The drum | Web3 is not dead! Here are 3 brands that are building on the blockchain in 2023

The market for non-fungible tokens (NFTs) – virtual assets stored on a decentralized digital ledger called a blockchain – grew dramatically in 2021, and the surge in interest inspired businesses of almost every stripe to develop their own NTF campaign or launch a kind of web3-oriented marketing effort (collaboration with a blockchain-based game platform like Decentraland, for example). A virtual Gucci bag – acting as an NFT – sold for more than its physical counterpart, while Miller Lite built a virtual bar, Google signed a deal with popular crypto trading platform Coinbase, and on and on.

Then, suddenly, the music seemed to stop, and over the past few months, most of the marketing world has been conspicuously silent about web3. The sudden shift in sentiment is undoubtedly due in part to the drama that began engulfing the crypto industry in mid-2022, culminating (but perhaps not ending) with the catastrophic collapse of FTX and the grisly demise of its founder and former CEO, Sam Bankman-Fried.

Crypto, as such, suddenly became a pariah, and by extension, NFTs and – albeit to a lesser extent – ​​the ‘metaverse’. Although the metaverse is not technically and integrally a blockchain-based technology, it has been seen among most marketers as part of the web3 ecosystem.

More recently, the emergence of compelling artificial intelligence (AI) models such as OpenAI’s ChatGPT – released in November 2022 – has given brands a shiny new object to focus their attention and resources on.

Today, web3 is like a social outcast, sitting alone with his lunch in the cafeteria at secondary school. Or is it?

The continued growth behind the scenes of web3

Web3 may not be as sexy or as profitable as it was this time last year, but it is by no means a lost cause. Not yet, anyway.

While many brands have turned their backs on crypto, NFT and the metaverse, others continue to invest in the blockchain – apparently believing that public perceptions of web3 will eventually turn in their favor again.

In general, web3-focused campaigns today have a more sober, pragmatic and subdued flavor than those of early 2022. The flashy sensationalism of that time seems to have been replaced with cautious optimism.

But it’s still there, moving almost imperceptibly beneath the surface like tectonic plates, subtly shifting the topology of the technological landscape. This fact was proven by the significant amount of buzz around web3 that was displayed during the opening days of this year’s SXSW conference.

To gain a clearer understanding of the ongoing vitality of the web3 movement, let’s take a look at three major brands currently investing in blockchain-based efforts:

MasterCard

In January, Mastercard unveiled its Artist Accelerator program, which is designed to help up-and-coming musicians leverage blockchain-based technologies to advance their careers and connect more directly with fans.

Developed in partnership with blockchain company Polygon Studios, the Mastercard Artist Accelerator program includes a Mastercard Music Pass (NFT) bundle that enables fans to unlock certain benefits, including “exclusive web3 and music educational materials,” according to the site. Earlier this month, the brand announced the names of the first two (of an eventual five) musicians who have been selected to participate in the Mastercard Artist Accelerator program.

Nike

Nike has long been seen as something of a trendsetter, and that reputation has continued with the athletic apparel giant’s foray into the web3 space.

Back in November 2021, the brand launched Nikeland, a branded environment set within the popular online gaming platform Roblox. Almost exactly a year later, Nike introduced .Swoosh, a blockchain-based platform that allows fans to participate in the Nike shoe design process—and potentially earn royalties for their efforts.

Then, in late January of this year, the brand announced a competition within the .Swoosh platform called #YourForce1, where fans were challenged to compete for the chance to “collaborate directly with Nike designers” by posting “a visual mood board” on Instagram.

Deloitte

On February 28, consulting and accounting firm Deloitte unveiled a new platform designed to help clients create their own immersive virtual experiences. The project was developed in collaboration with Vatom, a company that aims to give “anyone the opportunity to create their own place in the metaverse”, according to its LinkedIn page. “What Salesforce is to the enterprise, we are to the metaverse,” it claims.

The new platform was built on Deloitte’s Unlimited Reality practice, a suite of advisory services designed to help clients invest in emerging technologies.

Deloitte is also leveraging the project as an opportunity to flex its AI expertise: during a virtual event called Mirror World, which doubled as a demonstration of Deloitte’s new platform, the firm offered visitors information “about AI-meets-metaverse use cases,” such as .ex. such as the use of digital twins in manufacturing applications, according to a press release.

Why are Deloitte and Vatom choosing to launch this platform in early 2023, at a time when so many other brands seem to be pulling back on the concept of the metaverse? “The mainstream is really missing the point that these immersive experiences aren’t meant to be better versions of Fortnite – they’re meant to be better versions of the web,” said Eric Pullier, Vatom’s founder and CEO.

Like Pulier, Deloitte Consulting partner Frances Yu is optimistic about the future of web3. “The next generation of the web is really going to be a beautiful place,” she says.

For more on the latest happenings in AI, web3 and other cutting-edge technologies, check out The Drum’s latest Deep Dive – AI to Web3: the Tech Takeover. And don’t forget to sign up for The Emerging Tech Briefing newsletter.