Native Drop: Fashion brands doubling down on digital
We release daily LinkedIn and Twitter content that breaks down Web3 concepts and brand case studies. Here are some of the highlights from the last fortnight.
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We release daily LinkedIn and Twitter posts that break down Web3 concepts and brand case studies that are likely to drive mainstream adoption. Here are some of the highlights from the last fortnight that you may have missed:
Nike has already made $185M+ from NFTs and they announced a new, world-first platform last week.
Nike has launched .Swoosh (pronounced Dot Swoosh) as a virtual space where those currently engaged with the brand (including athletes, digital creators and collectors) can buy and trade virtual products; unlock access to events and products; and co-create products with the opportunity to earn royalties from the sale of those products.
Why does this matter?
Brands like Nike are leveraging Web3 technology to create truly immersive brand experiences that strengthen engagement and loyalty.
72% of the US population have never owned NFTs and don’t plan to (Forrester, 2022) and Nike has understood this to adopt a web2.5 approach to meet its current users where they are today.
It’s clear that Nike is taking a long-term mindset to it’s Web3 play. They are using this launch as an opportunity to understand customer behaviours to support future product development.
Find the detailed post here.
Here’s 3 Web3 terms you need to know as a modern marketer:
“Wallet”: Crypto wallets store an individuals blockchain assets and as more people start transacting on the blockchain, a user’s crypto wallet will act as a key to their online identity. Brands like Meta are leveraging crypto wallets to drive highly targeted ads and rewards for users.
“Phygital”: A combination of the words “physical” and “digital”, phygital experiences are intended to reach consumers, anytime and anywhere.
“CC0” or Creative Commons Zero NFTs: a type of NFT with a form of copyright where the owner allows the NFT to be used by anyone for commercial purposes. Web3 brands like Nouns (https://nouns.wtf/) have partnered with established brands like Bud Light to allow them to leverage brand IP for commercials starring in the Super Bowl.
Find the detailed post here.
A snapshot on three fashion brands that are doubling down on digital fashion:
Selfridges x Decentraland
BALENCIAGA x Meta
Balmain x Vogue x Decentraland
Why does this matter?
Interoperability: Fashion brands that are investing in digital fashion need to create opportunities for their customers to “flex” their digital garments across both web3, web2 and in some cases, even real-life, to make it worth the investment.
Accessibility: Digital fashion opens up new opportunities for creators as creating and selling them can be accessible to anyone.
Sustainability: Digital fashion uses 97% less carbon than the production of a physical garment (DressX, 2022).
Find the detailed post here.
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