The Evolution of Marketing Strategies for Web3

Updated: Jul 13

Entering Web3? Need marketing ideas?

This article explains why Web3 marketing is different and offers proven approaches.

Why should businesses use Web3?

The question of why a company should consider adopting the ideas and concepts of Web3 has several levels of response, beginning with the advantages that may be gained from doing so.

The Blockchain Functions as a CRM.

The blockchain isn't a CRM. A person's purchase activity is tracked and publicly viewable on chain, making it the best CRM and remarketing solution.

While Facebook, Instagram, or Twitter enable remarketing based on identification, the blockchain does the reverse. You may not know someone's identify, but you know their shopping habits.

How does that help business? Your firm offers NFTs (non-fungible tokens) to customers who hold them in wallets. When your next NFT collection drops, you may reward those wallets by limiting access.

Non-Cannibalistic Product Lines Generate NFT Revenue

Since 2009, fiat money (Web2) has been replaced with cryptocurrencies (the currency of Web3). Now, a new asset class is moving from Web2 to Web3; it's based on rights and IP rather than cash.

A corporation may unlock value and liquidity from rights and IP assets by converting them into NFTs and selling them in Web3.

By producing and marketing NFTs, a company establishes a new income stream from a product line that doesn't affect current product lines.

  • NFTs have no supply chain, hence they're universally available.

  • Physical items don't have upfront expenditures.

  • NFTs aren't subject to gravity, hence their shape is limitless.

Stickers are like NFTs. Imagine owning Disney princess IP before stickers existed. Once stickers are developed, you can offer Disney princess stickers without cannibalising your current lines.

What If the People Who Are Going to Be My Customers Don't Understand Web 3.0, Crypto, or NFTs Yet?

We all use the internet, but few understand how it works.

Most of us can turn on a light with a switch, but we can't make a light bulb or electrical socket.

People will use Web3 objects and the blockchain without knowing how it works, like the internet and electric light.

Businesses must design a user experience that easily onboards consumers to Web3 by giving UX options that generate progressive decentralisation and meet customers at every stage of their journey.

This kind of frictionless onboarding is made possible with the use of a progressively custodial wallet by Mojito, which is an API platform and dashboard designed for building and developing NFT markets.

The operation is as follows:

The instant a customer makes a purchase of an NFT from your company, the NFT is entered into a cryptographic wallet.

The NFT will be given to the customer's existing wallet if they already have one. The customer (someone who is new to Web3) is provided with a wallet at the moment of purchase even if they do not already own one. They are never required to handle the private key associated with the wallet.

They decide to seize custody of the wallet from you and become the custodian of that wallet in their own right when the consumer grows more knowledgeable about Web3 and want a self-sovereign wallet.

How is Web3 different from Web2?

Business models are changing.

In Web2 and conventional business models, three entities are involved: the firm that develops the product, the customer who buys it, and the investors who gain from its success.

In Web3, firm, customer, and investor categories collapse into one called community.

When a Web3 NFT project is built right, every stakeholder is encouraged to create and develop your product, evangelise (sell) it, and increase the community. Most NFT Discord groups are monitored by community members, not the project's creators.

These notions are already occuring in Web2. People establish open source ecosystems, promote goods through referral marketing, and form social media communities to celebrate businesses and products.

Web3 speeds up the process and makes it simultaneous.

Success depends on community rewards

People expect to be rewarded for discovering, using, joining, and evangelising a new Web3 project. Retroactive distribution, token-gated products, and proof-of-attendance tokens make this possible.

Retroactive distribution

Retroactive distribution rewards early supporters of your product.

Ethereum Name Service (ENS) is like Domain Name Service, except ENS sells.eth domains. ENS gave consumers tokens based on how they utilised their product.

Token-Gated and Proof-of-Attendance Merchandise

Lyrical Lemonade, a YouTube music brand, handed IRL event attendees a free claimable. NFTs are multi-year festival passes that unlock token-gated products. This lets the event's fans claim a prize for something they enjoy.

Milwaukee Bucks members get NFTs. These NFTs provide members VIP viewing and product discounts.

Self-Marketing Systems emerge as the successor of siloed marketing.

Self-marketing is like Web2's ambassador or referral programmes. Web3 has evolved such that ambassadors are part of the community.

Ethereum didn't have a dedicated marketing department when it originally launched. Meetup organisers in locations throughout the globe were given everything they needed to manage coherent gatherings. Every meeting featured the same logo, images, and list of Ethereum blockchain projects.

By structuring the project's community into a network, delegating trust and custodianship of the Ethereum brand name, and providing its membership with everything it needed to evangelise, the team nourished a grassroots movement that accomplished more than the team could have alone.

In Web3, the community must drive.

The Provision of Services to Audiences on Web2 and Web3

If people on Web2 know or like your brand when you integrate with Web3 and offer NFTs, your project will likely attract Web2 and Web3 users.

To reach both audiences, you must meet them where they're most comfortable.

Twitter and Discord are Web3 platforms. Discord is where people dive deep and start engaging in a project. Twitter and Discord content should reflect these requirements and wants.

Web2-natives will use Instagram or Facebook for top-of-funnel content. You must prepare users from these platforms (or your email list) for Discord. Your Discord server's configuration affects how Web2 natives use it. Astro Girls and Crypto Coven are good NFT communities for women. They separate their Discord so new users know the rules, what they may do in each discussion, etc.

Cooperation With Web3 Opinion Leaders

Most Web3 groups see sponsored influencers as inauthentic.

Find product-loving ambassadors.

Adidas and Prada partnered successfully with G Money and Bored Ape Yacht Club.

Paying an influencer to promote your Web3 project irritates the market.

If you want to work with Web3 native influencers and companies, try these podcasts:

  • Cami Russo's novel "The Defiant"

  • The Next Four Trades with Matt Medved and Alejandro Navia

  • David Hoffman of Bankless Discussions

  • Carly Riley's overpriced JPEGs with a smile

The History of Sotheby's Role in Web3

Mojito enables firms to sell NFTs on their own websites. Sotheby's Competitors.

Sotheby's, established in 1741, was using a third-party NFT marketplace but wanted to sell NFTs on its own website.

If you google Sotheby's metaverse, you'll visit a Mojito-powered website that allows Sotheby's to sell NFTs with tax assessment, client retargeting, and other functionalities.

Amazing reception. Sotheby's sold $100 million on the marketplace within months. Forbes Blockchain 50 and Time100 Most Influential Companies.

In Decentraland, there's a Sotheby's auction house replica. People enter, watch auctions, then bid. Recent sales have more metaverse participants than New Yorkers.

This shows the metaverse's potential as a commercial hub.

Amanda Cassatt was ConsenSys' CMO and helped launch Ethereum. She co-founded and runs Serotonin, a Web3 marketing business that helps Web2 companies transition. She co-founded Mojito, the dominant NFT infrastructure platform.

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