Hi there! We’re excited to share with you some of the key insights and takeaways that Will, one of our team members, took away from NFT London, a major event in the web3 space.
At this gathering, experts and enthusiasts came together to talk about the latest happenings in the space and connect with others from around the world. Even if you’re not an expert in crypto or web3, we hope this article gives you a sense of where this technology is headed in the future. Thanks for reading!
Unpacking the challenges standing in the way of web3 mass adoption
As we move towards the mainstream adoption of web3, is it essential to acknowledge the challenges and main concerns brands building in the space are facing right now:
- Defining a brand strategy with specific objectives.
- User experience must be made as simple as possible.
- Legal and security are important issues that need to be tackled carefully.
- Education is a must for brands and users.
- The use of NFTs within digital collectives is key to building long-term relationships.
- Gathering and analyzing data from your NFT drops is a great resource to build your product.
💡 Food for thought: giving away free NFTs or selling them at a low price works as a relationship investment with your audience. It might be better than selling them to make initial profit.
👀 Using gamification in a simple and fun way: by gamifying the user experience, brands can encourage repeat purchases and build loyalty among their customers.
- A great example of this is Starbucks launching a web3 version of their rewards program, where customers can earn NFTs for their purchases and use them to unlock special perks and benefits.
Music NFTs have the potential to revolutionize the way that artists and fans interact.
However, it is important to note that, at the moment, the main music NFT collectors are not necessarily interested in listening to the music itself. Instead, they are motivated by:
- Becoming patrons of a creator.
- Owning a unique piece of music-related content.
💡 The biggest challenge for web3 music is turning collectors into true fans and true fans into collectors.
🌐 This means that music NFTs should not be seen as a replacement for streaming services. Instead, they should be viewed as an additional layer that adds value to the existing music ecosystem.
For artists, the benefits include:
- Greater freedom to tell their story.
- The ability to build deeper connections with their fans.
- Potential to create new revenue streams.
It is important to remember that NFTs are just another format allowing us to better communicate with our community and interact with the digital world. Just as .jpeg was to photos and .mp3 was to music, NFTs are the natural evolution of digital content. Very soon, we will likely stop talking about NFTs altogether, just as we no longer refer to .mp3 files as a separate entity and we just use them in our daily lives.
There are, however, big challenges we must face and solve as the underlying technology is truly revolutionary. In the meantime, it is crucial to focus on educating both brands and users about the benefits, and never stop trying things out.
That’s why at GUZZU we’re trying to make it easier for music fans to get involved.
Merchandising is one of the best ways to show our fandom and support our favorite artists and it’s only natural to be able to collect the digital version of it! It’s even better if you can access additional and exclusive content by collecting Digital Merchandising!
Join the community at: https://discord.gg/um2gHZYe5Y