Introducing the session titled “Why Brands Must Adopt WEB3”. This took place on the opening day of the conference, Thursday the 14th at 4:00 PM (EST), featuring Marissa Trew, Senior Content Lead at Blokhaus, as the moderator.
If you missed the chance to join this GeckoCon conference, you can catch up by reading this article. The discussion revolved around strategies for maximizing audience engagement through Web3. It delved into topics like blockchain, the Metaverse, and NFTs. The panel addressed how brands can gain a competitive advantage utilizing Web3 for audience connection. The speakers included:
- Sébastien Borget – Co-founder and COO at The Sandbox
- Ben Fairbank – Co-founder and CEO of RFOX
- Irene Zhao – Co-founder at SO-COL
What Are the Key Challenges Facing Brands and Individual Creators Today?
Irene highlighted some of the hurdles associated with NFTs, stating that launching an NFT without clearly defined utility is detrimental for brands. Lacking a roadmap or tangible benefits for holders is also poor practice. An NFT that is released merely for the sake of it is likely to see a decline in value.
Ben also emphasized that companies feel uncertain about how to navigate this space. They have reputations to uphold. Regarding creators, Ben noted they are evolving into brands as well. Those in Web3 who grasp the technology tend to be more adaptable and willing to experiment. He mentioned that brands native to the metaverse or Web3 are moving at a significantly faster pace.
Both shared insights on how to mitigate these challenges. Ben observed a trend of collaborations taking place, allowing brands to explore and experiment. Brands rooted in Web3 excel at community building and can swiftly capture market share. Irene echoed this sentiment, emphasizing the importance of establishing a robust community during a project’s launch. Engaging users from the very beginning of a Web3 project is crucial.
2/ LIVE from #GeckoCon 2022
Why Brands Must Embrace Web3
SOCOL @Irenezhao_
RFOX @bennydoda01
The Sandbox @borgetsebastien
Blokhaus @marissajane91 pic.twitter.com/OrC8z0yF3B
— CoinGecko (@coingecko) July 14, 2022
What Do You Think Are the Next Steps Towards Achieving Mass Adoption?
Irene contrasted Web2 technologies with Web3. Web3 can maintain consistent engagement with the audience. The concept that an audience can progress from passive observers to holders of a brand’s content is transformative. This enables brands or creators to continuously interact with their fans or customers while providing genuine real-world utilities.
Sébastien remarked that the metaverse is currently a vast landscape, needing to lower entry barriers for both creators and users. Since 99% of content is likely to be created by users, there should be no specific skill sets required.
Ben pointed out the necessity for regulatory frameworks to guide development. Issues such as copyright laws and duty of care are just a few of the challenges. Nations are still striving to keep pace with rapidly advancing technology. As mass adoption approaches, entirely new challenges may arise that we have yet to encounter.
Interactions in the Digital World
The following question was directed at Sébastien. Marissa inquired, “How have you observed the interactions between brands, celebrities, and creators in the digital world evolve in the past year?”
The essence of valuable interaction is crucial. Sébastien referenced Snoop Dogg as an exemplar. He has always sought to connect with his fans in person, leading him to create a mansion in the Sandbox metaverse that fans can now visit. Real-life logistics are no longer barriers. Access to private parties and concerts is now viable in both the metaverse and the physical world. The Doggies NFT collection is not just a profile picture but features 3D animation that allows complex movements within the game. Snoop is also organizing land sales where fans can develop and showcase their fandom.
Additional initiatives encompass education and gaming, alongside stunning virtual architecture and residential designs. The creative potential is limitless. An important takeaway for brands is to avoid simply mimicking existing concepts from the physical world. This is a chance to innovate and create value, without pressuring the community to make purchases.
"The Metaverse Will Reshape Our Lives. Let's Make Sure It's for the Better" by @ballmatthew is 
on-point.
We shape @TheSandboxGame with
Culture & Experience first #Brands
Users Empowerment #Ownership
Accessibility – Anyone can be a Creator
Decentralization #Web3
— Sebastien 
(@borgetsebastien) July 19, 2022
Summary
Ultimately, digitally adept creators are rapidly unlocking new opportunities within the metaverse. Brands now have direct access to a global audience, unrestricted by geographical limitations. Location still matters; it’s possible to acquire land near beloved brands or potential collaboration partners.
Additionally, for Part 2 of this discussion, you can explore how the conversation evolved further.
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The post Why Brands Must Embrace Web3 – Part 1 appeared first on Altcoin Buzz.
