The purpose of this article is to point you in the right direction while ensuring that you’re staying true to your Web2 identity. We hope these tips will guide you into the right approach.
FOMO is a huge driver in this space. Being a legacy brand comes with the important responsibility of keeping up with the times. Perhaps you’d like to join in on the hype or surpass the innovations of your closest competitors.
“As more consumers become meta-curious, companies want to be in front of them from the first moment they start exploring a metaverse.”
It’s important that while ensuring your company stays on trend, it remains true to the core ethos of what it stands for and offers when entering these new digital conversations.
Connecting your digital collection to your brand identity is essential. As we envision the future, NFTs and metaverses could be the central digital touchpoint between brands and their consumers. The beauty in this is that brands will have full control over these touchpoints; meaning the possibilities for new and creative loyalty and after-sale engagement are endless.
"Brand association with a particular metaverse provides the company access to a totally new audience of potential clients and customers. It’s also a stunning way to renew a company’s image, if only through the shock of initial public involvement."
We’re seeing an increase in legacy brands such as Chipotle and Dolce & Gabbana bridging current product lines into the metaverse, expanding how consumers engage with and experience their products. In particular, designer brand Coach leveraged a Coach-wallet as a digital wallet. It felt organic and authentic to the brand.
The possibilities are endless to ensure you’re genuinely connecting to your customers, whether it’s a new digital-first audience or loyal Web2 consumers.
In order to do this, utility is the name of the game (see our Glossary if needed). If you’re launching an NFT collection, make sure it always ties back to your brand and core product. Better yet, grant VIP access through NFTs, host interactive events, offer collectibles – these are all great options to incentivize the adoption of your brand’s digital collection and/or metaverse.
Companies always find themselves trying to balance between reaching a new, sometimes younger, Web3 native audience while not alienating those who are not blockchain-ready. The solution we often offer for this is to consider adding a FIAT option across all Web3 transactions.