Building products on web3.0: What’s in store

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By Ravi Chamria

The NFT tech’s recent findings show, around 320 brands launched a total of 526 Web3.0 projects in 2022 and Q1 2023. Bloomberg, Forbes, Accenture, Messari, Coinbase, Binance & many such projected ‘Large corporate adoption’ as a significant Web 3.0 trend for 2023. The trend is towards leveraging this technology as an enabler for deeper engagement and to connect with new demographics.

Using Web3.0 technology to engage customers has been a big theme so far

Web3.0 reinvents customer engagement, turning ordinary business interactions into immersive journeys. Gen Z, the digital natives, are seeking more meaningful interactions online, a kind of engagement that truly resonates with their identity. At the heart of Web3.0 is blockchain, a technology that stands for decentralisation, and individual ownership. This is akin to how smartphones, once a novelty, transformed into an integral part of our everyday lives. Now, the tide is turning towards Web3.0 technologies like NFTs and the Metaverse, seamlessly integrating into our lives to offer unique digital experiences.

Take the example of NFTs. Through these, brands can create personal narratives, giving each customer a unique piece of the story. Imagine buying a piece of music as an NFT, not just for the joy of listening but for the thrill of owning a unique part of the artist’s creative journey. This connection runs deeper than traditional consumption mindset; it fosters a sense of belonging, a bond between the brand and the customer that intensifies engagement. 

Similarly, Metaverse presents an opportunity for brands to engage with customers in unprecedented ways. A fashion brand could create a virtual runway show where customers don’t just watch, but participate, perhaps by styling their own avatar with the brand’s clothing. Or picture a film studio, like Warner Bros, creating an interactive world around a movie, letting fans immerse themselves in the film’s universe beyond the screen. Such experiences are unique, immersive, and highly engaging. But more than that, they embody a philosophy central to the spirit of GenZ: the desire for ownership, creative expression, and meaningful participation. In the Web3.0 era, customers are no longer merely consumers. They are participants and co-creators, directly involved in shaping the brand experience, transforming engagement into a dynamic, shared journey.

Web3.0 is also a treasure chest of unprecedented commercial opportunities. The economic impact of this shift is already palpable. In 2022 alone, brands like Nike, Adidas, and Tiffany’s collectively generated a staggering $260 million in NFT sales. The concept of ‘owning’ a piece of a brand carries an emotional weight that directly translates to commercial value. But the potential of Web3.0  goes far beyond sales of digital collectibles. In sectors like retail, finance, healthcare, and entertainment, Web3.0 can remove costly intermediaries, promote transparency, and add an immersive element, paving the way for new business models and revenue streams. 

For example, virtual branches are emerging in the banking industry, providing easy access to financial services. User-focused creator platforms are also becoming prevalent, where businesses can request user data in exchange for shared revenue. With user consent at the forefront, ethical marketing becomes the norm, reshaping the advertising landscape. With abundant and reliable data sources, Web3.0 offers more targeted advertising opportunities, boosting ROI and further incentivizing businesses to join this iteration of the internet. The possibilities are boundless as real-world applications continue to unfold. As the power of Web3.0  manifests itself in tangible ways, businesses must seize the opportunity to embrace this transformative shift. Companies can tap into the immense potential Web3.0  has, driving innovation, growth, and success.

The author is founder, CEO, Zeeve

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