Are brands that have jumped into Web3 seeing success?
We’ve written about iconic brands getting involved with Web3 a number of times.
(e.g. Gucci; Tiffany & Co.; Nike).
Which got us thinking, that’s cool and all, but is it actually working?
First let's define what ‘working’ means.
From a company's point of view, if it makes money and it doesn't damage their brand - it's probably a win!
For example, Tiffany & Co's entrance into Web3 felt like a strange fit to us - similar to Apple getting into self-driving cars...
We hope it works (it sounds like it would be cool), but it’s a far stretch from what they’re known and loved for.
...but hey, it didn't damage their brand and it made them $12.5M, so who cares?
No doubt the execs at Tiffany & Co. are chalking this one up as a win!
And it's not just Tiff that's found success in the space...
According to data from Dune Analytics, Nike’s NFT drops alone have made $185.3 million in revenue, with volumes in the secondary markets approaching $1.3 billion.
So yeah, it looks like it's working! And as an added bonus:
The more proven & profitable methods there are for big brands to enter Web3, the broader the adoption.
Nice!
