Brands on the blockchain: Embracing the power of web3

NFTs have revolutionized how digital assets are perceived. By enabling true digital ownership for the first time, digital assets become verified, unique, utility-driven items on the blockchain. In turn, when NFTs become a part of exclusive experiences, they allow businesses to participate in a new, thriving market and connect with their customers on a deeper level.

But the benefits of web3 go even further. It provides new revenue streams, enabling businesses to diversify their offerings and expands their reach into new audiences. With web3 and digital collectibles comes a new frontier. One that provides limitless growth, innovation, and increased revenue opportunities. Those who establish a strong presence in this emerging market stand to benefit from the numerous opportunities to come. 

From creating digital collectibles and loyalty programs to hosting virtual events and offering VIP experiences, web3 allows companies to innovate and grow in ways they never have before. 

Here’s how your business can leverage web3.

1. Identify your superfans–the foundation of your brand

NFTs don’t just offer you an unprecedented opportunity to engage with your fanbase, they’re an opportunity to understand your fans better.

For example:

In May 2022, Paramount seized an opportunity to capitalize on the massive hype surrounding their soon-to-be blockbuster release, Top Gun: Maverick.

They rewarded their biggest Top Gun fans with something unique. Anyone who attended the early premiere of Top Gun: Maverick at AMC or Cinemark theaters would receive two special gifts—a collector’s pin and a commemorative Top Gun: Maverick helmet digital collectible.

To simplify the redemption process of their digital collectibles, Paramount partnered with RECUR to create a seamless, unified web3 experience for fans. Using RECUR’s easy onboarding and user-friendly wallet, Top Gun enthusiasts could redeem their NFTs in just a few clicks.

It was a massive success, with over 10,000 diehard Top Gun fans seamlessly redeeming their free NFTs. They revealed a valuable takeaway: to stand out and deepen connections with your community, discover your biggest fans and find ways to give them unforgettable experiences.

Using NFTs, Paramount empowered Top Gun superfans to reveal themselves—those who attended early showings and received Top Gun digital collectibles. And once you identify your superfans, the possibilities are endless. 

2. Create unique collaborations

Token-gated co-branded experiences will be tremendous for brands. The opportunities for cross-collaboration are infinite as you surprise users and keep them engaged in your ecosystem. Collaborations could include special events, early access to new or hyped products, or even offer exclusive discounts to holders of your collectibles. 

For example:

Paramount gave everyone with a Top Gun helmet collectible free access to Dave & Buster’s Top Gun: Maverick VR Experience. Fans were extremely excited to participate, redeeming thousands of vouchers and creating positive brand sentiment for both Paramount and Dave & Buster’s. 

3. Keep inventory moving

Have extra inventory that isn’t selling? Don’t mark them down and hope for the best. Instead, try creating exclusive opportunities unlocked by purchasing that excess.  

Let’s say you have a new fall jacket coming out and know it will sell fast. Twitter is buzzing about it. You have got a significant influencer ready to debut it. You know everyone wants it. How can you leverage this hype to move extra inventory?

Offer token-gated early access to the jacket.

Incentivize fans to clear out your old t-shirt stock by offering them a deal: if they buy your backlogged t-shirts, they’ll receive an NFT that gives early access to the forthcoming hyped jacket. 

You get to move old inventory, reward die-hard fans, and unlock new value for everyone. That’s a win-win-win.

4. Create infinite revenue opportunities

We know how companies have traditionally created revenue opportunities, but now they can create unlimited organic profit opportunities. 

Companies can receive a small cut of every transaction by adding royalties to NFTs and incentivizing primary and secondary marketplace transactions. For example, let’s return to the previous jacket scenario. 

A fan buys one of your overstocked shirts for $40. Of course, the NFT granting them early access to the upcoming fall jacket is included in the transaction. But maybe they don’t wear jackets. Instead of letting the token go to waste, the fan lists and sells their NFT on your marketplace for $15. Now, they benefited, you received royalties on the sale, and another fan can participate in the hyped jacket release. 

Suddenly, your fans have become brand advocates and marketers in their own right.

5. Compound your fanbase

Perhaps the most important benefit of all isn’t actually the royalties or unloading old inventory. It’s that NFTs incentivize your fans to become an extension of your marketing efforts.

By creating token-gated experiences, turning coupons into NFTs, and enabling users to benefit from interactions with your company, your fans are incentivized to seek buyers, which organically grows your community.

Now, you can learn more about your users—who they’re connected with, what they want, and more. 

NFTs also make your brand more globally connected, opening up new, diverse fanbases that create a more collaborative, interactive, and exciting experience for everyone.

With NFTs, customers aren’t just signing up for your app and earning rewards. They become active members of your community—and they’re rewarded for their efforts.

And the best part of all this? 

You don’t have to build a complicated app or a proprietary trading system to incorporate this into your strategies. The infrastructure already exists to create a web3 experience for your company and allow fans to engage in a marketplace. 

Start building and executing your ideal web3 strategy with the help of RECUR Builder. 

Want to learn more? We’ve got you covered. Get in touch with a RECUR Builder expert today.