Pedro Lopez-Belmonte Eraso, Senior Manager, Web3 & Technology Innovation, Richemont
Users are deceived by overhyped NFTs
Web3 is about decentralization, ownership and self-control. NFTs are part of it.
The Metaverse is about the combination of physical and virtual worlds, enabling digital interactions through virtual spaces.
In 2023, the NFT popularity is on the decline. On OpenSea, only 30% show regular NFT trading.
Many collections launched by brands have not matched expectations.
Apparently, people got carried away by the option to make a quick buck.
Suppliers overpromised and hyped their offerings, services grew out of technical feasibility instead of user needs.
The NBA Top Shots were one of the first successful NFT application. They tokenized their collection of basketball videos, known as Top Shots.
Starbucks launched an entertainment related NFT successfully.
IWC lauched their Diamond Hand Club for their community.
NFT strategies
NFT strategies must include scarcity and uniqueness. They must align business and brand values.
Strategies must support existing business lines through a new communications channel.
An exploratory mindset will help finding new ways to leverage the NFT technology: What’s the short-term and long-term customer values that can be expected?
In what steps are they developped?
It’s important for corporations to build internal knowledge. It’s vital to preserve consistency in the strategy and alignment with company values: Web3 means collaboration!
Partners that execute the strategy must become part of the ecosystem.
Metaverse pitfalls
The Metaverse is made up of many underlying technologies like AR, VR and XR, independently from interaction devices.
Today, many Metaverses are empty, there is hardly any engaging content, most are not much used.
This is due to clustered technologies without interoperability. While there is a big number of individual efforts, no one knows where we are heading.
Since most worlds are somewhat cold, they don’t entice repeat visits.
The value will eventually come from meaningful functionality in an immersive experience. The sensorial experience needs to be human, easy, natural and intuitive.
