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October 13, 2022
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7
 min read

How To Integrate Web3 Technology Into Your Business

How To Integrate Web3 Technology Into Your Business

Unless you are building an ONG, your organization is designed to generate profit. But there are lots of ways of creating this result, right? Like a war strategy, each choice conducts a different kind of win (or unfortunately, loss). And since Web3 is being considered the next step in companies’ battle, knowing how to integrate it into your business is this century's core in the art of commercial war. Are you ready?

Most leaders can’t answer a full yes. For some, the reason is they don’t understand concepts such as Web3, NFTs, or Token Gating yet. For those, we have specific articles created with a mission to be the easiest and most complete explanation you'll read today on this subject - read on, and... you're welcome!

But we need to agree that discussing these subjects is challenging. Mainly because of its extension - expanding technology on such a large scale impacts peoples’ lives in education, consumption, social, and financial perspective (just to name a few areas). So do they in companies. It is complex.

To make this challenge easier, we've dedicated this article to thinking together about how to integrate Web3 technology into your business. From practical cases to the list of advantages, we also go through innovative tools to help you in the implementation process. Exactly what you need to explore these new worlds!

What is Web3 applied to businesses?

As we defined in a previous article, Web3 is a new phase of Internet evolution, that offers more transparency and data security to technology.

One of the fundamental concepts of Web3 is tokenization, which consists of digitally recording data on a blockchain network. In other words, the information is encrypted and stored in a database that can be publicly verified but cannot be changed without re-registration.

But what does it mean in practice, Tocon?

Note that a token is the digital and exclusive representation of an asset (such as money, property, or work of art). By token ownership, people can have access to benefits in the digital world (as limited content, for example), the physical world (like accessing an exclusive event), or even the phygical world (such as digital twins).

So besides helping companies internally (improving their operations and management), integration into Web3 also creates a new level of interaction between organizations and consumers. Brand experience, positioning, and community management are some of the areas that benefited from these tools.

What are the advantages of integrating your business with Web3 technology?

A few decades ago, being present on social media as a corporate brand was an option. Those who did it first were seen as innovative and gained experience and reputation before their competitors moved in this inevitable direction.

We live in a similar moment when it comes to Web3 technology. Due to its complexity and potential, companies have more power to experiment and profit now, with less competition.

In the real world, Web3 plays with some consumers' facts. See:

  • 86% of customers would pay more for excellent customer service;
  • 94% of customers are likely to show loyalty to a brand that offers complete transparency;
  • 39% of consumers would start using a brand if it offered full product transparency;
  • Just 1 in 3 people say they trust most of the brands they buy or use.

These facts indicate the importance of building brand experience, brand loyalty, and customer relationship, and how Web3 tools help companies to improve their processes (as you will see in practical examples below).

For many, these are just promises of the future. However, Web3 and its elements already have relevant data at present. Let's see:

  • By 2026, a quarter of the world's population will spend at least 1 hour a day in the metaverse - whether to work, study, shop or have fun. To serve these customers, 70% of the companies that exist in the world will be in the metaverse by 2027;
  • The adoption of cryptocurrencies has increased significantly over the past few years. According to data acquired by Finbold, about 10.2% of the global population using the internet owns some form of cryptocurrency;
  • During the first quarter of 2022, 1.45 million smart contracts were created in total only on Ethereum. However, only about 20,000 businesses have integrated blockchain technology in some way;
  • 15% of Gen Zs’ “fun budget” is spent in the metaverse, per a report from Razorfish and Vice Media Group. In five years that number is projected to climb to 20%.

It is clearly a transitional moment between “this is a futuristic prediction” and “this is our lifestyle”, while people and their money move to Web3 as a reality.

The web3 community must develop the tools and decide on the infrastructure needed to overcome the challenges that this period presents, in order to encourage the widespread adoption and integration of blockchain technology into our daily lives.

How are other businesses integrating into Web3 technology?

As the days advance, more global brands launch projects involving WEB3 and its elements, in great success cases of how to integrate companies and new technology.

And contradicting objections, the markets in which they are in are so diverse that Web3 can include traditional and new brands. Take a look:

In the Sports Industry…

According to the National Research Group, 46% of sports fans “would be more likely to attend live sporting events if they were rewarded with a commemorative NFT – for example, if their ticket turned into a digital collectible after the game”.

Understanding this preference, Barcelona (yes, the football team) launched $BAR, and among the benefits of the token are the distribution of VIP tickets and exclusive products and experiences for investors, such as the chance to play at Camp Nou.

In the Food & Drinks Industry…

The NFTs by Campari is just the tip of the iceberg of an elaborate strategy of interaction with consumers, which has Web3 at its center.

“Our goal in launching The Campari Blockchain is, in addition to creating an exclusive community for brand lovers, with access to information and incredible immersion experiences, to further foster the bartender community, generating income and knowledge for them, the big stars. creators of our drinks”, says Vinicius Löw, CMO of Campari.

In the Fashion Industry…

Besides creating their own NFTs, what else can companies do? For TAG Heuer the answer was "obvious". 

Frédéric Arnault, their CEO, believes that the ability to display NFTs on the watch screen will be an attractive addition to device owners: “Not launching our own NFT collection, but allowing collectors to use their NFTs in a new way. The most obvious first step. We spoke to all passionate collectors,” he said.

How can you integrate Web3 Technology into your business?

Analyzing other companies' projects might be easier than creating your own. Or at least it looks easier, right?

That's why we created a solution that enables Web3 technology to connect with physical applications, without any special requirements, enabling user interactions and experiences between Web3 and real-world use cases.

Tocon offers a low-cost, simple, and automated utility program management solution based on web3 token authentication, promoting any kind of smart contract with supported networks. Besides that, while other services in the market are just focused on ownership-based approaches, you can focus on usage tracking here.

To learn more about how to integrate Web3 technology into your business with our help, please contact us here.

In the end, this new phase in “the art of commercial war” still requires strategy and tactics. But it doesn't have to be complicated or difficult. On the contrary, it can be innovative, accessible, and done with integrity. As we said, there are several ways to create profit. This is the one we believe in. What about you?

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