Porsche’s debut NFT collection may not have sold out, but it did highlight important lessons for legacy brands looking to enter Web3. camlearnscrypto breaks it down
Other brands have chosen to tap into existing NFT communities to release products that are created specifically for holders. In August 2022, jewelry companyGlobal coffee giant Starbucks has even chosen to revamp its wildly-popular loyalty program by placing it on the blockchain. In December,for its Odyssey rewards program, integrating features to help onboard newcomers into Web3 .
with its NFT collection TIMEPieces, told CoinDesk that brands must look at Web3 as a way to deepen consumer engagement. “However, revenue cannot be the leading driver for this evolution,” he added. “Rather, it should be the outcome of a thoughtful strategy and execution.” “The expectation today is that a brand should add value before it asks the community to buy anything,” said Cassatt. “This starts the relationship on the right foot for building long-term trust.”
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