Own Your Future: Why Web2 Ventures Should Launch Their Own Tokens in 2024

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The future is evolving with technologies like web3 technologies and gaining more traction among business enthusiasts. The rapid growth of Web3 signifies a significant shift for any Web2 brand. This new era of the web brings about transformative changes, evolving use cases, and fundamental questions. While it’s crucial for companies to embrace new technologies, not all businesses are obligated to make the leap. For brands considering entry, the key is to proceed methodically, adapting to the evolving landscape of the web and incorporating changes over time.

How Is Web3 Adding Value To A Web2 Brand?

Web3 stands apart from Web2 through its decentralized nature, challenging the traditional paradigm where corporations control and exploit user data. Instead of companies possessing and utilizing data for their gains, Web3 leverages blockchain technology to secure and encrypt data, ensuring it remains inaccessible to any single entity.

In this decentralized landscape, both marketing strategies and business models for Web2 brands need a profound shift. Web3 safeguards users’ data from corporate exploitation, allowing active participation in an ecosystem without compromising personal information or privacy. The absence of a central controlling entity empowers individuals to engage in an ecosystem where they can earn without sacrificing privacy.

The impact of Web3 extends beyond data protection. It introduces transparency and community dynamics into the realm of Web2 brands, enhancing the overall user experience through the integration of digital assets into products and services. Prominent tech players are entering the space, developing Decentralized Applications (DApps) and Decentralized Autonomous Organizations (DAOs), signaling a wave of innovations and opportunities.

Decentralization in Web3 transcends mere open-source principles; it is underpinned by four core values driving consumer shopping experiences beyond the confines of the traditional Internet-walled garden. This transformative shift embraces transparency, community engagement, enhanced user experiences, and a decentralized structure, charting the course for a more inclusive and secure digital landscape.

Why Should You Launch A Token?

In Web3 technologies, the current trend involves tokens with the potential to contribute assets to various entities such as communities, interchangeables, commercial ventures, protocols, companies, or DAOs. Tokens have many reasons and use cases for why you should launch a token under a Web3 project

  • Funding – It is a simple way to create liquidity and a better financial ecosystem.
  • Governance – Shareholders play a minimal role in governing the company.
  • Utility – Web3 excels by integrating tokens, intertwining financial and utilitarian aspects seamlessly.

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How To Tackle Web2 Projects Into Web3 Projects?

  • Utilizing Different Use Cases

Top companies like Google and Amazon use cases when entering into Web3 ventures. Amazon has unveiled token-based access for Ethereum nodes on APIs on Amazon-managed blockchain. Google introduced its blockchain node engine to streamline provisioning and enhance secured development. Both tech giants are dedicating significant time and resources to infrastructure-related use cases, facilitating a smoother transition for developers and users.

  • Large-scale Adopters

Large-scale adoption in Web3 is exemplified by Web2 projects like Nike and Reddit. Nike, in 2021, acquired RTFKT, integrating blockchain into sneaker culture for unique products. Reddit launched its NFT marketplace, encouraging over 2.5 million users to open crypto wallets, seamlessly transitioning to managing community points and making in-app purchases. This shift reflects a gradual, user-incentivized embrace of Web3 within mainstream platforms.

  • Web3 Lands

Web2 projects are venturing into Web3 through strategic partnerships and ventures to broaden their impact. In high fashion, Gucci collaborated with The Sandbox to establish Gucci Vault Land, an immersive realm celebrating Gucci’s heritage. This transition to Web3 allows the iconic brand to exhibit rare vintage pieces, fostering dialogue with contemporary creators, and engaging new audiences through NFT artworks. The move signifies not just an expansion of business but a dynamic integration into the landscape of blockchain and digital assets.

  • Strategic Partnerships

Twitter and Stripe are collaborating to facilitate cryptocurrency payments, streamlining compensation for content creators and expanding access. This collaboration signifies a significant stride for the burgeoning Web3 creator economy and decentralized payment systems. Additionally, the strategic partnership between the NBA and Dapper Labs has resulted in the creation of the Top Shot store, enabling users to buy, sell, and trade official digital collectibles featuring iconic moments and players from the NBA and WNBA. This partnership not only caters to a diverse audience but also introduces people of varying ages and cultural backgrounds to the Web3 landscape while indulging in their passion for sports. 

3 Simple Steps To Get Into Web3 For A Web2 Brand

Web3 isn’t a revolution but an evolution, emphasizing the need for brands to incorporate transparency and community engagement from the outset. The journey toward Web3 adoption, however, is not straightforward. Here are three crucial steps for a Web2 brand to initiate its Web3 transformation:

1. Get To Know The Basics Of Web3

Understanding Web3 is crucial, and brands should acknowledge its shortcomings, turning them into strengths within a digital ecosystem. Addressing user needs and overcoming obstacles necessitates a reevaluation of infrastructure. Ethereum’s Merge operation, reducing energy consumption significantly, highlights the importance of a seamless Web3 transition, relevant for brands adopting this transformative strategy. It’s also advisable to join a DAO to understand Web3 dynamics before active involvement.

2. Learn To Ease The Processes

Ensuring a smooth transition involves seamlessly onboarding consumers, minimizing the disparity between Web2 and Web3 approaches. Internally and for consumers, creating tutorials enhances the usability of Web3 components, fostering understanding and familiarity through an intuitive and user-friendly interface platform.

3. Combining Web2 With Web3 Through Social Networks

Twitter has seamlessly merged Web2 with Web3, and Instagram is set to integrate NFTs on its platform. Brands benefit from utilizing both Web2 and Web3 simultaneously. The convergence of Web3 and the metaverse is transforming marketing and communication roles, introducing titles like NFT community managers, content writers, and gamification strategists, reflecting the dynamic evolution in the digital landscape.

Shedding Thoughts

Web3 serves as the bridge connecting Web2 to the future, navigating the challenges faced by those acknowledging the blockchain’s transformative potential. Collaboration between major tech companies from both Web2 and Web3 realms is shaping this transitional space. Web3 embodies a responsibility to foster a fair, transparent, and inclusive digital world, emphasizing a collective commitment to making technology accessible to all.

If you want to elevate your project to Web3 solutions, we at Blockchain App Factory provide the best Web3 services. Contact our team for more understanding!

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