Thought Piece | Innovation

Why it's time for brands to get ahead with Web3

Author: Liam Springate-Jones
Date: 17/02/23

Why it's time for brands to get ahead with Web3

Ever since the concept of web3 emerged, there’s been an abundance of opportunities for brands to invest in new technology. The power of web3 – while still in its infancy – has enabled brands to expand their reach and become more profitable than ever before. There’s no doubt that the internet has grown to new heights in recent years, but it’s still far from reaching its full potential.  

With web3, brands can build strong relationships with their customers, thanks to community-building innovations like NFTs and the metaverse. Web3 is set to transform the way businesses operate and how they interact and sell to customers. Below, we explore how brands can benefit from web3 and why now’s the time to invest. 

Efficient data management 

Web3 is critical for the future of businesses over the next decade, and it’s also set to have a promising effect on data security and management. This is due to the rise of decentralisation, which is impacting a range of industries, most noticeably the finance sector. The idea of creating an open market in data storage completely changes how data is managed and utilised.  

Instead of being owned by one central entity, data is managed by millions of devices connected through a single network, which facilitates a much more engaging and efficient online experience. It means brands will have total control over their content and data. With greater control comes more efficient data management, which is essential for analysing brand performance. 

Revenue opportunities 

Brands can use web3 to generate more opportunities and pave the way for continued expansion, from marketing to brand identity. There’s a variety of brands already investing in and announcing plans for web3, many of which are launching NFT collections and monetising other products in the metaverse.

  • Nike has been making huge investments in web3. In 2022, the brand launched Swoosh, a web3-enabled platform, which was designed as a resource and community for digital collectables. It will serve as a home for Nike’s digital creations and offer an online space for athletes, creators, and collectables.   

  • Starbucks has also released a web3-powered platform known as ‘Starbucks Odyssey’, which allows reward members and company employees to purchase and earn digital collectable assets. The platform will exists as an extension of the brand’s Rewards programme.

As many brands have already shown, there are plenty of ways for businesses to utilise the technologies of web3 and enhance online experiences for customers, which in turn fuel growth and revenue. 

Streamlined processes 

With web3, brands can more efficiently create and manage processes. The rise of web3 contracts, otherwise known as smart contracts, has become increasingly crucial in today’s blockchain ecosystem – and they’re important from a business point of view. Smart contracts streamline transactions between two different parties, a process which can easily be maintained in real-time.  

Web3 also enables supply chain transparency and seamless data coordination, allowing businesses and brands to keep track of their assets more easily. There’s a huge range of benefits for business processes, supply chains and logistics because of web3. Another aspect of web3 supply chain management is identity verification, which plays an important part in business operations. It provides clear information on when products have been transported and received, with a transparent audit trail of documents. 

Overall, web3 presents brands with great growth opportunities and the chance to continually innovate. While there are still some challenges to widespread web3 adoption, such as usability and corporate compliance, brands can use web3 to their advantage, particularly when it comes to new product releases and hosting live events. 

Transform your brand today

At Splendid UNLIMITED, we're proven leaders in user experience design, having delivered a range of successful projects to our clients. We've worked with the likes of Taxly, an AI bot that helps customers submit their tax returns in less than 10 minutes. As a result of our work, we understand the challenges of building new platforms and the impact web3 is having on branding. Now's the time to get in touch with our to team to learn more about web builds and experience design