Brands and Web3 Communities

08 June 2022

Companies

Topics

Awkward introductions are an unavoidable fact of life. Even in the metaverse.

Like the vast majority of us, many brands are still unsure of what to make of the metaverse, NFTs, and the Web3 ecosystem more broadly. It’s a polarizing subject, with some quick to declare Web3 the quickly-arriving democratizing future of the Internet, and others writing it off as a passing fad or speculative bubble. Brands, driven by competing desires to jump on new trends and while exercising caution around potential reputational risks, are left wondering if, when, and how to dip their toe in the Web3 waters.

Brands have often struggled to effectively leverage community in Web2 to drive customer retention and satisfaction, but the community-driven nature of Web3 presents new opportunities and new challenges. Those brands willing to avoid centering themselves, provide value, and cede some control to work alongside existing communities could find it an effective way to develop more meaningful relationships in new places with their consumers. But in order to be welcomed, they’ll have to provide value, generate enthusiasm, and overcome initial skepticism. Web3 is more of a tipping point than a sea change, and the brands which will be most welcomed are the ones which have already built a solid foundation.

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