Depending on who you ask, Web3, a new version of the internet built on blockchain technology, is either a way to make money, the future of organization, or a scheme to get rich quick. However, despite the controversy, numerous businesses are already utilising Web3 tools to test a variety of value-creating strategies, such as increasing brand recognition or examining novel product ownership models. The best NFT marketplaces are created by these programmers, who represent both a technological leap and a significant shift in corporate strategy.
Distributed ownership
A spic and span model for brand administration is conveyed possession. Instead of selling a single item to a single customer, this method makes use of the blockchain to allow multiple customers to share ownership. Digital-first businesses are using this method, whereas traditional brands are not currently. As technology advances and testing continues, distributed ownership should be familiar to all marketers because it has the potential to alter the management of customer communities and the creation of product value. There are a number of possible outcomes for this form of governance for legacy brands. In this scenario, there are two prices for each item: one for the shared shopping cart and one for individual purchases. Those who opt for the latter join a group where they can negotiate lower prices and take advantage of discounts. A shared shopping cart can be beneficial to mass-market businesses; Pinduoduo, a Chinese marketplace, already uses one. In the case of luxury brands, consumers acquire joint ownership of extremely expensive items like handbags or jewellery. These items can then be passed down through the group or used as investments to be resold at a profit.
Conclusion
All of these Web3 strategies are based on technology that is still in its infancy. However, as businesses refine their strategies and acquire a deeper comprehension of the challenges and opportunities, their initial experiments may become an ongoing strategy.
