In my opinion? You need to educate your teams about web3. It will put you ahead of 99% of the competition. But only if you act now. You should do this even if you have no intention of creating a token-based community, a digital twin of your factory floor, a metaverse experience for your customers or using the blockchain to fix your rusty supply chain.
Because, you know, what if you’re wrong?
The business benefits of web3
Imagine knowing where every product is, where it’s been and who owns it. Imagine taking commission on every transaction on the secondary market and removing the losses of counterfeiting. Wouldn’t that make tracking your product and customer journey, from raw materials to aftersales, simpler and more efficient?
That’s what blockchain can do for your business. It’s immutable, public and global. LVMH, Prada and Cartier believe in it so much they did something unthinkable a few years ago: they joined forces to create the Aura luxury blockchain. The fiercest of luxury rivals combining… How often did that happen in web2?
But that’s a big step. What about something more manageable to begin? Starbucks is updating its US loyalty program, using NFTs and crypto to offer customers a more unique and personalized experience.
Bear market cutting expenditure? Then crowdfund your next project. NTFs make traditional kickstarter programs obsolete.
With NFTs you can own, monetise and distribute your IP, giving as much or as little control to your customers as your strategy dictates. What if your customers could unlock exclusive experience and products based on their geo-location? Regional specific experiences and products that fit? NFTs are your solution.
The metaverse is the entertainment and e-commerce layer of web3. A place to build and create the exceptional customer experiences your brand needs to attract the next generation of consumers.
What about the manufacturers? You can use digital twins (an NFT-metaverse hybrid) to cut billions from research, planning and design. BMW Group is using the Nvidia Omniverse to design a digital twin of an entire factory. It will then use that to simulate 31 factories. Their aim is a 30% more efficient planning process. In other words, billions of dollars.
Monetising content based on the loyalty and investment of your customers? That’s a tokenized community. You could build your own metaverse, gamify your marketplace or build a DAO and let smart contracts deal with your investment schedule.
If your realm is finance, you can use smart contracts to redefine IT, profit share, investment, governance and much more besides.
Web3 isn’t all about cryptocurrency. It’s a story of ownership, distribution, visibility, immutability and organisation. For enterprise business, it’s about improving processes whilst offering customers new and exciting experiences, products and points of interaction.
Manufacturing, entertainment, luxury, gaming, education, finance, health and publishing. Web3 is everywhere right now. It’s impacting how brands interact with their customers and influencing how HR, marketing, sales, PR, IT and distribution make decisions. Most of all, web3 is changing how brands find and connect with their audience.
Traditional business doesn’t have to worry itself with the future of the internet. That stance from the end of the 1990s didn’t age well, did it?
Companies that didn’t pivot around 2011 when web2, social media and user-generated content became the only way to access a new audience, failed.
Enterprise businesses are at a crossroads, the choices they make now will set the tone for the next 5,10 and 15 years of internet development. Getting in now is vital.
The web3 Case studies
Nike, Reebok, Ferrari, JP Morgan, Samsung and Coca-Cola aren’t messing around. All of these enterprise businesses have a web3 strategy to develop their markets and invest in future growth: long-term vision coupled with short term investment and experimentation.
