NFTs and Metaverse: Activewear and Luxury Brands Embrace Web3 Innovation
Despite the setbacks caused by the 2022 crypto crash, Web3 continues to intrigue marketers, particularly in the activewear and luxury brand sectors.
Based on the principles of decentralized applications and blockchain technology, Web3 offers ownership of data and digital assets, opening up new opportunities for innovative initiatives by different brands.
In a recent interview with Insider, Byron Sorrells, CEO and co-founder of Dispatch, a platform facilitating friction-free purchases in various digital experiences, said that the 2022 crash provided a much-needed distinction between speculation and the real utility of Web3 technology.
Sorrells claimed that he sees Web3 as a technology that augments existing practices rather than entirely replacing them.
"It's a shame it took these big events for that to happen, but you do start to see that what's survived are some genuine use cases," he said.
"Web3 is not just some big wholesale replacement for what we used to do. It's just new technology that can augment the things we've always done."
CMOs, however, face the challenge of navigating the abundance of available technologies.
Marija Zivanovic-Smith, the CMO at IEX Group, has mentioned that there is a need for Web3 providers to address specific business problems faced by brands and marketers, rather than simply offering technology solutions.
Zivanovic-Smith highlighted the importance of solving issues such as declining accuracy in targeting algorithms due to changes like Apple's removal of cookies.
"It's solving for increasing digital loyalty, solving for the problems that we're facing with losing 30% accuracy on targeting algorithms when Apple did away with cookies," Zivanovic-Smith said.
Matt Moorut, a director and analyst at G
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