FACT: According to Forbes Web3 will be an increasingly essential aspect of how we use technology to communicate, conduct business, and play in our free time.

FACT: Nearly $41 billion of crypto was spent in NFT marketplaces last year with an estimated 250,000 people trading NFTs on Opensea alone (according to CNET and Chainanalysis) and what that means for business owners who adopt Web3 into their marketing strategy is OPPORTUNITY! 

But first, let's shed some light on NFT, the Metaverse, and Web3.....

WHAT IS WEB3? Web3 is simply the latest version of the internet or "world wide web" that is built on a blockchain and structured to give users total ownership of their data and control over how it is used. Web3 also delivers decentralized apps, products, immersive 3D experiences, enhanced methods of communication and interaction, as well as NFT. Web3 is essentially the upgraded, futurist version of the internet as we know it. 

In connection to Web3, the Metaverse is defined by Investopedia as the digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually. So as a business owner, imagine being able to promote, as well as offer your services and products in the physical and digital worlds simultaneously - that is the benefit of the Metaverse for businesses and consumers who are now seeking a phygital (physical and digital) experience through Web3.

Last but not least, let's talk about NFT....

WHAT IS NFT? Non-fungible tokens are non-interchangeable units of data stored on a blockchain in the form of digital ledger that can be sold or traded. 

(For the “explain it to me like I’m 5-years old” people like me, this means that you can take a real thing and turn it into a digital item to be sold.)

Examples of real world items that can be NFTs include:

  • Artwork 
  • Photography
  • Videos
  • Audio
  • Products
  • Music
  • Sports memorabilia 
  • Fashion

The in-depth answer to that question depends on how open-minded the business owner is, and how creative the digital marketer is.

  • Promotion
  • Branding
  • Rewards
  • Incentives
Check out this article to see the top 5 industries that can benefit from incorporating NFTs into their marketing strategy. However, there is an opportunity for ALL sectors of business to incorporate NFTs into their marketing strategy. 

NEED REAL LIFE EXAMPLES OF NFTs BEING USED IN MARKETING AND/OR BRANDING? From music and events to entertainment and nightlife - the marketing possibilities are ENDLESS. NFTs and virtual experiences will soon be used to set businesses apart based on the "phygital" (physical and digital experience/perks) they can provide consumers or fans. 

Major food chains like Chipotle have already joined the evolution of business marketing with their virtual restaurant on Roblox that gave away $1 million in FREE burritos. Now, wouldn't you want to reward loyal customers of your restaurant or even your food truck with a "phygital" experience of your brand?

Collectible NFTs are the most popular - making industries like fitness and nutrition fun and lucrative industries to leverage NFTs for reward programs, product promotion, and most importantly - brand awareness. Millennials and Gen-Zers dominate the blockchain and are increasingly active on Web3. Will your products be accessible to the buying power these two groups of individuals possess? NFTs could be your business's gateway to the virtual experience that consumers are seeking more and more.

Other industries that have the potential to generate a high level of revenue by incorporating NFTs into their marketing strategy are product and service businesses. Omnichannel marketing strategies can reach new heights by delivering a virtual aspect to the buying process or uniquely utilizing NFTs to connect with your target audience.

NFTs and Phygital experiences in business are not just for the “big names”. There are digital fashion designers that live next door to you. There are personal brands owned by people you passed in Starbucks who are leveraging NFTs and the evolution of technology to empower their businesses. 

So, the answer to the question in your head, "are you missing out on anything by NOT exploring the specific advantages of Web3 for your business?"... Absolutely, you're missing out on A LOT! Let’s connect and talk more! 👇🏾