Developing a good Web3.0 strategy is not about focusing on technology
Many organisations are trying to come to grips with Web3.0 and what it means for them as a company.
Questions are being asked as to what business opportunities exist in Web3.0 constructs like the Metaverse, DAOs and NFTs.
Brands like Adidas, VW South Africa, MTN and even Wrangler Jeans are getting in early on the technology exploration of the Web3.0 era.
Mr. Wrangler NFT dropping NOW in collaboration with @leonbridges and @ltdinc_official.
— Wrangler Jeans (@Wrangler) February 22, 2022
Head over to https://t.co/7ocsf36aHN to place your bid on one of only 75 NFTs for #Wrangler75 and start packing your bags. Auction is open for 7 days only. Let's go! 🤠
#WAGMI pic.twitter.com/wYYOYw5XlR
Some brands have gone quite far down the road of dipping their toes into exploring these new exciting fields of interaction, that have created new definitions of what we consider to be ownership and value.
But Web3.0 requires more than just an understanding and exploration of new technologies; at its core, Web3.0 demands an entirely new strategic paradigm.
The dawning of Web3.0 demands that business asks and answers different strategic questions.
- What does it mean for our business and its organisational strategy if how we value things as a society radically changes?
- How will our organisation operate in the future when decentralisation becomes more mainstream?
- How can we use distributed networks to better serve the market, innovate our value chain, recruit great talent and build better relationships with our customers?
- How will our business innovate and continue to create predictable economic value in an open environment without central regulation to protect our intellectual property?
Web3.0 changes the basic operating systems on which business runs - changing the rules means that where a large company may have spent decades building up a strategic advantage in a particular area; that now potentially becomes a major disadvantage.
The technology applications themselves are just the tip of the iceberg; what needs to happen long before talking about them is having a clear understanding of how your organisation will create value within the context of a very different Web3.0 mental landscape.
The danger for many brands early to adopt Web3.0 technologies is that they will lead themselves to believe that they have ticked the Web3.0 box, without ever really asking questions deep enough to shift their strategic thinking for the future.
Just because you have an NFT with your name attached to it, doesn't mean you are ready for the next evolution of the web.