How Web2 Brands Are Winning Web3
TL;DR
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Preliminary consumers of Starbucks’ Odyssey NFTs are nonetheless in revenue throughout the board, even after the NFT market has tanked.
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This is perhaps as a result of Starbucks NFT holders are additionally prospects of its espresso enterprise.
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Their common patronage of Starbucks encourages holders to proceed shopping for/promoting/buying the underlying NFT assortment.
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Propping it up consequently, all through the down market.
Full Story
Issues we’ve stated earlier than and can say once more:
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Web2 and legacy manufacturers have the largest alternatives in Web3.
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Web3 tech must change into invisible to the top consumer.
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Studying books is bizarre. (You’re gonna go stare at symbols printed on tree shavings, and hallucinate? Get a grip).
On that first level…we simply discovered a brand new sign that backs up the argument.
Keep in mind a couple of months again after we reported that minters of Starbucks’ Odyssey NFTs have been in revenue throughout the board?
Nicely, since then, the NFT market has tanked even decrease (not nice).
But all Odyssey holders are nonetheless in revenue!
Why? We will’t be sure, however we’ve got a sneaking suspicion that it’s all to do with their established enterprise.
Right here’s the concept:
When a Web3 native NFT challenge launches, the NFT assortment is just about your entire product providing. There’s no different current companies to prop it up. So when the NFT market tanks, the gathering usually goes with it.
Whereas Starbucks NFT holders are additionally prospects of its espresso enterprise (which is the core of its model).
And their common patronage of Starbucks encourages holders to proceed shopping for/promoting/buying the underlying NFT assortment (propping it up all through the onerous instances).
Consider it like Apple AirTags and Tile (an analogous/competing product).
If tomorrow broad curiosity in monitoring tags waned, Apple’s AirTag enterprise can be extra resilient (as a result of it has different merchandise bringing customers into its ecosystem).
However Tile can be at a a lot greater danger of collapsing (monitoring merchandise is their entire enterprise).
Level is: The chance to capitalize on Web3 tech is open to each Web2/legacy manufacturers and Web3 native manufacturers.
The distinction is, Web2 manufacturers have a greater probability of weathering market storms.
