Three Times Brands Stayed True in the Transition to Web3
Last month the digital mental health collective, Peace Inside Live, released a wellness-inspired JOMO Effect NFT. The non-fungible token was intended to raise funds and draw awareness to mental health in Web3 (CoinDesk). The idea was to celebrate JOMO (joy of missing out), in contrast with FOMO (fear of missing out), a notion that is pervasive among the Web3 community where many feel pressure to be continuously “on” and ready to hustle for untapped opportunities to turn a profit.
It is easy to understand why Web3’s fast pace and forever evolving nature could give people that “blink and you’ll miss it” feeling, and brands are no less immune to this sense of urgency to remain competitive and keep up with the latest tech lest they get left behind.
FOMO might be a motivating driver for brands to enter Web3, but as with most things in life, it’s not really the best reason to do it. Transitioning from Web2 to Web3 will absolutely introduce new technologies, platforms, and ways of engaging with customers. However, the basics of building a good brand remain just as true, if not truer, in Web3, which is to say brands need to be authentic wherever they go. When a brand transitions to Web3 the transition needs to:
Align with the brand’s core values;
Maintain consistency in messaging;
Foster genuine connections with the brand’s audience.
In other words it needs to feel right and just make sense. Brands want their communities exclaiming, “yes I totally get why you did this!”, and not “I have no idea why you did this!”. With this in mind here are three great examples of brands that nailed the former and have made their mark on Web3 in a way that remains authentic and relevant to their core identities:
#1 Louis Vuitton’s “Treasure Trunks” Series
This month Louis Vuitton announced an NFT launch called “VIA”, which features the release of several hundred “Treasure Trunks”, worth €39,000 each, giving owners access to future products and experiences (VogueBusiness). The name “VIA”, the Latin word for road, is, according to Vogue Business, the perfect encapsulation of the elite pathway the brand is paving to its riches. This is a Web3 campaign that, much like the brand, is designed to allure all in an exclusively inaccessible way.
#2 Damien Hirst’s “The Currency”
In 2021 British artist, Damien Hirst, launched what he called an “art based social experiment”, giving people the opportunity to buy “The Currency”, a series of 10,000 NFTs, priced at $2,000 each, which were accompanied by signed and watermarked physical pieces of A4 paper bearing the same artwork (CoinDesk). The catch was that buyers needed to choose, after one year, whether they wanted to keep the digital NFT, or the piece of paper. Each buyer could only choose to keep one and the other would be destroyed. True to his word one year later, and after 5,149 buyers chose to keep their physical artworks, and 4,851 chose to keep their NFTs, Hirst did indeed burn the rejected pieces in a ceremony at his gallery. Hirst has always made his name, and his fortune, challenging the traditional art world. He has achieved this through conceptual pieces that pick away at the very definition of art through everything from aesthetics, through to mediums (such as preserving dead animals in formaldehyde). His transition into Web3 to continue challenging the art world’s own transition from physical to digital makes complete sense for the artist.
#3 Hyundai Motorstudio x ZEPETO
In 2021 Korean car manufacturer, Hyundai, launched its first virtual Motorstudio within Downtown (Future) on Metaverse platform, ZEPETO (Hyundai). Since making its first move towards bringing younger generations on board with the brand and its future vision, Hyundai has expanded its ZEPETO exhibition space and experiences, to include everything from a campaign film for its IONIQ dedicated battery electric vehicle brand, through to posters for its Hyundai x BTS Earth Day campaign, along with the opportunity to try on or purchase Re:Style collection, Hyundai’s eco-friendly upcycled clothing collection.
Balancing FOMO With Authenticity
Web3 represents a paradigm shift in the digital landscape, introducing new technologies, platforms, and opportunities. As a result, there is a sense of urgency among brands and individuals to participate and capitalize on the potential benefits. The fear of missing out on early adoption, unique opportunities, or competitive advantages can drive brands to explore and enter the Web3 space. FOMO can serve as a motivator for brands to stay informed, experiment, and adapt to the changing digital landscape in order to remain relevant and competitive.
More importantly, however, brands need to balance their FOMO drive with authenticity. Authentic brands are adaptable and can navigate changing landscapes. As technology evolves, brands may need to transition from web2 to web3 or adopt new platforms and communication channels. Maintaining authenticity during such transitions is crucial, as it ensures consistency in brand messaging, values, and identity. By staying true to their authentic core, brands can embrace new technologies while still resonating with their existing and potential customers.