A Mindset Shift Is Necessary for Brands to Succeed in Web3

In recent years, we’ve seen countless Web2 companies dip their toes into Web3, with mixed results. In Japan, where Web3 has become a matter of national economic policy, we frequently encounter companies considering testing the waters but unsure quite how to do so.

Let’s face it: adding a Web3 strategy doesn’t make sense for every company. For example, the Wurth Group is the biggest global supplier of screws, with 17 billion EUR in sales a year. Yet, chances are that an NFT collection won’t get them to 18 billion. As the Naked Collector puts it: “A Web3 approach just for the sake of having one hardly makes sense.”

The companies that would benefit the most from this kind of expansion are DTC brands. However, it’s not as easy as simply shifting their existing offering to Web3 and calling it a day. Companies need to adjust their priorities and expectations, especially in terms of their relationship with their customers. Attempting to venture into Web3 with a Web2 mindset is bound to fail.