NFTs and super brands: A deep dive into web3

NFTs and super brands: A deep dive into web3

In a world where technology evolves at lightning speed, it’s no surprise that the business landscape is constantly shifting. One of the latest and most talked-about developments is the rise of NFTs (Non-Fungible Tokens) and their integration into the strategies of “super brands.” To shed light on this topic, a panel discussion featuring experts from various fields share insights on the complexities of NFT adoption among super brands.

Super brands are more than just products or services; they are cultural phenomena. These brands have transcended their industries to become status, identity, and aspiration symbols. Their power is not limited to marketing; it extends to influencing consumer behavior, market trends, and even social movements. The bond between super brands and their fans is built on trust, shared values, and a sense of belonging.

NFT Panel
Investor Anndy Lian hosts a panel at web3wave discussing the potential of NFTs for brands.

The Quest for Fan Engagement

Dan Mitchell, representing Oracle Red Bull Racing, introduced himself as the Web3 lead. Before entering the world of cryptocurrency and Web3, he had worked extensively in advertising, collaborating with global brands on brand strategy and advertising campaigns. Dan discussed how the Red Bull Racing team utilizes Web3 technology to engage racing fans, emphasizing the importance of putting fans at the core of their strategy.

Formula 1 teams understand the hunger of their fans. The desire to feel emotionally connected to the team, to access exclusive content, and to engage with their favorite drivers is palpable. However, with most fans unable to attend races in person, finding innovative ways to bridge the gap is the challenge.

The question that often arises is, “How do we best use Web3 technology to provide fans with emotionally engaging experiences?” Whether it’s about getting closer to the drivers, accessing team principals like Christian Horner, or offering exclusive perks through loyalty reward programs, the potential of Web3 in enhancing fan engagement is vast.

Dan explained:

“We are using Web3 technologies to engage with our fans. It has been a unique journey for our side, and thanks to Bybit, we understand how to manage Web3 a lot easier.”

The Challenge of NFTs and Utility

As the discussion at the NFT conference suggests, Web3 technology, particularly NFTs, should be invisible to the end-user. It’s not about slapping an “NFT” label on a product or experience and expecting it to succeed. The true success lies in crafting an exceptional underlying experience for customers.

Anndy Lian, a book author and licensed fund manager in Singapore, shared his expertise. He discussed the rapid evolution of NFTs, emphasizing their potential as a gateway to larger communities and technology adoption. Andy also highlighted the importance of utility tokens and the value of creating meaningful user experiences.

“NFT gaming is more than just owning a digital sword; it’s about the experience and usefulness it provides within the game. Formula 1 discovered this when they first experimented with NFTs by offering digital helmets and race suits without any clear purpose. Fans were left wondering what they could do with these digital assets. Our partnership with Oracle Red Bull Racing on the newly launched Velocity Series addresses these concerns. We collaborate with successful NFT artists to incorporate racing characteristics into the art. In this case, the value and usefulness are in the art itself, not just as an NFT, as Anndy stated.”

Learning from Mistakes and Customer-Centric Approach

Liverpool Football Club’s early NFT launch serves as a cautionary tale. They released NFTs without a clear utility, mirroring traditional merchandise. However, they understood their audience better when they partnered with Meta for NFT-based clothing. They used terminology their fans understood, focusing on “collectible avatars” and “coins” instead of complex NFT jargon. This approach led to a highly successful project, with three million wallets opened on the first launch.

Reddit, another big brand, ventured into Web3 by offering customizable avatars without emphasizing NFTs, but instead focused on user identity and opinions. This strategy resonated with their audience and resulted in significant success.

The above points were highlighted by Tom Downing, representing the British Interactive Media Association. He highlighted his role in educating brands and businesses about Web3, and he mentioned a Web3 education business called “Roster3,” which offers an accredited mini-MBA in Web3.

The Reality Check

However, amidst all the excitement, it’s essential to remember that not every Web3 venture is groundbreaking. Some may still appear gimmicky. The key is to offer a unique technology that brings transparency, accountability, and genuine value to users. In the case of NFTs, simply replacing traditional offerings with digital versions won’t suffice.

Ben Radcliffe, representing Amber Group, a crypto-native financial services firm, echoed Anndy’s point. He emphasized the need for brands to understand the “why” behind their Web3 initiatives and how these initiatives can create value for users. He has also highlighted the challenges and opportunities for super brands entering the Web3 space. He emphasized the need for brands to have a legitimate reason for adopting Web3 technology beyond just chasing the latest trend.

Conclusion

The potential future directions for super brands in the Web3 space is positive. The possible expansion areas, include NFT ticketing, fan-based tokens, and immersive experiences in the metaverse. Andy emphasized that brands should focus on delivering value and experiences to users with a long-term perspective.

As the panel discussion concluded, it became clear that super brands are taking significant steps into the Web3 world. While NFTs provide exciting opportunities for fan engagement and revenue generation, brands must be strategic.

The success of Web3 initiatives hinges on providing genuine value and creating immersive experiences for users. In this fast-evolving landscape, the future of super brands in Web3 holds the promise of exciting developments and innovations.

Web3wave Summit was organized on the 3rd of August in London. Experts from Binance, Bybit, Coinbase, Mastercard, Bitfinex, Huobi, Oxford University, and many others were present. Her Excellency Uddin, Member of the House of Lords, gave a keynote speech on her vision for Web3 and Metaverses. The event was supported by Benzinga, Coingecko, CryptoSlate, Seed.Photo, Blockcast.cc, Blockreview, Followin, Moledao, AOI, Custodiy, Bitverse, Riple, Tusima, Pollen Defi and Wishu Media etc.

 

Source: https://cryptoslate.com/nfts-and-super-brands-a-deep-dive-into-web3/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Community Capital & Fan Base NFTs: Shaping the Future of Super Brands | Web3wave Summit

Community Capital & Fan Base NFTs: Shaping the Future of Super Brands | Web3wave Summit

In today’s dynamic economic landscape, the influence of super brands has reached unprecedented heights. These iconic brands have amassed massive fan bases, and the symbiotic relationship between them has created a thriving ecosystem. In this blog post, we will delve into the multifaceted world of Fan Base NFTs, exploring their potential to strengthen community bonds, create economic opportunities, address sustainability concerns, and shape the future of brand-fan relationships.

Discussion Highlights:

– The Power of Super Brands: The vast influence of super brands and the potential of fan bases in the economic landscape.

– Community Engagement: Strategies around Fan Base NFTs aimed at strengthening community bonds, fostering loyalty, and fostering meaningful interactions.

– Economic Opportunities: A look at how NFTs can be revenue gateways, from token sales to unique digital events.

– Sustainable NFTs: Addressing the environmental implications of NFTs and sustainable practices for super brands and their admirers.

– Future Outlook: A discourse on the evolving nature of Fan Base NFTs and their transformative impact on the brand-fan relationship.

Speakers:

Moderator: Ben Radclyffe, Managing Director at Amber Group

Panelist 1: Anndy Lian, Intergovernmental Blockchain Advisor and Author of “NFT: From Zero to Hero”

Panelist 2: Dan Mitchell, Web3 Lead at Oracle Red Bull Racing

Panelist 3: Tom Downing, Council Member at BIMA (British Interactive Media Association)

 

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

NFTs and Big Brands: Exploring new possibilities

NFTs and Big Brands: Exploring new possibilities

The surge in popularity of NFTs, which are unique digital tokens that cannot be replicated, has recently captured the attention of notable corporations. Big names such as Marvel (a subsidiary of Disney), Coca-Cola, Gucci, Pizza Hut, KFC, Taco Bell, Lamborghini, and Hot Wheels (which is owned by Mattel) have joined the frenzy by delving into novel ways of integrating NFTs into their advertising schemes. Consequently, there has been a surge of fervor and anticipation amongst the masses, with many enthusiasts itching to partake in this latest trend.

The value that the big brands bring to the table is tremendous, and this is the same topic that I presented at NFT NYC in April 2023- “Think Bigger In The Next NFT Summer”. The big brand will take the lead. They are utilizing the distinctive properties of NFTs to enhance customer interactions and experiences, boost brand recognition, stimulate purchases, and promote diverse campaigns.

They generate and vend NFTs, providing patrons with exclusive and distinctive digital items like virtual collectibles, artwork, and experiences. These NFTs are singular and unrepeatable, thus giving them a high intrinsic value that’s coveted by consumers. I will walk you through some examples.

Starbucks

Starbucks has entered the cryptocurrency world with a new rewards program named Starbucks Odyssey, developed using the Ethereum scaling network Polygon. This program offers customers an exciting opportunity to acquire and earn collectible non-fungible token (NFT) stamps that can be used for various purposes. Starbucks chose Polygon over other blockchains because of its “proof-of-stake” blockchain technology, which consumes less energy than first-generation “proof-of-work” blockchains.

The demand for Starbucks Odyssey has been unprecedented and garnered an overwhelming response from the initial beta testers. Since Starbucks Odyssey’s beta launch in December 2022, its stamp NFTs have garnered a remarkable 360 total sales, amassing over $143,000 in total sales on the official secondary marketplace of Nifty Gateway. Starbucks has partnered with Polygon to evaluate Web3’s potential in influencing brand loyalty, and the results are eagerly awaited.

Gucci

Gucci has entered the world of non-fungible tokens (NFTs) with its first offering, “Aria.” This NFT is a four-minute video clip inspired by Gucci’s recent Aria collection and features the creative director Alessandro Michele’s runway presentation. The video showcases a surreal, post-COVID clubbing experience, which makes it a unique and exciting piece. The NFT was auctioned at Christie’s as part of a sale titled “PROOF OF SOVEREIGNTY: A Curated NFT Sale,” with all proceeds donated to UNICEF USA to support UNICEF’s role in COVAX. Gucci also collaborated with SuperRare to create an NFT marketplace called Vault Art Space, which features collectible fragments of the brand’s heritage.

Additionally, Gucci collaborated with Superplastic to create a limited series of NFTs called “SUPERGUCCI,” which Alessandro Michele and synthetic artists Janky & Guggimon co-created. The first drop incorporates House codes found in the Gucci Aria collection, while the second drop spotlights Guggimon embellished with the Gucci Love Parade. These collaborations showcase Gucci’s dedication to the world of NFTs and its commitment to exploring new possibilities in the digital space.

Porsche

Porsche has been exploring the world of non-fungible tokens (NFTs) since 2021. This journey began with an auction in August 2021, where a design sketch by chief exterior designer Peter Varga was sold as an NFT for a significant amount. Recently, Porsche introduced a collection of 7,500 NFTs, allowing owners to co-create their digital artwork.

The NFT collection features a white Porsche 911 Carrera with a personalized license plate that can be customized to reflect the owner’s personality. Porsche’s foray into NFTs aligns with its commitment to co-creation and community as it seeks to merge the physical and digital worlds. Porsche continues to explore the potential of NFTs and their role in creating unique and innovative customer experiences.

Red Bull Racing

Red Bull Racing has vigorously explored the vast possibilities of non-fungible tokens (NFTs) and blockchain technology. Through strategic partnerships with notable companies such as Oracle, Bybit, and Azuki, the team has rolled out an impressive array of limited-edition NFT collections. One of the most recent and sensational NFT collections released by Red Bull Racing is the Lei the Lightning Azuki, featuring a vivacious young racer in the Azuki universe with an unwavering aspiration to become an F1 driver. The NFT is conveniently available through Bybit’s NFT marketplace.

Adding more spice to their collection, the team has also released a bunch of limited edition NFTs of the RB16B, the iconic 2021 F1 car driven by the incredible Sergio “Checo” Perez, decorated with his signature livery. In addition to releasing NFT collections, Red Bull Racing has creatively pioneered NFT auctions during F1 race weekends.

One such auction was held during the electrifying Monaco Grand Prix weekend, where the highest bidder received a remarkable digital version of a one-of-a-kind Playseat simulator rig, alongside the rights to claim a physical version of the rig. This groundbreaking move has created a buzz and is the first time a blue-chip NFT finds its way onto an F1 race car.

The active involvement of these big brands in the fascinating world of NFTs is undoubtedly a sight to behold.

 Big Brands Working with Generative Artists

The narrative of big brands giving away a PFP (Profile Picture NFT) was a craze last year. Then twin NFT, which represents a digital twin, or virtual replica, of a physical object, helps to connect the Web2 folks to Web3 is a widely used concept. I even got my digital twin NFT.NYC tickets. But increasing, I see that big brands are working with generative artists to create centerpieces for their storefronts, wrapping paper to new product lines.

Generative art is a fascinating field that has recently captured the attention of prominent brands. Many companies are exploring how generative art can be used to create unique and imaginative experiences for their customers. Here are some examples of generative artists collaborating with big brands:

Adidas has collaborated with generative artist Joshua Davis to create a unique line of sneakers. Davis used code to create an algorithm that generated millions of different shoe design options. The resulting designs were then printed on the sneakers using a digital printing process. This collaboration demonstrates how generative art can be used to create personalized and customized products for customers.

Generative artist Refik Anadol has worked with major tech companies like Google and Microsoft to create immersive installations that use AI and machine learning to analyze and interpret large data sets. Anadol’s work explores the intersection of technology and art. His collaborations with big brands demonstrate how generative art can create cutting-edge experiences that push the boundaries of creativity and innovation.

Generative artist Rafael Lozano-Hemmer has worked with brands like BMW and Samsung to create interactive installations that engage audiences and promote brand awareness. His work often uses technology and data to create unique experiences that blur the line between art and advertising. Lozano-Hemmer’s collaborations with big brands demonstrate how generative art can create memorable and impactful experiences that connect with audiences in new and innovative ways.

A leading international gallery, Pace hosted an exhibition, QQL: Analogs, featuring generative artist Tyler Hobbs’ innovative works. This groundbreaking exhibition showcased 12 large-scale paintings based on Hobbs’ QQL algorithm. Visitors immersed themselves in the creative fusion of technology and art as the paintings were crafted using traditional techniques and robotic tools. Coinciding with the physical exhibition, for the very first time, Pace presented a metaverse gallery in collaboration with AOI.

This unique event highlighted the importance of generative art and the convergence of the digital and physical art worlds. I spoke to Tyler Hobbs, who said, “How can you work more humanly with the computer and the machine? And when you work by hand, take a more mechanical approach to work procedurally?” This statement got me thinking. Perhaps this is a new way and approach to looking at digital art. This is a very forward-thinking statement to many, and I believe it sets the right tone moving forward.

These examples demonstrate how generative artists collaborate with big brands to create imaginative experiences that engage audiences and promote brand awareness. By incorporating generative art into their designs, companies can create personalized and customized products, transform retail spaces into dynamic environments, and create immersive installations that push the boundaries of creativity and innovation.

Benefits of NFTs for Big Brands

The use of NFTs by big brands has been increasing in popularity to enhance their customer interactions. NFTs allow brands to create unique digital assets, which can be used to offer exclusive experiences or access to products or events. This can create a stronger bond between the brand and its customers, increasing brand loyalty.

It is also an effective way of increasing brand awareness. By creating limited edition or unique digital assets, brands can create exclusivity, generating buzz and excitement amongst customers. This can lead to increased engagement with the brand, as customers are more likely to want to interact with and purchase the NFTs before they run out.

One of the main benefits of using NFTs is the ability to promote marketing campaigns more engagingly. By creating interactive experiences through NFTs, brands can allow customers to participate in campaigns in a more immersive way. This can increase sales, as customers are more likely to purchase when they feel part of a campaign.

Some brands are using NFTs to offer collectible items for sale. These can be anything from designer eyewear to fast-food dishes. By creating unique and valuable digital collectibles, brands can provide customers with a new type of product, which can create a new revenue stream for the brand. Customers can also own a unique and valuable digital asset associated with the brand, enhancing their perception of the brand and increasing loyalty.

Potential Long-Term Value of NFT

Some consumer groups complain that big brands are trying to pull a fast cash grab on their fans. I do not think that the big brands are merely looking just using NFTs to make quick sales. They also realize the potential long-term value of these unique digital tokens, which is reflected in their stock prices and overall worth. These companies are embracing NFTs and exploring fresh ways to harness their one-of-a-kind properties, enabling them to position themselves for future growth and success.

These brands are gaining an edge in the cut-throat marketplace by taking a forward-thinking approach. They understand NFTs can create novel revenue streams, cultivate brand loyalty, and spur innovation. This proactive attitude toward emerging technologies draws investors who perceive the potential for future value creation.

The adoption of NFTs by big brands is not only profitable for the companies themselves but also for their shareholders. By investing in these visionary companies, shareholders can reap the benefits of future growth and success. NFTs are a strategic asset for these big brands as they leverage this innovative technology to create fresh growth and value-creation opportunities.

Summing Up

The emergence of big brands into the NFT arena has caused a stir in the market, and rightly so. It hints at the growing acceptance and recognition of NFTs as a lucrative tool for generating new revenue streams. This infusion of capital from big players in the industry is likely to spur the development of more creative and original NFT offerings, leading to increased brand engagement and community involvement.

Although there are still a few bumps to iron out, such as integrating sales models in virtual worlds, the market is anticipated to become more sophisticated. Metaverse could be the bridge to what we expect.

Like my friend AOI would say:

“It’s time we bring technology to the arts in a meaningful and immersive way. The metaverse should enhance the digital art experience.” As these obstacles are gradually resolved, it will become more straightforward to create and sell NFTs seamlessly and efficiently.

Another element that could contribute to the growth of the NFT market is the projected bull run in the crypto industry. During these periods of high market activity, cryptocurrencies, and blockchain technology tend to pique the interest and attention of investors. Consequently, it is highly plausible that the NFT market will experience substantial growth during the next bull run, attracting even more investment and attention from big brands and individuals alike.

In conclusion, the entrance of big brands into the NFT arena is a positive sign for the market, indicating increasing adoption and mainstream acceptance. As the market matures and gains more traction, we can look forward to more ingenious use cases and innovative applications of NFTs, leading to a more dynamic and vibrant ecosystem.

Ending off with the usual Anndy Lian quote:

“Your new asset is in the digital world. NFT is the new asset.”

 

 

 

Source: https://cryptoslate.com/nfts-and-big-brands-exploring-new-possibilities/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j