OWN Insights 08: Add Value, Not Noise: Navigating Web3 Branding in a Market Downturn
This article was contributed by Rory O’Neill, Executive at strategic communications consultancy Wachsman.
The crypto market downturn has taken the world of Web3 by storm over the past three months. Subsequently, this has placed blockchain technology under the microscope of the media, leading to journalists and crypto sceptics alike flocking to provide varying opinions on what the future of the space might hold.
However, in the hangover of all of this hysteria, there is one issue which has perhaps been largely overlooked, and that is the need for strategic brand management by companies in this field, to effectively weather this crypto winter storm — however lasting it might prove to be.
In recent weeks, the crypto news cycle has been dominated by negative headlines and navigating this media landscape is no mean feat for firms deeply rooted in Web3 technology. While it might be tempting for brands to retreat into hibernation, it is almost certainly not the right time for those who intend to be in this industry for the foreseeable future to adopt a policy of radio silence.
Rather, in the throes of this tumult, it is important that blockchain brands act as the standard-bearers for their industry and demonstrate that there is infinitely more to Web3 and blockchain technology than many of these sensationalist headlines might suggest. Accordingly, this makes it the opportune time for companies in this space to keep the drum beating, even in the face of adversity. It’s a time for building, and direct attention should now be placed on the underlying value of Web3 technology.
We are at a juncture where it is crucial for brands to place a renewed emphasis on education, building and development, and spell out their long-term aspirations, not only for their in-house projects, but also for the industry as a whole. Only this will ensure that brands are well-positioned to enjoy the fruits of the future that lie ahead, in spite of the current downturn.
An abundance of media coverage is now — understandably — placing a significant emphasis on market conditions. However, against this backdrop, there exists fertile ground for thought-leaders to be a positive force, lean into their expertise, and provide direction to others in the sector on the business-critical decisions that must be made in the current market to enable them to weather this storm and poise themselves for success ahead of the next bull market. Not only does this type of commentary help cut through the noise that we are seeing in the headlines in the short-term, but it can serve to establish spokespeople as go-to sources for valuable analysis in this area, all while refocusing the narrative on the important mission of building towards Web3.
Beyond this, with blockchain technology continuing to become ever more a part of our vernacular, and with big name brands continuing to delve further into the world of Web3, there also exists significant scope to educate those who are new to the industry. At this difficult time, it is imperative to show newcomers and the crypto curious the positive improvements that this budding industry can provide to existing Web2 infrastructures. While authenticity is key, showcasing the exciting projects that continue to make the blockchain space appealing is a great way to avoid going quiet while also making a meaningful contribution to the conversation.
Further to this point, it is essential that brands use this market downturn as a time to grow and develop, and insulate themselves against the fallout of these types of market fluctuations in the future. What has allowed Web3 to reach previously lofty highs is not pure hype, but rather the strong fundamentals of the underlying technology. It is important to not lose sight of this. Now is the time to focus on these fundamentals and develop technology offerings that can add real value for the companies and consumers who will use them. New product offerings and use cases continue to make headlines, and they provide a tangible positive lifeline for an industry that has an appetite greater than ever for good news.
By continuing to focus on development while promoting use cases, brands can simultaneously highlight that the positive impacts offered by Web3 technology stretch far beyond short-term fluctuations in the market. Doing so can provide a timely reminder that this winter is something seasonal, not only for individual brands but for the industry as a whole; proof of the lasting value of this technology is found in the fact that it continues to survive the whims of the market. This is perhaps one of the most valuable lessons to be learned from the current crypto climate, and accordingly, it will prove integral to the success of brands in this space from here on outwards.
Brand management is unquestionably an area that will prove increasingly important as we manoeuvre our way out of this difficult chapter in Web3’s history. Amidst a flurry of media attention, having a strategic approach to navigating this tricky period is paramount to ensuring success. If implemented correctly, not only will a successful branding project facilitate the avoidance of negative coverage, but it could in fact amplify a brand’s awareness while doing so.
Ultimately, now is not the time to retreat to the shadows, but rather, to rise to the occasion and act as a light at the end of the tunnel for Web3!
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OWN (Ontology Web3 Network) Infrastructure is a series of blockchain protocols and products that provides the much needed tools to create an interconnected, interoperable global blockchain ecosystem. The infrastructure is bringing trust, privacy, and security to Web3 applications through decentralized identity and data solutions.
Aimed at allowing Web3 developers to quickly build Web3 applications, saving them from creating basic functions from scratch, OWN includes the Ontology blockchain, ONT ID framework and more. Individuals can also seamlessly and quickly access Web3 through products such as ONTO Wallet.
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