A recent #web3 activation by Wrangler is a good example of the MO for web2 #consumerbrands to get into web3. Here's the pluses and minuses for doing it this way.
A recent #web3 activation by Wrangler is a good example of the MO for web2 #consumerbrands to get into web3. Here's the pluses and minuses for doing it this way.
First, the activation is pretty basic: (1) create a new apparel item; (2) embed an NFC chip into the item that connects to the NFT, which authenticates the jacket and puts it on-chain; (3) partner with an artist/designer already in web3 to create the jacket and NFT artwork; (4) promote primarily to the artist/designers web3 user base.
Pluses:
1. Easy way to get into web3 promoting the drop to an existing web3 user base;
2. Easy way to test and get familiar with web3;
3. Limited production run and promotion so it won't cause blow back or market distortion to the brand if things do not go well.
Minuses
1. Not a money maker, but it is not designed to do this;
2. Won't bring new people into web3 - the drop is appealing to existing web3 consumers;
3. Probably will not convert web3 buyers to the brand long term.
The reality is that because web3 infrastructure and UX/UI is still awful and we are in a very unfavorable regulatory environment, web3 for consumer brands is not growing or attracting new users, so doing limited drops like this to existing web3 users is the only play.