At the end of 2017, the market for non-fungible tokens was worth more than $41 billion. Unique digital artifacts that have to do with blockchain technology just appeared. The fashion and luxury industry, which is known for adapting to new trends and changes in culture, has decided to go all in. In order to do this, they have to move to new playing fields. Web3 is one of the most important new companies right now. It is something that Media.Monks has helped clients with in the past.
Web3 is the internet’s next generation. Using blockchain technology, it involves rewiring the way the web works and changing how information is stored, sent, and who owns it. A writer for Harvard Business Review said, “In theory, a blockchain-based web could shatter the monopolies on who controls information, who makes money, and even how networks and corporations work,”
In reality, Web3 is used by many well-known businesses to build communities, which is an important part of the customer experience in the digital age. More and more fashion companies are adding digital layers to their existing collector communities by selling NFTs that customers can use to either dress their avatar in the virtual world or get access to exclusive drops in the real world. NFTs are made for a group of people, big or small, who like a certain project or product. They create a new type of online and offline community space for supporters.
After a long time without face-to-face events, I think it’s safe to say that people are longing for in-person interactions. More and more people are getting involved in the fashion and luxury industries. In reality, Web3 is used by many well-known businesses to build communities, which is an important part of the customer experience in the digital age. More and more fashion companies are adding digital layers to their existing collector communities by selling NFTs that customers can use to either dress their avatar in the virtual world or get access to exclusive drops in the real world. NFTs are made for a group of people, big or small, who like a certain project or product. They create a new type of online and offline community space for supporters.
After a long time without face-to-face events, I think it’s safe to say that people are longing for in-person interactions. More and more people are getting involved in the fashion and luxury industries.
Even though the economy is bad, brands are preparing for the digital future:
Even though there was a crypto gold rush, the current crypto collapse has made many people less interested in investing in this sector. A lot of companies are cutting back on NFTs that look like stunts, rethinking their metaverse plans, and stopping Web3 recruiting.
It’s important to remember that the history of decentralized finance is full of ups and downs. For example, the price of bitcoin has gone down and then back up before. Still, I think this drop in the crypto market is different because many other companies, like fashion and luxury, have entered the Web3 arena.
Experts in the field say that now is the time to just wait out the storm and educate, invent, and build as you go. Don’t just stop working; instead, make plans for the future. They are comparing the current situation to the dot-com crash of the 1990s, which made companies with a long-term plan more successful in the long run.
It looks like the first companies to work in this field aren’t going away, but rather looking to the future. They are taking a closer look at their investments in NFTs and Web3 and putting more effort into making long-term plans. This means that there will be fewer publicity stunts and more real-world uses. The NFT community doesn’t pay too much attention to one thing and quickly moves on to the next. My advice is to be flexible and open to new ideas while also getting ready for the next bull run.
Web3 brings together offline and online lives.
What makes a Web3 strategy work? Instead of the monetary value of your brand’s non-financial assets, the most important sign of how well it works is how well the community accepts it. Creating an NFT community has a lot of benefits because it can help build a brand’s community culture. Now that the bear market is happening, businesses can focus on this. At the end of the day, what brand doesn’t want a tight-knit group of fans who love what they do?
Building a community can happen online or in person, but it works much better when it does both. We’re lucky that two years of occasional lockdowns haven’t made us forget that we can see people in person; in fact, many of us want to. Web3 is interesting because it encourages people to move from online to offline activities. The new web isn’t just about keeping Instagram followers; it’s about interacting with and getting to know your audience. Meetings are important for making this possible and, most of all, for making it work.
Think about businesses like the Bored Ape Yacht Club (BAYC) and Dapper Labs that have set up NFT communities successfully. BAYC invites its followers to both online and in-person events, which are both exciting and exclusive. It would be too simple to call these events “parties.” They are a great way to bring people together and strengthen a community.
When people move from online to offline, they feel different levels of emotion, closeness, and belonging. Web3 can create a sense of community and belonging unlike anything we’ve seen since the beginning of the internet. At a time when most people spend most of their time in front of screens, we tend to forget how much these connections feed us.
Even though the market is bad, the fashion and luxury industries are going all in
Even though the market is bad right now, the fashion and luxury industries are still coming up with new ideas at the speed of digital. While Prada is expanding its Web3 service and Louis Vuitton is also using NFTs, Balmain has worked with MINTNFT to build its NFT campaign.
The fashion and luxury business has never been afraid of change, so it is now putting in place a long-term Web3 strategy. The point? You should ignore the hype and look forward to what’s coming. Changes in the price of NFTs shouldn’t stop or slow down innovation projects. Instead, you should start to learn from successful use cases, look for partners who are innovative and disruptive, and work on your long-term Web3 goals. Your fans are counting on you.