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Why are all the big tech companies entering Web3 right now?
Is there a solid business case for huge companies like Meta, Google and others to jump into this space?
Not only do we believe there is a solid business case, but they also don’t have a choice. The ship has already sailed and its up to them to jump on board or get left behind.
The real question is, how will they move into Web3? Will they plug into the open, decentralized networks or try to compete and build their own?
That’s what we uncover in todays Web3 DOer Spotlight with Jason Keath, the co-founder of Social Fresh, a social media consultancy and host of the Social Fresh 2022 Conference.
Jason and his team helps guide big brands and companies into Web3 and the Metaverse, so we pick his brain on how he sees big tech and big brands entering the world of Web3
Let’s get into it below!
The adoption of Web3 technology
Jason’s main work focuses on social media consultancy for Web3 brands and we therefore took the opportunity to ask him about how the Web3 space has evolved over the last 2 years.
While brands have previously just been curious about how Web3 could impact their business, they now want to act in the space.
Jason stated that he has transitioned his work towards Web3 and that he projects to solely focus on Web3 technologyin the next couple of months.
The reason for this is that brands are demanding more and more consultancy in this space.
The main thing that Web2 brands are trying to achieve with Web3 technology is community.
Jason explains how the brands he works with want to implement some sort of community engaging tool like an NFT or Metaverse play, together with building a Discord community.
Why brands should be experimenting with Web3 technology
Jason’s opinion is that Web3 today is what social media was back in 2010. What we see right now is literally every brand being on social media platforms such as Instagram and Twitter in order to stay relevant.
The same will happen with Web3. Brands will have to make the shift once the demand is high enough from customers.
Right now, there are still only around 1 million NFT holders out there in total, which is a tiny fraction compared to how many users are on social media right now (over 4 billion).
But once we witness a mass adoption, brands will be forced to make the switch, so why not start now?
It makes a lot of sense for certain businesses in certain industries such as sports or music to join the Web3 space through NFTs or Metaverse in order to increase their brand awareness.
Nike, Adidas, Disney and other huge brands are already experimenting with this technology and that is what every company that calls itself innovative should do.
The value proposition of Web3 is that of providing more transparency, a global connection, to give ownership to its users and to make a purpose based organization.
An NFT or a token unites an entire community of investors, builders and users that all strive for the same goal: success for the project.
Big tech merging with Web3
- Why should governments adopt cryptocurrencies when they can build their own?
- Why would Facebook build on ETH when it can create its own blockchain?
The questions we hear all the time from Web3 skeptics… right?
It’s like saying “why would Facebook build upon the internet when they can make their own?”
Now you realize, it’s not that easy.
Hence why we already see Instagram and Twitter integrating Ethereum NFTs and Robinhood building a non-custodial wallet.
It’s just easier, safer, more scalable and more transparent for big tech companies to plug into existing networks instead of building it themselves.
DAO’s role in Web3
Because of Jason’s heavy involvement with DAOs, we just had to talk about them and concluded that there are a few things that DAOs are bringing to the table that LLC’s cannot.
- DAOs allows the community to participate in the development of ideas
- DAOs allows the business to scale faster due to token usage and a wide variety of funding opportunities
- Third and most important, DAOs gives ownership to the community
Three components that help you to achieve both scalability and trustworthiness from your community.
Jason’s take on how large brands will integrate Web3
Jason is a realist and he states that we are still 5 to 10 years away from seeing the mass adoption that we all dream of.
However, during the next couple of years, we will start seeing the adoption happening through companies accepting crypto payments, paying its employees in crypto and launching NFT collections.
We will also see other cool stuff happening like we witnessed with Constitution DAO but perhaps with deeper meaning and reason.
Ultimately, every brand should consider how the Web3 technology can disrupt them and how they can start implementing this new technology into their business models to avoid getting left behind
Connect with Jason on Twitter
- Social Fresh DAO – https://twitter.com/socialfreshdao
- Social Fresh Conference June 21-23 in Charlotte, NC – www.socialfresh.com/2022
- Remint DAO – https://remintdao.com/
- Rainforest dao – https://www.rainforestdao.io/
- State of New Jersey – https://twitter.com/NJGov
- CryptoMories – https://cryptomories.iwwon.com/home
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