In 2022, the crypto market was hit by a "crypto winter" as Bitcoin and other cryptocurrencies suffered a plummet with over 50% price drop. While this has been devastating for investors who had bought into the hype, it's not all bad news: Web3 started to gain more attention and soon became big in 2023. In fact, in the first quarter of 2022 alone, funding for Web3 gaming projects has reached $2.5 billion, which shows the huge potential of Web3. Keep reading this article to keep up with the next upcoming Web3 trends in 2023!
1. Web3 Trends 2023: Mainstream Brand NFTs
A non-fungible token (NFT) is a type of cryptographic token that represents one-of-a-kind items such as music files, images, videos, game characters, or even tweets. NFT can retain the uniqueness of work because it is unchangeable, and no NFT has the same value to exchange with others. Previously, NFTs were well-known as a form of digital asset mostly for artwork. However, when Web3 started, mainstream brand NFTs will be predicted to be widely used for huge brands.
The world of NFTs is still new, and it's ripe for innovation. Brands are starting to realize that they can use these virtual items to gain new audiences and engage with fans in ways that they were never able to before.
Branded NFTs, are digital items that offer fans and collectors the opportunity to own a piece of their favorite brand or celebrity. They can be used to promote and engage with fans in new and innovative ways, including engaging with fans in real-time via augmented reality, enabling viewers to connect with brands through virtual interactions, and providing access to exclusive content.
Starbucks rolled out its new loyalty program, called Starbucks Odyssey, on December 8, 2022. It let users earn and purchase virtual goods that reveal special opportunities for rewards and experiences.
Starbucks run a new loyalty program called Starbucks Odyssey, using branded NFTs as their marketing strategy
The program was available in the U.S. first for beta testing. By acquiring and spending digital collectible Stamps (NFTs), users can access various advantages. Three tiers of advantages and experiences will be available for unlocking. On the more affordable end, these could be online encounters, such as a virtual course that teaches you how to mix an espresso martini or gives you access to one-of-a-kind artisan goods. You might then start to have access to real-world experiences as you accumulate more points and NFTs, such as exclusive events held at Starbucks Reserve Roasteries or even a visit to the Starbucks Hacienda Alsacia coffee farm in Costa Rica.
This will allow Starbucks to tap into the growing Web3 market. We can hope that Starbucks will build its own Web3 token (or Web3 coin) as a way for customers to get discounts at the retail store.
2. Web3 Trends 2023: Commercial Brand NFTs
There’s a new wave in marketing fields, especially among big brands worldwide, which is Commercial Brand NFTs. It's considered one of the blooming trends when Web3 became popular. Currently, many top brands have used NFTs for marketing campaigns, such as Coachella, Adidas, Coca-Cola, Dolce & Gabanna, etc. They used NFTs strategically to achieve better results in their campaigns, provide their customers a unique experience and raise brand awareness.
Let's take Coca-Cola as an example. Its first step in the metaverse world was a big hit with an NFT collectible (The Friendship Box) winning a bid of $575,883.61 in an online auction.
Coca-Cola NFT collectible (The Friendship Box) - a very successful Commercial Brand NFTs project
With this marketing campaign, The Friendship Box reinvents a vintage Coca-Cola cooler with dynamic motion and illumination, including three other NFTs: a specially created Coca-Cola Bubble Jacket to be worn in the Decentraland 3D virtual reality platform; a Sound Visualizer illuminating the recognizable sonics of enjoying a Coca-Cola; and a Coca-Cola Friendship Card with updated artwork from 1948. Additionally, the successful bidder will get an actual, fully stocked Coca-Cola refrigerator.
It's clear that in the new era of Web3, NFTs will be on top of trends since even a big brand like Coca-Cola used NFTs for Commercial purposes.
3. Web3 Trends 2023: Metaverse
A lot has changed in the Blockchain industry over the last year, but one thing remains clear: The web3 sector is attracting more and more attention with metaverse-related projects. According to McKinsey, $120 billion has been invested in the development of metaverse technology just in the first 5 months of 2022, more than double the $57 billion invested in the same period in 2021.
The growth of augmented reality (AR) and virtual reality (VR) has brought a number of businesses, including gaming, marketing, travel, healthcare, and entertainment, into the Metaverse. It is also used in the e-commerce sector to promote brand awareness and boost retention rates.
In 2023, we can expect the pioneers to continue laying the foundation that might one day make decentralized virtual environments a reality. Decentralized virtual environments are a key component of the vision for where Web3 will take us in the upcoming decade.
4. Conclusion
Web3 is a very potential area that has the power to completely transform aspects of daily life and industries.
In conclusion, it is predicted that the Web3 world will continue to bloom with increasing demands. By 2030, the market for the metaverse is expected to be worth USD 824.53 billion, expanding at a rate of 39.1% from 2022 to 2030, providing greater chances for brands to improve business processes including customer loyalty, shopping, and experience.
If you are seeking for Web3 expert and catching up with trends in Web3, don’t hesitate to hit us up via contact@sotatek.com now for a free consultation.
