Web3 behind the scenes #Blockchain
Before we tap into the Metaverse & NFTs space let’s talk about Web3. Web3 is often translated as the next iteration of the Internet. This makes more sense if we understand the philosophy behind Web1 and Web2.
Shortly & briefly Web1 is about reading (Centralized/Google), Web2 is about reading & writing (Centralized/Facebook), and Web3 is all about reading, writing & own (Decentralized).
For more insights go here:
True digital ownership in the decentralized ecosystem is possible via blockchain technology. Blockchain (= blocks of data) is a decentralized, distributed ledger that is used to record transactions & track assets in a network/across many computers. Assets can be tangible (e.g. cash) or nontangible (e.g. patents). Everything on the blockchain is transparent, permanently saved & secure.
Now it is important to distinguish between centralized (e.g. Meta, Roblox, Fortnite) & decentralized (e.g. Decentraland, The Sandbox) versions of the Metaverse. There is no definition of the Metaverse that fulfills all expectations or executions (big players have their definitions attached to the technology that they own).
For more insights about what the Metaverse really is go here:
In truth, the version of the metaverse via "M" that we like to talk about is still on the conceptual level. However, it is totally fine because we have the time to not only focus on building a healthy version of the Metaverse but also take a shift in consciousness in our behaviors on a global scale. With great technology comes great responsibility. In the Metaverse, we deal with old (Web2) & new (Web3) challenges.
What does it mean for a brand to enter the Metaverse & NFT space?
When I think about the Metaverse in the long term I am strongly connected to decentralized versions & philosophy of the 'Web3' that is e.g. an expression of 'true digital ownership', transparency, trust, digital economy, and digital assets in the form of NFTs.
It is exciting because we can tokenize almost everything (physical, digital, and all in between aka phygital). This is also a new way of creating wealth for all mankind. Web2 system is broken and now we set the foundation for the Web3 economy.
How we can do this is connected to the themes like (1) releasing the power of control (less or more: e.g. Nike/RTFKT/CloneX, Yuga Labs/BAYC, Proof/Moonbirds), (2) community building (Discord, Twitter, DAO), (3) giving space for creation & co-creation (via IP rights & beyond), (4) decentralization (NFTs, the Metaverse).
Web3 native brands understand the values & all the tools of the Web3 space, and they use them in a new creative way to give back to the Web3 ecosystem. The new era is here. We dance on the blockchain. Your moves define how big or small you play & this is connected to the question of what kind of risk you can take or you dare to take.
It also depends on your vision & long-term strategy. In other words, how do you want to build in Web3? What is your Why? Nike's/RTFKT’s example is mature & advance in skillset. Shows us not only great strategy but also innovation, and pioneering style in Web3. Finally, it is the story about how to build in Web3 space from scratch & lead others.
adidas collab with the blue-chip project is also pioneering but from another perspective: The story is more about how a Web2 brand can play in Web3 space or show up. Adidas joined Web3 as a collab with Bored Ape Yacht Club (BAYC). A similar step was taken by Tiffany & Co. as a collab with CryptoPunk (Yuga Labs).
I hope now you can better feel the difference. In truth, you define what is possible.
Why should you care about the Metaverse?
#1 The Metaverse is simply too big to be ignored
McKinsey & Company predicted that by 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse. They expect the average internet user to spend up to six hours a day in metaverse experiences by 2030. The Metaverse's potential is to generate up to $5 trillion in value by 2030. More than $120 billion has been taped into the Metaverse space in 2022. It doubles the $57 million in 2021.
#2 Everyone born on earth right now is a gamer #GenAlpha
The global gaming industry is highly successful. Accenture (NYSE: ACN) estimates that the full value of the gaming industry now exceeds $300 billion, more than the combined markets for movies and music”. (Report: 29 April 2021).
#3 Now is the time for learning by doing & understanding Web3 space
One day in Web3 is like 1 mo in Web2. If you don't understand the tools/technology & values you can't create a Web3 experience. It's not possible for a Web2 mindset. The consumer era is over.
Killer decentralized branding in the Metaverse & NFT space is the power of translating Web2 strategy into ‘Web3 experience’ (aka adidas) and/or creation of Web3 native experience (aka RTFKT, BAYC) based on technological advancement combined with Web3 values.
#Blockchain #Metaverse #NFT #Nike #RTFKT #Adidas #BAYC #YugaLabs #decentralization #creatorseconomy #Proof #MoonBirds #Web2 #Web3