Tim Dierxcksens, CEO & Co-Founder of Venly
It doesn’t get much bigger than Nike and Fortnite, does it?
There’d be an argument to say that Nike’s recent Airphoria collaboration puts all doubt around the mass adoption of NFT-backed Web3 initiatives by Web2 brands to bed. The world’s most popular video game joins forces with the world’s most popular sports brand to merge two of the most popular industries and disintegrate borders between physical and digital worlds. This isn’t more “hype,” this is a new apex, surely?
Perhaps.
But already, there has been access issues due to UX inconsistencies and refunds have also since been reported. It is these such instances that have led to reservations amongst Web2 players, in particular those without the safety net to make such ambitious bets on the industry, that consequently have made mass adoption difficult to achieve thus far.
Clearly there are factors at play behind the monumental headlines that we see and the undercurrent of mass Web2 engagement trends that exist. So what exactly are these factors, hiding behind the scenes, that are holding back progress toward mass customer adoption and widespread integration from Web2 brands of all shapes and sizes? And more importantly, how can they be addressed?
Unfocused execution
To start, a lot of campaigns haven’t lived up to their true potential. Too often we have seen ambitious projects delivering lackluster results, owing to a lack of an in-depth understanding of the market’s demands when it comes to NFT offerings. There is no denying that those in the Web3 space have the power to create revolutionary work that leverages all of the novel opportunities put on offer by blockchain technology, but this knowledge has not always been capitalized upon by Web2 brands entering into the space.
How many times have we seen big brands building up to an NFT drop on social media for the ‘next best collection with the most unique utility and reward’ – only to be underwhelmed following the release that there has been no due diligence paid to the need for fostering community and tangible benefits to allow for the long-term success of the project.
This lack of consideration prevents these initiatives from being adopted by the Web3 community in the first instance, making it increasingly difficult for them to gain the traction necessary to reach mass Web2 audiences. Web2 brands entering into this space need to drive their NFT campaigns with the elements that have tangible impact on engagement processes and change how an experience is felt by the end user. Ultimately, this is what will attract Web2 audiences: clear-cut examples of how NFTs are reshaping social interactions, gameplay, shopping experiences or whatever else it might be.
Too much talk
From the outside looking in, the NFT industry may give off the appearance of being, at times, misaligned and misdirected when it comes to the desires of Web2 brands and consumers alike. There are a variety of differing claims being staked, with different nuanced experiences being offered left, right and center. However, for the Web3 industry and NFTs to truly capture mainstream traction, we must stop feeding into indulgent media narratives with new lofty promises, especially if the real walk isn’t being walked when it comes to delivering on the basics.
Yes, there is real value to offer. So offer it. Focus on the groundwork more than the roof-top manifesto. Make changes to infrastructure and demonstrate the power of immutable sovereignty. Too much surface grandeur blocks the spotlight from illuminating this power. When NFT projects propel transformation in various industries, audiences will engage naturally and no sales pitch will be needed – and this rings true both for Web3 projects attracting Web2 brands, and in turn, Web2 brands offering NFTs to their customer base.
Dilute the architectural design, simplify the toolbox
So how do you actually go about this? Let’s imagine that Web2 users are interested in Web3 technology, they’ve read about an NFT collection and what benefits, perks and transformation it could bring, they are undeterred by the naysayers and they want in. How do you actually onboard them?
First things first, Web3 brands need to make it as easy as possible for Web2 brands to leverage NFTs and the adjacent infrastructure. These prospective adopters want to know how they can start using what’s on offer – so what do they actually need to do?
What solutions, tools, apps and processes are actually ready to be put in front of the end user? And how easy are they to use? By far the most impactful way to onboard Web2 is by making the effort needed to onboard as minimal and seamless as possible. This means spending your time, resources and energy on the products and services behind the flashy campaign that enable the experience to exist. Refine them with the uneducated and the inexperienced in mind, and make a concerted effort to educate these organizaions on not only how to put these products on offer, but further, how to maintain and nurture the long-term successes of these initiatives.
Apply patience
Lastly, it is important for us all to remember that the evolution has begun. Web3 is coming. NFTs are a thing. It is all a reality and natural progression will take course. Market fluctuations, successes, and failures will ultimately remain as steps in the stairway to a new world. Mass adoption need not be forced. Faith and persistence is all that is really required for the NFT industry and blockchain technology to eventually give the world all that it has to offer.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Image and article originally from www.nasdaq.com. Read the original article here.