Three questions brands should ask before choosing a blockchain
Nike this fall launched .SWOOSH, a Web3-enabled platform aimed at creating a “new, inclusive digital community and experience.” Before that, Starbucks launched its foray into Web3, Starbucks Odyssey, a blockchain-based loyalty program. From Nike to Starbucks to Sony to Walmart, it’s clear that major brands see a big opportunity to be on the cutting edge of technology and evolve in a way that meets the demands of constant innovation in today’s culture.
While the Web2 era was all about growing customers, the Web3 era will be about growing a community. By giving people the ability to co-create digital collectibles, engage in immersive experiences and even earn royalties on NFTs, Web3 is a new way to build long-term loyalty and connection.
A big decision that every brand has to make is which technology providers to partner with. Much like deciding on a payment processor or app developer, choosing the right Web3 partners can either greatly accelerate or hinder an organization’s progress.
Reddit certainly selected the right partner when it picked Polygon to power its NFT launch this year. Today, Reddit has more than 3 million collectible avatar holders and artists have received more than $60,000 in royalties from secondary market sales. By working with Polygon, Reddit was able to tap into the massive Ethereum community (Polygon is an Ethereum scaling solution), and thereby the user base of OpenSea, the world’s largest NFT marketplace.
On the flip side, Marvel’s NFT venture with Veve — an NFT company using the little-known, GoChain network — struggled a bit more. In November 2021, Veve addressed issues with inefficiencies, scaling and interoperability, and said it would be moving to Immutable X. In March, Veve was forced to shut
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