The rise of Web3 has brought about immense growth and opportunities for creators, catching the eye of several prominent Web2 companies hoping to join the blossoming ecosystem. However, success in Web2 doesn’t guarantee a smooth transition into Web3, as the new landscape demands a different approach.
An illustration of this can be seen in the shortcomings of Porsche’s 911 7500-edition collection NFT project. Despite the association with a luxury automaker, the collection faced disapproval from the Web3 community and struggled to sell on the primary market. In stark contrast, Reddit’s venture into Web3 skyrocketed, surpassing OpenSea’s wallet count in no time.
Several factors contribute to these differing outcomes. The Porsche NFT project suffered from a lack of transparency in the offered utilities and the initial minting process was confusing, with three separate waves, leaving buyers uncertain. Additionally, Porsche chose to launch on the ETH blockchain, even though most automaker NFT collections were launched on the Tezos blockchain and successfully sold out. Moreover, Porsche did not make significant efforts to appeal to ETH influencers and buyers, further hindering their position in the Web3 space.
Other Web2 giants have also experienced the consequences of NFT missteps, including National Geographic and Liverpool FC. In both cases, the collections faced backlash and underwhelming sales figures, much due to technical issues and an off-putting market strategy.
On the flip side, Reddit’s success in Web3 showcases a well-structured strategy, integrating Web2 elements into the onboarding process, native wallet creation, and payments. By presenting NFTs as collectible avatars and Reddit’s native crypto wallet built on the Polygon blockchain as vaults, they made the concept more appealing to their Web2 audience. Additionally, the relatively low mint price range of $10 to $100 rendered their NFT collection more accessible.
Other well-known brands like Nike and Gucci have also profited from their Web3 ventures. Both companies invested time and resources into understanding the Web3 landscape, collaborating with Web3 native experts, and offering unique digital assets to their customers.
As Web3 continues to emerge as the norm in this new era, a growing number of Web2 companies and venture capital firms are investing heavily in the space. However, to succeed, these companies must let go of traditional Web2 marketing tactics and consult with Web3 native experts who truly understand the market. By doing so, the transition to Web3 will have a higher chance of being validated and reaching a broader audience, thus minimizing the risk of failure.
Source: Cointelegraph
