Moten’s Next Web3 Opportunity: Educating Customers About NFTs and Crypto Wallets

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Fashion brands that released NFTs are now finding a missing piece in their Web3 strategies: many customers don’t know how to use them.

Rebecca Minkoff’s next NFT will be released on October 12th along with a series of educational Zoom sessions walking people through topics including how to set up a crypto wallet. She learned from her first drops that there is a learning curve among her customers. “We need to give women more time to open their wallets and do the verification, the licenses and all that,” Minkoff said Vogue Business during New York Fashion Week.

“What is a digital wallet?”, and “What is an NFT?” are among the questions answered in the FAQ section of Prada’s Prada Crypted Discord server. Over at the Gucci Vault, which is Gucci’s experimental space, the FAQ addresses questions like “Can you tell me more about cryptocurrency?” and, “What are the most used blockchains and what is gas?” In a section that addresses questions about Gucci’s partnership with 10KTF, it answers more than 20 questions about how to acquire NFTs related to the project. Boohoo has an entire Twitter account dedicated to the “Boohooverse,” which is designed to be “accessible, inclusive, empowering” for women entering the space.

Many fashion customers are not endemic to the communities that have had more exposure to NFTs, digital clothing and other Web3 technologies, such as gamers or crypto enthusiasts. Web3 and blockchain-based projects tend to be less intuitive, given the complexity and complexity of the technology, and the risk of fraud. A little hand-holding may be required, unlike when brands jumped into new Web2 platforms like Instagram.

So to truly evolve into the next stage of the internet—and emerge from the crypto downturn with a strategy in place—brands have begun to educate their existing customer base, which is often far larger and more invested in the brand than the relatively niche group. of existing fashion-conscious Web3 residents.

“It’s almost, like, what’s the point of this? What is the customer missing? Why do they need to do this? And it is a very natural question, because right now there is not much for women. Women are perfectly capable of understanding Web3, but they don’t come here to learn about goblins and gorillas. It doesn’t add value to their lives,” says Michelle Reeves, CEO and co-founder of Mavion, an NFT platform that partnered with Rebecca Minkoff.