14 lines
3.1 KiB
JSON
14 lines
3.1 KiB
JSON
{
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"HubID": "2132",
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"Date": "1/16/2023",
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"HubTags": [
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"External Platform Posts"
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],
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"Contacts": "",
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"Companies": "",
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"File": "",
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"Image": "",
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"Summary": "#web3 is in the early adopter’s phase",
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"Notes": "<p>#web3 is in the early adopter’s phase</p><p>Recent data (https://lnkd.in/gA2u9Atw) seems to indicate that 400 million people own #cryptocurrencies . Out of 5 billion global internet users, that is 8%, which in the adoption curve, means crypto overall is in the early adopters phase.</p><p>In the United States, data (https://lnkd.in/gz345_3G) suggests 15% crypto ownership.</p><p>What is its growth trajectory from here? When will it hit early majority? Late majority? We don’t know, but growth uptake tends to accelerate through the early adopters phase.</p><p>Consider the following major brand web3 activations:</p><p>1. The consumer product #luxury vertical has taken an aggressive lead with many leading brands pioneering web3 models for the rest of us to learn from and potentially use.</p><p>2. We are seeing mass market deployment of web3 from #nike via their new #swoosh platform after successfully testing web3 since 2021.</p><p>3. #starbucks is engaged in a massive overhaul of their loyalty program with 27+ million people, to include web3.</p><p>4. The #nfl is expanding web3 from 20 games in the 2021/2022 season to 100 games for the current season, out of their 272 total annual games (because web3 was a smashing success in last season’s testing).</p><p>5. #reddit saw 5+ million #nfts minted to over 4.25 million unique wallets for a simple collectible #nft , which is surprising in and of itself, but even more surprising is that as of this writing, it continues a relentless climb with more mints even in the depths of a bear market in which we find ourselves.</p><p>6. #instagram is rolling out functionality to let users create, display and sell NFTs on their platform</p><p>7. A huge point of friction with participating in web3 is converting fiat currencies to cryptocurrency. #paypal is integrating with Metamask, a popular crypto and NFT wallet, to make it easy to covert fiat into cryptocurrency and back again.</p><p>I think we could see early majority as early as next year, but more likely in the 2025 to 2027 time frame.</p><p>Most brands probably do not need to add web3 for customers at this time, unless their customers are young people or they want to expose their brand to young people now so that this demographic becomes customers when they get older. We know that brand awareness and perception and possibly #brandloyalty forms at early ages and can last a lifetime. This is a big reason why the luxury vertical is pushing hard into web3 and the #metaverse .</p><p>If brands sell durable products with higher price points, they may want to at least setup their inventory for digital pairing with NFTs, because those products produced and sold today could generate secondary market revenue years down the line.</p><p>At a minimum, all brands should be learning and testing it so they get comfortable with the paradigm and understand strategically how it fits for them in the future.</p>"
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}
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