NFTs & Superbrands: A Deep Dive into Web3

In a world where technology is evolving at such a rapid pace, it is often not surprising that the business landscape is constantly changing. The latest but not least discussed development is the rise of NFTs (non-fungible tokens) and their integration into “superbrand” strategies. In order to clarify this issue, a panel discussion will be held with the participation of experts in various fields. During the discussion, they will share their thoughts on the challenges of introducing NFTs among superbrands.

Superbrands are more than just products or services, they shape culture. These brands have gone beyond their niche and become signs of status, belonging to different values. The power of these people is not limited to the field of marketing; They can influence markets, social phenomena and even consumer behavior. There is a strong bond between superbrands and their fans based on trust, shared values and a sense of belonging.

On web3wave, Andy Lian hosts a panel discussion with a potential investor about the possibilities of NFTs for brands.

Looking for communication with fans.

Dan Mitchell, representing Oracle Red Bull Racing, introduced himself as the leader of Web3. He worked a lot in advertising before getting into the cryptocurrency market and Web3. He has collaborated with the world's leading brands to develop brand strategies as well as advertising campaigns. Dan talked about how the Red Bull Racing team is using Web3 technology to engage racing fans. He emphasized the importance of fans being at the center of the team's strategy and being its face.

People who support Formula 1 teams know how hungry their fans are. The desire to feel an emotional connection with the team, access exclusive content and communicate with your favorite riders is undeniable. With the majority of fans unable to attend races in person, finding innovative ways to bridge the gap is a challenge.

Many people have the question, “What is the best way to use Web3 technology to provide fans with an emotionally engaging experience?” Whether it's the proximity aspect to the drivers or the access to these types of team executives, the potential for a fan support program to gain exclusive benefits in loyalty programs is great.

Dan said:

“We use Web3 technologies to communicate with our fans. It's been a special journey on our part, and thanks to Bybit we're learning ways to manage Web3 much easier.

According to the opinion expressed at the NFT conference, Web3 technology and nft technology in particular should be invisible to the end user. We're not talking about slapping an "NFT" label on a product or experience and waiting for it to become a success. The biggest success is creating an exceptional core experience for customers.

Anndy Lian, who is an author and licensed fund manager in Singapore, spoke about his experience. The rapid evolution of NFTs was the subject of his discussion, where he showed their enormous potential as a gateway to more communities and technology adoption. Andy spoke about the importance of utility tokens and the value of creating meaningful user experiences.

“NFT games are more than just digital swordsmanship; It's about that experience and the usefulness of those characteristics in games." This is exactly what was discovered during the first use of NFT technology. Formula 1 recommended digital helmets and racing suits without a clear goal of achieving results. Some fans wondered what they could do with these digital assets. Our partnership with Oracle Red Bull Racing through the recently launched Velocity Series helps address these issues. We are collaborating with successful NFT artists to incorporate racing characteristics into the art. In this case, the value and usefulness lies in the art itself, and not just in the NFT as Anndy said.”

Liverpool FC's earlier NFT launch is a cautionary tale. They released NFTs without a clear utility, mirroring traditional goods. As it turns out, they understood their audience better when they collaborated with Meta on NFT-based clothing. They used terms that their fans could understand. They focused on “collectible avatars” and coins instead of the confusing jargon of NFTs. This approach led to a fairly successful project, already at the first launch of which about three million wallets were discovered.

The Reddit brand took a chance on Web3, offering personal avatars instead of forced NFTs and focusing on the personality of each user. This strategy resonated with their audience and led to significant success.

It was these points that Tom Downing, a representative of the British Interactive Media Association, drew attention to. He mentioned his contributions to the creation of the Web3 brand and company, as well as his educational business on behalf of Roster, which offers a mini-MBA training system on the web 3.

Despite all the hype, it's worth remembering that not every Web3 venture is innovative. Some of them may still seem unnecessary. The key is to offer unique technology that provides transparency and true value to users. Simply replacing traditional offerings with digital versions will not be enough for NFTs.

Andy echoed the sentiments of Ben Radcliffe of the Amber Group, a financial services firm. He emphasized the need for brands to understand the “why” behind their Web3 initiatives and how these initiatives can create value for users. He further highlighted the challenges and opportunities for superbrands entering the Web3 space. He emphasized the need for brands to have a legitimate reason for adopting Web3 rather than simply chasing the latest trend.

The future direction for superbrands on Web3 is positive. Possible areas of expansion include NFT ticket sales, fan tokens, and immersive metaverse experiences. Andy added that brands must focus on providing consumers with value and experience over the long term.

By the end of the panel discussion, it was clear that super brands have made major moves into the world of Web3. Branding must be strategic. NFTs provide exciting opportunities for players to engage with fans and generate revenue, but are also a strategic activity.

The popularity of Web3 initiatives is directly dependent on creating an immersive user experience and delivering genuine value. In this rapidly growing landscape, the future of superbrands in Web3 promises exciting developments and innovations.

Web3wave Summit was organized on August 3 Remote Desktop in London. Experts from Binance, Bybit, Coinsbase Mastercard were present. They also include the University of Oxford and many others.