Accelerating the Token Economy
Incumbent brands are in the driver seat to onboard the next billion users to web3 and the token economy.
Everyone has their favorite brand. I’d bet you are probably loyal to at least one brand, but maybe even a few different brands. You sign up for their loyalty programs, read the emails they send you, and shop online and at their physical stores regularly.
Think about it. Brands have inherent communities and existing loyal customer bases. Brands have millions of customers already using their applications to interact/socialize, as well as purchase and exchange goods and experiences. People like you, everyday, interact with your favorite brands’ applications.
As you might be aware, the majority of these brand applications today are not powered by web3 technologies (specifically, no tokens), and that’s plenty fine. However, more and more brands are building for the token economy and creating/issuing tokens. From digital products to virtual items/worlds to in-game assets to loyalty programs, brands are experimenting with how tokens can enable positive business model change.
Currently though, one of the biggest hinderances to the adoption of tokens is the complexity and challenges with getting started. If you’ve ever tried to help your parents set up a MetaMask wallet, you know what I mean.
What if incumbent brands could enable their customer bases to easily onboard to the token economy by embedding web3 technologies into their existing offerings?
Imagine your favorite brand’s mobile app today. Let’s say that brand gave you, without you really having to do anything, the ability to store/pay with your crypto and a way to store/exchange/use your non-financial assets (what people currently call “NFTs”). Essentially, in the background, the brand created a token-compatible wallet that was easily associated with your account profile.
Imagine the brand starts “airdropping” you tokens in the form of rewards or coupons that you could easily use like a gift card or emailed discount code. Imagine the brand also sells products in the form of tokens, and these tokens can be bought with fiat currency and stored in your already created wallet.
No setting up a self-managed wallet, no secret recovery phrase to keep safe, no crypto payments, no wallet connect to log-in, no new third party web3-native marketplaces to navigate, etc. The complexities of web3 are abstracted away so that you, the user, can easily use token-based products.
By making it simple and easy to use for all, brands can rapidly onboard their massive customer bases to the token economy.
