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Forbes’ Digital Transformation: Lessons from Web3, NFT, and Metaverse


People don’t often hear about a 105-year-old man trying out Web3 and NFTs. But for Forbes, a big US business news site, it’s just another day at the office.

This week at VentureBeat’s Transform 2022 event, Forbes CTO Vadim Supitsky gave a full overview of the media company’s digital transformation efforts, including its early attempts to interact in a Metaverse-like way.

Identify and engage a digital audience

Forbes doesn’t have to worry about getting people to read it because it is such a big publication. It says that more than 150 million people read it every month across all platforms. Instead, the organization plans to work on this important part of its business and mission.

Supitsky said, “We’re trying to get our audience interested in all of these storytelling areas: traditional, video, audio, and online.” ” We’re trying to do the same thing in the metaverse with Web 3. “The world is changing, and we want our audience to change with it. We do this by giving information in a way that is easy to understand and fun to watch.”

Nothing has probably changed the way people get their news more than the rise of the Internet and social media in the early 2000s. Forbes was one of the first companies to use both social media and the Internet. Its website went online in 1996, and the magazine followed suit, talking to its peers on social media as it became more popular around 2005.

The company isn’t afraid of new technology, so it has embraced streaming and created its own service, Forbes 8, which has been called “Netflix for entrepreneurs.” Try moved forward quickly. As part of the regular Forbes news, a new section will be made for “inspiring entrepreneurs.”

Given how forward-thinking the company is, it’s not surprising that it’s already taking steps to engage readers in ways that match the next generation of emerging web technology: NFTs, the metaverse, and the web. 3.

Last year, Forbes sold one of its magazine covers at auction for $333,333 in NFTs. This was a first for the publishing industry. Both the Committee to Protect Journalists and the International Women’s Media Foundation got an equal share of the money.

This year, it went a step further in its efforts to get people interested by giving away a bunch of fake billionaire NFTs, each of which was linked to a fake stock market portfolio. Your Forbes NFT eligible rankings change every day based on the real performance of the New York Stock Exchange market, just like a running list from Forbes.

Supitsky added, “We have a really big and active audience for Web3, blockchain, and crypto.” We want to keep improving in that area as a whole. We want to add more capabilities. We want our customers to use Web3, Web2, and the Metaverse, and we also want to build that environment. We’re still early in the trip, but when we get there, we’ll do more.”

Accessibility and responsibility

People are worried that Metaverse, Web3, and NFT are hard to get to. Experts say that these technologies will eventually contribute to the digital world and the democratization of knowledge, but for now, it might be expensive for the average person to work in these places and with these technologies. Even though the NFT market is falling right now, it still costs about $2,000 on average, according to data from Bloomberg.

Not too long ago, about 40% of US adults said they couldn’t pay for an unplanned $400 emergency. This suggests that the NFT market as a doorway to the metaverse may not be available to everyone, even at its lowest price.

Even though many Forbes readers and C-suite executives and business leaders are financially stable, Supitsky said that the company is thinking about how to give people access to these new technologies as it grows. He told.

“I want to make sure that we make it easy and frictionless in the industry itself. Right now, obviously, it’s not that easy for everyone to access,” he said. “You have to get a wallet, buy crypto. You will have to join the market and buy NFTs or join one of the many metaverses. While waiting for it to be frictionless, we’re going to help do that and work on that space as well. [while we] Engage the audience there.”

A member of the Transform audience asked Supitsky what Forbes is doing in terms of social responsibility to help educate underprivileged people about these new technologies and level the playing field.

He also said that the company has a staff of journalists who write about Web3, crypto, NFT, and blockchain, as well as how these technologies are affecting and will continue to affect different communities.

Supitsky said, “Our goal is to educate about the technology as a whole, but also about how it affects society,”

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