used to adjust the prices of Snickers bars at participating retail outlets; when the internet was grumpy, the price went down, then rebounded as moods improved. This interactive and personalized pricing strategy incentivized consumers to engage with the brand and share their experiences on social media, further amplifying the campaign's reach and impact.
The Hungerithm campaign was a brilliant way to tap into the power of user engagement, a core component of web3 strategies. As Snickers fans shared their thoughts online, the Hungerithm changed, which led to more posting and further influencing of the Hungerithm — a canny loop of social experience that fueled itself.
Sneakerheads — those who collect or trade sneakers — are always looking for new ways to express themselves and stand out from fellow collectors. Nike tapped into that with its "CryptoKicks iRL" web3 project. Holders of RTFKT X NIKE Trillium Lace Engine NFT were able to buy one of the 19,000 pairs of limited edition sneakers which, as their name implies, were “in real life” versions of the original digital assets.
Blurring the line between the physical and digital gave Nike a new and exciting way to create buzz for a sneaker drop. It also allowed the brand to potentially attract a new audience — one more interested in burgeoning technology than sneakers — into its ecosystem. This innovative approach highlights how NFTs can be used to drive user engagement and create memorable experiences while simultaneously reinforcing a brand’s identity. Nike is, was, and ever shall be all about the shoes. With CrypoKicks iRL, the company showed that it can stay true to that ethos while embracing the new.
Leveraging Web3 Opportunities
As web3, or the decentralized web, continues to evolve, we can expect to see even more groundbreaking use cases that will redefine how we think about brand engagement and customer loyalty in the digital age. Early adopters of web3 technology stand to gain a significant competitive advantage by positioning themselves at the forefront of this paradigm shift, creating unique and engaging experiences for their customers and driving long-term brand loyalty.
Having a guide through this new frontier is invaluable. To maximize their potential in the web3 ecosystem, brands should turn to a partner that has experience navigating the space. Dibbs has years of experience with web3 and can help you fulfill your brand’s full potential within it. Schedule a demo with Dibbs today to learn what's possible for your company and the community that’s waiting to engage with your brand.
Ben Plomion is Dibbs' Chief Marketing Officer. As a child, Ben collected comic books and Panini Football stickers. Now, Ben's PC consists of physical-backed NFTs.