Web3 has mostly been in the hands of the disruptor brands, start-ups and creators, but as with anything big brands want a piece of the action. More and more big brands are stepping into web3 and building their strategies. It's early days and we can expect that there will be a lot of trial and error however despite that, brands previously burnt by being slow to adopt web2 (e-commerce and social media) are now rushing to make sure they don’t make the same mistake. It’s giving rise to new and experimental initiatives.
We're breaking down a few of the highlights from brands that are creating initiatives and experiences that happen to the new web3 principles.
Ahead of their Investors Day in September, the digital innovation team at Starbucks have been speaking fairly broadly about what will be in store for the brand stepping into web3. It seems like they may have read our article about how “NFTS are useless, or maybe as we’re dipping out of the peak NFT hype phase – Starbucks has suggested their NFTs will herald in a new era for Rewards and Customer Loyalty. Unlocking experiences and exclusives for their loyal fanbase.
"We have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform in innovative new ways, all centered around coffee and—most importantly—loyalty," CEO Howard Schultz said during an earnings call.
Reviving the Farfetch Dream Assembly after a two-year hiatus, they’re now opening up the $150,000 grant to startups that are exploring Web3-related solutions for luxury fashion or that aim to expand their Web3 capabilities to the fashion industry. This is really illustrating that Farfetch understands they are not the experts in web3, but they’re looking for the next big ideas that will drive the luxury fashion industry forward.
“We have seen the definition [of Web3] emerge a lot more in the past six months, and Farfetch is looking to support the future of that,” says Carol Hilsum, senior director of product innovation at Farfetch
Now, this is a little different, because it’s not a brand showing how it’s looking to shape the future of web3, but just making sure they’re not missing out (or maybe even monopolizing the market, not unusual for Meta). NFTS will soon be able to be shoppable and published on Instagram. Meaning…
Making it meaningful.
What’s clear is that each brand will need to consider their web3 strategy, whether they build in-house teams or lean on the creators making waves, however, what we’re seeing now is a more meaningful approach to web3 that cuts through the hype and metaverse rhetoric.