BEVERLY HILLS, CA – June 16, 2022 – A glimpse of the future: the Metaverse in 2030. It’s the year 2030. Internet connectivity is universal and the world’s 8.5 billion people are all online. This is not the internet of yore, it is Web 3.0 – a decentralized 3D incarnation called the metaverse valued at $30 Trillion. It is composed of some 1 quadrillion digital objects: 1,000,000,000,000,000,000 or 10^18.
In order for companies to survive and thrive in Web3, they must reevaluate and rethink their plans for the future. They must shift their mindset around how business is conducted and transition strategically to maintain growth and remain relevant. In order to fully understand the major undertaking that this mind-shift creates a company should reflect on its history around the significant changes, it made when Web2.0 began.
How much importance was placed on a company’s website? How much strategic planning was put towards social media? How much research and money was put towards training, hiring, and implementing new employees and finding new ways to service and engage with consumers? To say it lightly, things changed dramatically and Web3.0 is no different. Transitioning successfully into Web3.0 takes a great deal of knowledge, experience, creativity, and a different generational outlook on business as a whole.
This new digital age may seem extremely confusing and overwhelmingly different than anything you have ever known. That’s why it is so important who a company entrusts to successfully take them from where they are now and place them into a successful, secure, and relevant position in this new era.
Not all companies touting knowledge and experience in the Web3 space are created equal. Companies must be mindful not to confuse hype and careful marketing efforts for experts in the field. Many NFT companies sell their services as a “strategy” but in reality, are merely just a one-off project that will garner little to no interest and leave a company underwhelmed or looking out of touch. It is extremely important to collaborate with a company that is knowledgeable in many aspects of Web3 and not only NFTs. They need to have a deep understanding of the Metaverse ecosystem and are capable of seeing the “big picture” in relation to where a company fits into it and how to properly get you there.
Luckily, there is a company that does just that. NFT Brands is an innovative end-to-end NFT and Metaverse development company that designs and develops long-term projects for large companies and big industry players. They have a large global team and are experts in NFTs, blockchain development, and Metaverse infrastructure. In order to see the big picture of what NFT Brands offers companies and brands, we need to first look at the successes and failures of projects that have tested the waters of Web3.
There have been massive successes that have exploded onto the new digital scene, projects that have quickly disintegrated, as well as companies and brands that tread lightly into this new digital era. Whether sink or swim, they highlight the importance of properly executing a strategy, knowledge, and understanding of the environment and ecosystem in which different companies will thrive, and a deep and thorough understanding of design, development, execution, integration, and monetization involved in creating VR/AR and AI platforms and experiences, and the massive importance and knowhow of community building, management, and personalization involved in creating a community around a brand’s culture and identity that properly translates who they are, what they stand for and what they offer in this new virtual world.
The Bored Ape Yacht Club (BAYC), NBA Top Shot, and the crypto gaming giant Dapper Labs have built successful projects around NFT communities. Clearinghouses such as Coinbase (for buying, selling, and storing cryptocurrency) and OpenSea (the largest digital marketplace for crypto collectibles and NFTs) have created Web3 on-ramps for people with little to no technical know-how.
The Bored Ape Yacht Club is one of the biggest NFT success stories because the project combined hype and exclusivity. They offered NFT holders access to exclusive real-life parties as well as exclusive online spaces. They succeed by properly building a community, creating a need and value within that community, and offering NFT holders the rights to access and interact within that community. They further accentuated the importance of buying one of their Bored Ape Yacht Club NFTs by allowing holders of NFT usage rights to the ape’s image which can be used as an avatar on the buyer’s social media pages which further reinforces the brand and reach of the project.
NBA Top Shot was one of the first NFT projects from a legacy brand. The project was a success because it created an online community of like-minded people from its already existing traditional community of collecting fans. The project gave them the ability to buy “moments” (a LeBron James dunk, for instance), that function as a trading card and offer group members an opportunity to buy and trade them since they already found value in the “object”.
TIME Magazine built a successful blockchain business by using collaborative NFT projects to build an exclusive community called TimePieces. It wasn’t an easy road to success though and the company faced many challenges and colossal blows. Keith Grossman, TIME’s President disclosed that the company didn’t start out with a plan and that fact alone caused many setbacks that he says were a real eye-opener for him. It took a lot of learning on his part, several failures, a couple of subpar partnerships, and unexpected security issues until he realized that what the company needed was a structured plan for Web3.0.
Existing legacy companies know that they need to transition into this new digital space but don’t know-how. Building a roadmap and designing a new future and focus for a company is a daunting task especially when you are walking into the unknown. That is why it’s important for existing companies to partner with an end-to-end development team such as NFT Brands that can build and execute a company’s vision properly. Companies need to have a team of experts in all areas of Web3.0 in order to succeed and avoid the many pitfalls that can arise when entering into this new digital era.
About NFT Brands Inc:
NFT Brands Inc. (NFTB) – a wholly integrated Web3 development company building end-to-end Metaverse & NFT solutions for brands & creators to unlock new digital potential.