Web3 development

Web3: The Future of Branding Your Project 2023

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Web3 offers a lot when it comes to marketing a brand, the use of NFTs, blockchain, and tokens have a lot of utility in marketing your brand. We enlist three approaches that will help you market your brand.

The term Web3 has been mainstream for quite a while now, and many of us have heard about the features it can bring. There is a lot of buzz around Web3 with so many partnerships, celebrity collaborations, conferences, talks, and whatnot. However, 2023 is different, as it is a make-or-break year for blockchain and Web3 as a whole. There has been a lot of buzz surrounding blockchain and the revolution it is bringing. But all the talk has reached a point where the industry experts would either show a concrete project or deflate it. Blockchain is the best shot to achieve ownership and authenticity outside of corporate control. But how can blockchain and NFTs play a part in the branding and marketing of a Web3 project? There is a lot on the table when it comes to utilizing blockchain technology to market your product. There are a whole lot of ideas beyond celebrity collabs, let\’s check out the top ones.

What Web3 Has to Offer to Market Your Brand?

To put it precisely, Web3 is not just a future change for brands, it is already transforming the way they operate. While many people have talked about the impact of Web3 on businesses, they haven\’t provided concrete examples. If you are hesitant about this new concept because of this lack of information, your brand could suffer, and decline rapidly. Don\’t make the mistake of thinking that Web3 is only about costly pictures of apes.

Below we will discuss the three approaches which you can take to brand and market your blockchain project better. So, gear up to stay on the right side of the revolution that is coming.

NFT Utility is Important

NFTs are a lot more than cool PNGs, JPEGs, and profile pictures. However, the start was quite similar to it but it had a blessing in disguise. Their exorbitant price tags brought attention to the new medium. Also, one of the most interesting things about NFTs is that many brands use them as they are. However, every new venture has to begin somewhere, and the profile pictures of NFTs represent just that—a starting point. The next significant leap for brands is to create NFTs that offer more than just proof of PNG ownership. In other words, they must develop utility NFTs.

A utility NFT is a form of token that provides access to something with inherent value beyond the token itself. For instance, it could serve as your entry passes to an exclusive server, enabling you to cast your vote on merchandise and in-game designs, and structures for your favorite team or video game. Moreover, permit you to interact with a digital recreation of a renowned historical figure. Our company has discovered that people desire utility NFTs from their preferred brands. 

A recent survey by Dibbs on NFT mainstream adoption in an NFT community sample population shows an interesting take. The majority, 51% of respondents were of the opinion that an NFT should have more utility. Moreover, in response to another question, 60% of respondents said that they would love to bag an NFT of their favorite brands.

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How Web3 Could Help Brand and Market Your Project

What Kind of NFT Utility?

It depends on your product and target audience. As mentioned earlier, there are numerous possibilities to consider, and new ones are emerging every day as different yet transformative sectors like artificial intelligence (AI), entertainment, and others, discover their next stage of growth in Web3. If you\’re having difficulty determining where to begin, a simple solution is to look at the products and content you already generate.

Token Gate Your VIP Products

For any business, the ultimate goal is to create repeat customers who consistently spend more. Additionally, it is more cost-effective to keep them returning than to attract new customers. To increase customer retention, you need to find new ways to engage with them that expand your relationship beyond the traditional \”we make, you buy\” dynamic.

Token gating your most in-demand products or content could be an excellent approach to transforming customers into long-term community members. Some brands have already had success in offering exclusive apparel drops for NFT holders.  As well, as providing enthusiasts with unique glimpses of emerging entertainment properties.

These types of Web3 initiatives transcend the standard realm of access to exclusive communities and other club-like gatherings. They foster engagement through multiple channels, offering your most ardent supporters something to talk about and potential new customers more reasons to join your brand.

Integrate the Blockchain Element

The adoption of blockchain\’s distributed ledger technology has the potential to revolutionize processes that require proof of ownership and transfer. By embracing this technology, established brands can position themselves to take advantage of new ways of doing business. Blockchain\’s built-in smart contracts simplify complicated processes such as royalty payments, as the token itself knows where to send the payment. Web3\’s decentralizing power transfers online communication and commerce from a few large corporations to peers, creating a smarter and fairer way to conduct business. Brands that get on board with blockchain now will have a head start in this new business reality and can avoid scrambling to find their footing in the future.

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Product-Market Fit in Web3 in 2023

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Perfect Combination for a Successful Product-Market Fit for dApps in Web3 lies in Five Steps

Product-Market Fit or PMF in Web3 is important for a successful blockchain project and decentralized app or dApps, we have come up with a five-step guide.

The product-market fit phenomenon is vital for successful decentralized applications and platforms in the Web3 ecosystem. There are a lot of tokens and projects fighting for survival or to keep their value on the market right now. These projects, products, and platforms are very different from what Web2 companies do, and they don\’t have specialized teams to help them find the product-market fit (PMF). They employ tools like rewards and tokens and a branding strategy that focuses more on movement.

The distribution of utility tokens via airdrops or bounties generating a community-operated workforce, can help Web3 platforms start their journey towards a suitable product market. Moreover, Web2 traditionalists find faceless brands, leaderless movements (Bitcoin), and product innovation without permission, more nuanced and difficult to comprehend.

The Perfect five Phases to Product Market-Fit in Web3

We have found a five-phase formula to achieve Product-Market fit in dApps. It comprises desirability, viability, and economic feasibility as the key components of the outcome.

Progressive decentralization

Crypto creators face the difficulty of creating a product that users want. Additionally, they find it difficult to carve a way to make it run successfully in a decentralized fashion. This is a challenging task since many of the requirements for creating a successful product from the start are product leadership, quick iteration, and a managed go-to-market. The reason is that it makes it more difficult to achieve community ownership and regulatory compliance, which ensure long-term health.

Progressive decentralization is the first phase of PMF. It starts off by drawing in the right crowds, and then progressively expands to decentralize while continuing to draw in more of them. This is the antithesis of the community created through Initial Coin Offerings (ICOs), where a group of speculators invested in a project and community that can be rather disconnected from reality.

Establishment of Utility for dApps

Finding and establishing utility requires time, investigation, and an iterative process. Early members of the community developed use cases and dApps and added some utility to the tokens. It fueled the expansion of the community. Foundational components of utility must demonstrate themselves when platforms, products, or protocols leave the early stages, particularly locking resources and capital.

Several KPIs, such as developer activity and total value locked, will help to evaluate these utilities. Several of these important criteria helps to assess the basic platform\’s liquidity and dependability. Moreover, it will draw users to the platform\’s story, liquidity, dependability, growth, and robustness. It will establish various utilities and ensure a shared objective to improve them. The utility establishment phase also solidifies community involvement, which is an important part of token take-off.

Gaining Momentum

The acceleration of utility is the next phase. It is achievable by introducing vectors of token programmability, and additional use cases including collateralization, flash loans, burning, etc. Many platforms and protocols do not transfer into the PMF\’s momentum phase. Different developers have triggered momentum vectors (such as DeFi, gaming, dApps, DAOs, etc.), providing multifaceted programmability and utilities in order to add momentum.

Building DeFi and dApps has demonstrated its capacity to fuel the expansion of stablecoins, automated market makers, lending protocols, etc. The platform layer and infrastructure will work better if it are more modular. Thus, to maintain momentum, with the exception of Ethereum.

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Network Effect (Alpha and Beta)

Any platform or protocol\’s moat is network effects, which reinforce and speed up functions centered on the thesis and stories. This phase has two steps; Alpha and Beta. A lot of effort is imperative on part of users as a result of network effects (Metcalfe\’s Law) like increased usage and user numbers. Additional tools are needed, including exchanges, wallets, media, and initiatives built on the fundamental platform or protocol, in order to flourish. This adds value to the existing token momentum.

The second phase is beta, also known as Reed’s Law. If the ecosystem\’s value is appealing, it will produce its own ecosystems, unfolding Reed\’s Law. As Reed\’s Law reaches a critical mass, it becomes a powerful competitive advantage. Moreover, it is challenging for rival procedures to overcome. The beta network effect adds unbreakable stickiness as new ecosystems firmly establish themselves on the basic platform, which is the pinnacle of PMF in Web3.

PMF and The Economic Flywheel

The combination of Metcalfe and Reed\’s equations can lead to exponential growth for a platform or protocol. It is achievable by igniting the economic flywheel. However, it is important to complete all previous phases. Moreover, participants\’ incentives must line up. In addition to providing extra opportunities for trading and growing user bases on top of those who can already interact through play, they develop into potent mechanisms to draw and keep capital within ecosystems. The launching of use cases like this on platforms is on chance, even in the Network Alpha or Network Beta phases of the Product-Market Fit. In the flywheel stage, there\’s a lot less risk that you\’ll likely experience.

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