Untraceable’s Blockchain Futurist Conference was held in Toronto, Canada on August 9-10, 2022. I participated on behalf of Pivotree to find out what retailers and brands should be doing with Web3 (also known as Web 3.0) today. Wikipedia defines Web3 as “an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.” That definition includes cryptocurrencies, NFTs, and Metaverse.
Today’s Web3 environment is very similar to the early days of Internet eCommerce. Most of the technology showcased at the conference were essential tools and solutions – cryptocurrency wallets, exchanges, and bridges. There were also API tool sets used to build higher-level solutions. ETH Toronto held a Hackathon at the conference to allow aspiring Web3 developers to use those API toolsets to create new solutions. One of the finalist ideas was to shift movie, concert, and theatre tickets from paper/web pages to NFTs with pre-event and post-event value. All the necessary tools are available today to implement the idea; it needs a distributor willing to invest and consumers ready to adopt the technology and process change.
Web3 is all about decentralization and giving control back to the individual. These concepts run contrary to today’s Web2 world, and businesses will take time to turn their perspectives around. Why should Google and Facebook make a living buying, analyzing, and selling consumer data? Shouldn’t consumers own their personal and activity data and have retailers and brands pay them to access it? Leading-edge retailers and brands are defining new digital assets and processes in Web3 today. And if you’re a Fast-Follower, you need to monitor the latest trends and be ready to jump on the bandwagon as soon as consumers react positively.
So, what should retailers and brands do with Web3 today? Leading-edge brands such as Gucci, Topps, and Looney Tunes are all experimenting with NFTs and building a community around their brands in the Web3 world of NFTs and Metaverse. Let’s look at some specific examples. The Bullet Train movie recently rewarded opening weekend moviegoers with a free NFT. Discovery Channel recently gave away basic shark NFTs for free and sold premium ones for US$10 during its annual Shark Week. And lest I give the wrong impression that brands are only offering free NFTs, Tiffany’s collaborated with CryptoPunks to offer 250 physical + digital pendants @ US$50,000 each, while Hot Wheels and Funko have sold digital versions of their collectibles in packs ranging from US$10 to US$30.
Web3 is the new frontier for retailers and brands, much like Internet eCommerce was brand new in the late-1990s. And technology adoption only becomes faster over time, so you don’t have 10 or 15 years before it becomes critical to your survival. When did you jump on the eCommerce bandwagon, and do you want to do so earlier this time with Web3?
Talk to Pivotree about how you can extend your Web2 customer experience into Web3. Just like you had to incorporate your mobile, social, and voice experiences into how you engage your clients beyond physical stores, catalogs, and desktop browsers, you’ll need to do the same again with NFTs and Metaverse. Let’s start planning and experimenting now to create a frictionless Web3 experience.
Pivotree, a leader in frictionless commerce designs, integrates and manages digital platforms in eCommerce, Data Management, and Supply Chain for over 250 major retailers and branded manufacturers globally. As a leading delivery experience company, Pivotree leverages platforms and innovative solutions to deliver business-relevant fulfillment solutions, eliminating friction from physical and digital supply chains.
Headquartered in Toronto, Canada with offices and customers in the Americas, EMEA, and APAC, Pivotree is widely recognized as a high-growth company and industry leader.
For more information, visit www.www.pivotree.com.