How might Web3 change the status quo in commerce?
Commerce will move to a wallet-centric experience.
Brands will access a new toolbox to create really meaningful, intricate interactions with their customers.
Before we dive in, what gives Web3 an edge?
- The composability of NFTs open up a one-to-many world: brands share audiences, collaboration and multi-player commerce.
- NFTs provide a new layer of social context which brands can tap into from the public ledger.
- Differentiation of the interaction: bespoke, crafted, surprising.
- Access a “secret” store front with a membership NFT.
- Access (verified) drops, flash sales, events, and other perks.
- Build your audience through other brands. Like a band, you play concerts with other bands and tap into their like-minded audience to grow your following.
- Token-gating of audience X on the site of complementary brand Y
- Airdrops as the new marketing flyer (can also be intrusive).
- Go on a shopping spree with your friends. Multi-sig shopping.
- Assemble NFTs to access group perks
- Mint a NFT and receive a (authentic) luxury item
- Buy one, give one model. Buy 2 NFTs and 1 is donated (or equivalent goods / money)
- Customers vote on and propose brand decisions: next collection, collabs, etc.
- Stake NFT for funding working capital
- Community membership: connect with other customers (NFT DAO)
- Community-owned events and products (derivative products, fan fiction, etc.)
- Membership unlocks a premium tier of experiences instead of loyalty2.0 discounts
- Sign in at the store with a NFT, unlock the premium experience or a secret room, etc.
- Faster and cheaper settlement than Stripe
- On-chain revenue and cash balance ⇒ on-chain lending
- Import real world assets on-chain; borrow against them for higher capital efficiency
- Not specifically an opportunity for commerce, but the ability to have my wallet on hand anywhere is great. Commerce is happening on a growing number of channels, which requires ubiquitous payments and wallets: on a website, at the store, on social media, in virtual reality, at events, etc.
- Wallets can easily be ported across channels (mobile, desktop, mobile, IRL).
- What is this useful for? (think deeper)