Crypto's biggest missed opportunity
Most established brands are missing the biggest opportunity in Web3 and crypto.
Right now, most of them are using Web3 as a marketing tactic - which is fine, and we get it...
With little effort, big brands can spin up a virtual experience in the metaverse and bank on a bunch of free press - even if the experience is forgettable.
(See: 'Walmart Land', on Roblox).
...but they're missing the bigger opportunity: crypto payments.
Sure, "We're building experiences in immersive 3D virtual worlds" is a much sexier announcement, than "We've updated our payment systems"...
BUT - for a business like Walmart, a switch to crypto payments could do WAY more for their bottom line, than any metaverse stunt ever could.
(Because a switch to Bitcoin payments could literally double their average profit margins).
Here's how:
Brick-and-mortar retailers tend to have average profit margins between 0.5 and 4.5% - that's razor thin.
Visa, Mastercard and American Express charge merchants, like Walmart, anywhere between 1.29% - 3.29% (+.05c - .10c) in transaction fees.
A $100 purchase using the cheapest possible credit card option, would cost merchants $1.34 in transaction fees.
The Bitcoin Lightning Network charges a flat .04c per transaction - making Bitcoin payments 33x cheaper, on a $100 purchase.
Let's compare these two approaches, to really drive the point home:
Build a metaverse experience in Roblox → build affinity with a younger audience → hope that that affinity translates to brand loyalty → wait till they grow up → win them as a customer → make more money.
Adopt crypto payments → make more money.
(@Walmart, do it - we dare you).
