K
Kathleen Martin
Guest
Late last year, the market for non-fungible tokens reached a value of $41 billion. Seemingly out of thin air, unique digital objects that are tied to blockchain technology blew up. Naturally, the fashion and luxury industry—known for innovating to speak to the moment and shifts in culture—has decided to go all in. In doing so, breaking out of business-as-usual and into new playing fields has been key. At the moment, Web3 is one of the most prominent new kids on the block. It’s something we’ve helped clients with at Media.Monks.
Web3 represents the next era of the internet. It’s about rewiring the inner workings of the web and changing how information is stored, shared and owned by using blockchain. “In theory, a blockchain-based web could shatter the monopolies on who controls information, who makes money, and even how networks and corporations work,” according to a writer for Harvard Business Review.
In practice, many leading brands are relying on Web3 for their community-building, which is central to the customer journey in the virtual era. We’re seeing more and more fashion brands adding digital layers to elevate their existing collector communities, offering NFTs that consumers can either use to dress up their avatar in the virtual world or to access exclusive drops in the real world. NFTs are targeted at a pool of people, whether large or small, who find value in a specific project or product—essentially creating a new sort of community space for fans, online and offline.
Following a long hiatus from in-person events, I think we can safely say that people are hungry for real-world connections. Many of those working on bringing Web3 to life know it, so they are focusing on creating experiences that can exist in both the virtual and the physical world—and the fashion and luxury industry is getting heavily involved.
Continue reading: https://www.forbes.com/sites/forbesagencycouncil/2022/08/23/web3-is-here-to-stay-and-the-fashion-and-luxury-market-is-going-all-in/?sh=48ee8de23891
Web3 represents the next era of the internet. It’s about rewiring the inner workings of the web and changing how information is stored, shared and owned by using blockchain. “In theory, a blockchain-based web could shatter the monopolies on who controls information, who makes money, and even how networks and corporations work,” according to a writer for Harvard Business Review.
In practice, many leading brands are relying on Web3 for their community-building, which is central to the customer journey in the virtual era. We’re seeing more and more fashion brands adding digital layers to elevate their existing collector communities, offering NFTs that consumers can either use to dress up their avatar in the virtual world or to access exclusive drops in the real world. NFTs are targeted at a pool of people, whether large or small, who find value in a specific project or product—essentially creating a new sort of community space for fans, online and offline.
Following a long hiatus from in-person events, I think we can safely say that people are hungry for real-world connections. Many of those working on bringing Web3 to life know it, so they are focusing on creating experiences that can exist in both the virtual and the physical world—and the fashion and luxury industry is getting heavily involved.
Continue reading: https://www.forbes.com/sites/forbesagencycouncil/2022/08/23/web3-is-here-to-stay-and-the-fashion-and-luxury-market-is-going-all-in/?sh=48ee8de23891
