Web3 provides endless opportunities for companies and businesses looking to upscale their operations and generate more revenue. However, Web2 businesses are still having a hard time navigating their way around the space and developing a strategy to leverage Web3 technology. In this article, we will look at how these businesses can get started in Web3 and the benefits they can derive from transitioning to it. But first, let’s look at what Web3 is.
How Can Web2 Businesses Get Started in Web3?
Knowing and understanding the basics of Web3 is the first step in getting started. There are several use cases for Web3, so it’s crucial to know what avenue can easily help integrate Web3 into the business. That will provide direction on strategies and steps to take to ensure an easy transition and achieve the business goals. For instance, a business that provides financial services will look towards incorporating decentralized finance (DeFi) into its operations while a fashion or luxury will consider NFT technology as a more suited avenue to make its entrance into Web3. With this in mind, let’s look at avenues businesses can explore to begin their Web3 journey.
Create a Community-Led Business
Businesses can tap into Web3’s active community by creating a business that exemplifies a key principle of the space; decentralization. That can happen through decentralized applications (dApps) or Decentralized Autonomous Organizations (DAOs). The idea is to simply empower the community by providing unique experiences through business services and products. That will further create a sense of belonging for customers who will be willing to promote the brand and bring up initiatives that can create lasting value for the business.
This does not have to be as crazy as it sounds and could be as simple as releasing an NFT and starting a genuine Web3 community. Allow holders exclusive access, rewards, merchandise and maybe even a vote in certain business decisions. This can give the brand a community feel and drives customer loyalty and engagement long-term.
Promote the Brand With a Phygital Experience
A phygital experience is a combination of the physical and digital worlds. Businesses can make their mark in the Web3 space by creating a phygital experience for their customers. It involves utilizing NFT technology to create digital assets or products that have utility in both worlds. For example, Nike’s customers who purchase the CryptoKicks NFT also get the opportunity to own a pair of those sneakers in the real world. Creating a phygital experience is the approach that Nike, and a lot of fashion brands, have taken to enter the Web3 space and further promote their business.
Venture into the Metaverse
Brands can go further by creating a replica of their business in the metaverse. That gives customers something extraordinary and there is honestly no better way to firmly establish a brand in Web3 than through this. There are different models a brand can adopt when integrating a metaverse platform into its operations. For instance, a fashion brand could center its metaverse platform around giving customers an exciting shopping experience but it could also go further to gamify the whole experience and make it more interesting. For example, Louis Vuitton developed a metaverse game to celebrate its 200th anniversary. One could question why a fashion brand will tap into the gaming industry but the fashion and gaming industries are two of the highest-grossing industries and a combination of both into one’s operations is obviously a strategic move.
Being a Frontier In An Already Crowded Web3 Space
A common problem many Web2 businesses venturing into Web3 encounter is finding their voice in an already crowded space. These business owners wander around wondering how they can make their Web3 offerings stand out from their competitors and how they can promote it to their target audience. However, in an industry that feeds on a lot of written content, these businesses fail to realize the power of content marketing and how it can be useful when drawing up marketing campaigns to promote their products and services.
Content marketing agencies like Off-Chain Communications help brands develop a strategy to increase their presence in the Web3 space through different mediums like search engine optimization, email marketing, social media marketing and paid media. These content marketing strategies are also geared toward establishing brand loyalty, authenticity and expertise.
Interested in marketing your blockchain/Web3 project? Please contact Patrick Hagerty at PatrickJHags@gmail.com for a free consultation and quote.
If you enjoyed this article, you may also enjoy…
How NFTs Can Transform Business Experiences
How Non-Profit Organizations Can Use Web3 to Raise Funds
How to Promote a Blockchain Project
Check out the home page of Exploring Digital Assets for additional insights, reports and news!
For media, content or writing inquiries please contact Patrick Hagerty at PatrickJHags@gmail.com