Table of Contents
1. Introduction
2. Adidas: Web3 Trends to Watch in 2024 - 1) Vertical Markets 2) Customer Loyalty 3) Token-gated Commerce
3. Binary Korea (HYBE): Designing Interactive, Fandom-Centered Communities Utilizing Web3 Technology
4. SK Planet: UPTN, a Web3 Project Enhancing OK CASHBACK Business
5. LINE: Anticipating Web3 Success Stories in Avatars/Metaverses, Gaming, and Fandom
6. Daehong Communications: Building an Ecosystem to Produce Devoted Fandom Through Web3 Efforts
7. Fingerlabs: Sharing with Customers and Collaboration between Companies Made Easier through NFTs
8. Closing Thoughts
1. Introduction
In ADOPTION 2023 Part 1, we explored the current state of the Web3 market from a macro perspective, highlighting insights from sessions conducted by Bain & Company and Xangle. Now, in this second installment of the series, we shift our focus to the viewpoints of Web2 companies regarding NFTs. We will delve into why these companies are embracing NFTs, examine their performance in this space, and identify the trends they are observing.
2. Adidas: Web3 Trends to Watch in 2024 - 1) Vertical Markets 2) Customer Loyalty 3) Token-gated Commerce
Adidas has identified three key Web3 trends for 2024: 1) Vertical Markets, 2) Customer Loyalty, and 3) Token-gated Commerce. The company emphasizes the importance of effectively leveraging these trends to drive successful NFT business operations.
Vertical market refers to brands that issue NFTs while also operating their own marketplaces. Unlike horizontal marketplaces like OpenSea, where multiple NFTs are traded simultaneously and there are risks of counterfeit purchases and royalty issues, vertical markets allow NFT issuers to manage their marketplaces. This enables secure transactions, guarantees royalty revenue for issuers, and provides a safer environment for users. For these reasons, Adidas predicts that more NFT issuers will launch their own marketplaces in the future.
Web3 technology has the potential to greatly enhance customer loyalty. Without the integration of blockchain and NFTs, only a small fraction of platform subscribers would likely remain engaged with the service, making it difficult for smaller brands to establish and sustain partnerships with larger brands. Adidas highlights that Web3 resolves this issue by enabling a multitude of services, similar to Lego blocks, to collaborate and build communities at a lower cost.
Token-gated commerce is another area to watch. Soon, personalized user experiences can be tailored based on NFT data stored in the wallet, such as the types of NFTs held or transactions conducted, without relying on off-chain data. Adidas believes that if the market expands, these initiatives have the potential to redefine the existing commerce market.