Presently, the presence of a website has become ubiquitous among businesses. Not having an online presence can result in missing out on a substantial market. However, the launch of Web3 is poised to step up the internet landscape, prompting large corporations to adapt and stay competitive. Hence they are keen on focusing on web3 development in business.
Numerous companies, including non-technological brands, have succeeded remarkably in the web2 era. Nevertheless, the advantages of Web3 have become increasingly compelling. A recent study conducted by Coinbase revealed that a substantial majority (over 80%) of Fortune 500 companies are actively pursuing Web3 initiatives. This article presents prominent companies exploring web3 in business to engage consumers in the Web3 environment.
Nike
Nike has been a frontrunner in embracing Web3. Their acquisition of virtual sneaker company RTFKT positioned them for the booming virtual goods market. This collaboration allowed them to create digital versions of their popular Air Force 1 shoes, designed by artist Takashi Murakami. They also made Nike sneakers playable avatars in various online games and virtual worlds.
Further solidifying their web3 presence, Nike launched their own NFT marketplace, cleverly named “.SWOOSH” after their iconic logo. This platform allows members to explore and collect virtual Nike creations, with the exciting prospect of co-creation tools on the horizon.
Disney
Every year, The Walt Disney Company accepts a handful of companies into a prestigious business development program called the Disney Accelerator. In 2022, a whopping two-thirds of the chosen companies focused on Web3 technologies, showcasing Disney’s interest in space.
One such participant, Obsess, leveraged their Web3 in business to create the Disney Music Emporium – a virtual storefront built on Web3 principles. This innovative platform offered fans a completely new way to experience and celebrate 100 years of Disney music, proving the potential of Web3 to enhance established brands and franchises.
Gucci
In 2022, Gucci launched a series of Web3 initiatives that solidified its place at the forefront of fashion’s digital revolution.
One key partnership saw Gucci collaborate with the established NFT platform SuperRare. Together, they launched “The Next 100 Years of Gucci,” a groundbreaking virtual art exhibit housed on Gucci’s metaverse platform, Vault. This immersive experience showcased the future of fashion through various digital creations, featuring everything from reimagined versions of Gucci’s recognisable prints to cyborgs sporting GG-monogrammed bionic body parts.
Gucci’s commitment to Web3 extended beyond exhibitions. They also teamed up with the renowned digital art production studio SUPERPLASTIC to release two instalments of SUPERGUCCI NFTs. These innovative collectables combined Gucci’s timeless patterns with SUPERPLASTIC’s signature characters, creating a unique physical and digital fashion blend. Each NFT came in two parts: a digital image of a SUPERPLASTIC figure adorned in an exclusive Gucci print and a corresponding physical collectable to bridge the gap between the virtual and real worlds.
Spotify
Spotify, the music streaming giant, is making waves in the web3 scene with its pilot program called “token-enabled playlists.” This innovative feature unlocks exclusive playlists for holders of certain NFTs.
Spotify has partnered with popular NFT communities like Overlord, Kingship, Fluf, and Moonbirds. NFT holders from these communities gain access to special playlists curated around the themes of their respective collections. This creates a unique and exclusive experience for fans deeply invested in these NFT projects.
But Spotify’s web3 development goes beyond playlists. They’re also testing out NFT galleries on artist profiles. This enhances artist-fan interaction by allowing users to explore an artist’s NFTs within the Spotify app directly. The initial trial included artists like Steve Aoki and The Wombats. Fans could view the NFTs and click through to purchase them directly on OpenSea, a popular NFT marketplace.
This foray into Web3 hints at exciting possibilities for the future. Spotify could explore tokenising entire albums or even selling concert tickets as NFTs. The success of the initial trial, particularly for Steve Aoki, who reportedly earned millions from just two NFTs, suggests Spotify is likely to dive deeper into Web3 in 2024. This is further evidenced by their actively recruiting Web3 backend engineers to bolster their Web3 development team.
Starbucks
Popular coffee giant Starbucks has ventured into the world of Web3 with its program called Starbucks Odyssey. It’s an extension of their existing massive loyalty program (used by over 31 million daily!) that leverages Web3 technology to offer coffee lovers exciting new ways to engage and earn rewards.
Think of it as gamified coffee education. Users embark on interactive “journeys” that teach them about Starbucks and the history of coffee. Completing these journeys unlocks special NFTs called “journey stamps.” The program also features a marketplace where members can buy limited-edition stamps.
Here’s the exciting part: so far, everyone who participated in the program by minting a Starbucks NFT has seen a profit! That’s impressive, considering there are already over 42,000 holders, and with Starbucks’ massive customer base of 100 million, the growth potential is vast.
To make things accessible, Starbucks allows buying stamps directly with regular credit or debit cards, skipping the complexities of cryptocurrency. As members collect stamps, they unlock exclusive benefits like virtual coffee classes or invites to special events at Starbucks Reserve Roasteries.
Puma
At New York Fashion Week 2022, PUMA made a splash in the NFT world. Owners of their “PUMA Nitropass” NFTs got a unique opportunity: they could burn (permanently remove) their tokens in exchange for real-life PUMA sneakers.
But that wasn’t all. The German sportswear giant also unveiled “The Black Station,” their first foray into the metaverse. This virtual world experience is exclusive to PUMA Nitropass holders, who can browse limited-edition sneakers and even design their kicks within the metaverse.
Tiffany & Co
Luxury jewellery brand Tiffany & Co. made waves in the NFT space with a unique collaboration. It all started with a social media post by executive vice president Alexandre Arnault, showcasing a custom-designed rose gold-and-enamel pendant featuring a CryptoPunk.
This sparked a partnership with Chain, a web3 bridging company, and the birth of “NFTiff,” Tiffany’s own NFT collection. These NFTs were designed to be redeemed for a physical pendant crafted based on the owner’s CryptoPunk avatar and a digital artwork depicting the final design.
The collection’s exclusivity was a major draw. Out of 10,000 CryptoPunks, only 250 NFTiffs were available for purchase, and they sold out in a staggering 20 minutes, generating a cool $12.5 million for Tiffany’s. This innovative approach demonstrates the potential for luxury brands to leverage NFTs to engage with new audiences and create unique experiences for their customers.
Lacoste
French fashion house UNDW3 is shaking things up with a web3-based loyalty program. Their UNDW3 cards are dynamic NFTs, meaning they can evolve. These NFTs act as keys to a members-only online community platform, offering a personalized experience for each user.
Here’s how it works: UNDW3 cardholders earn points by participating in creative activities on the platform, like mixed-reality fashion challenges. The more creative and active you are, the more points you score. These points translate into a gradual increase in the rarity of your UNDW3 card (the NFT). As your card’s rarity goes up, so does its monetary value!
The UNDW3 program is a prime example of how NFTs can create a win-win situation for both brands and consumers. Businesses gain new avenues for monetisation, while customers get rewarded with valuable NFTs that hold real-world worth. This innovative approach fosters a more engaging and interactive brand experience for fashion enthusiasts.
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