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Entering Web 3.0: A guide for luxury and fashion brands in the Metaverse.
In just a few months, Web3 has become a major topic for retailers, especially fashion and luxury brands. Beyond the buzzwords, brands are positioning themselves in relation to structural changes such as NFTs and the Metaverse. It is also a new economic system that is being put in place, mixing new technologies (Blockchain, cryptocurrencies, augmented reality, virtual reality, etc.) and a new version of the Web, more decentralized and community-based.
Beyond the technological aspect, this community facet of Web3 is transforming brand-consumer relationships, enabling the creation or reinforcement of strong loyalty, through enriched and innovative omnichannel strategies.
We are convinced that beyond the experiments already carried out by some luxury brands, Web3 will quickly become a new space for exchanges and monetization, in which consumers will be able to interact with brands in an uninterrupted way between the physical and digital worlds.
To help luxury brands better understand these new opportunities and implement a long-term Web3 strategy, SiaXperience, METAV.RS and the Hub Institute have joined forces to produce this white paper.
Beyond the definitions and the explanation of the main Web3 use cases for luxury brands, this white paper aims to serve as a playbook for brands that are looking to build their Web3 strategy or to structure the steps following their first experiments in this universe.
We outline the main objectives that luxury brands can pursue by launching themselves into Web3, in terms of marketing, brand image or even the creation of a new revenue line. For example, we offer identifiable levers to integrate Web3 into brands' marketing strategies, create community effects and better target GEN Z.
This whitepaper also provides a structured methodology that will allow brands to implement a web3 strategy based on their physical and digital identities, avoid pitfalls and start their Web3 transformation in a pragmatic way.