How innovations in NFTs, Web3, and the metaverse are creating a new balance
Conversations around NFTs and Web3 have swept the imaginations of many – from tech innovators to everyday users. Right now, we are seeing companies, creators, and consumers all beginning to explore this emerging industry in real-time.
I believe in the idea of the metaverse and that many of us are already a part of it, or at least it’s beginning, without fully realizing it. Everyone has a digital identity. Take social media for example; many of us use platforms like Facebook, Instagram, Twitter, or TikTok to showcase parts of ourselves – using these platforms to interact with friends and followers, participate in digital communities, and create a unique persona. So in a way, we already live in a metaverse that blends reality with our digital personas. New technology such as NFTs and Web3 will allow us to evolve our digital personas into a more immersive experience.
With any new technology, there are always learning curves and new opportunities – and that is what’s exciting. I’ve experienced this first hand through my work with Disney, NFL, and Montblanc. As head of Product and Wearables at remx, I now have the opportunity to help shape the future of the metaverse through the evolution of digital identity. So let’s dive into how brands, artists, and consumers can utilize this digital space now and discuss possibilities for the future.
The opportunities for brands with Web3 and NFTs can’t be overstated. However, their first learning curve is recognizing that their most significant opportunity is creating more thoughtful connections with their consumers and rethinking traditional advertising strategies.
Through NFTs, consumers can become actual investors in the brands they care about – but only if brands see NFTs and Web3 as a way to reward fans and buyers – creating new avenues of ownership and value. One company that has adopted this mindset is the community-based streetwear brand, The Hundreds. The founder, Bobby Hundreds, recently did an interview on NPR’s THE LIMITS podcast. I highly recommend giving this a listen to better understand how companies should be thinking about opportunities in the metaverse and the changing relationship between static products and interactive creation.
Ultimately, brands need to be thinking about utility, and rethinking their relationship with buyers.
New revenue streams for artists are a huge opportunity. Many have spent years trying to promote their artwork on their own, and NFTs opened up a whole new world. The exciting thing about art as NFTs is that it becomes a dynamic relationship. Instead of an artist putting their art up for sale on a traditional marketplace and assigning a static value to it, NFTs allow fans to be part of the valuation process.
While it’s essential for brands to lean into what matters for consumers, this will also benefit artists. As digital collaborations begin to push the boundaries of creativity, artists will be perceived more as equal partners – as opposed to one tool in the broader arsenal – in branded campaigns.
Ultimately, the biggest beneficiary is the consumer. In the past few years, we’ve seen a rising trend of people recognizing their purchasing power. Whether it’s investing in stocks of companies they believe in or buying from brands whose ethics align with their own; people are making increasingly intentional decisions about who gets their hard-earned cash. This will be amplified in the metaverse, where end-users become investors and collaborators with the brands and artists they care about.
An Artist’s Perspective
As it stands, a major barrier of entry for many artists is the technical knowledge needed to create NFTs, Smart Contracts, 3D art, and other Web3 innovations. New technology, such as what we’re building with remx, will lead to the total removal of technical barriers – creating no-code tools for artists to develop digital assets for the metaverse.
Within the intersection of art and tech, there are growing conversations around generative art – using artificial intelligence to create NFTs and other works. I see the space growing because new no-code tools will allow artists to maintain creative control and put the human side of digital art at the forefront.
What we’re working on with remx, powered by Creative Layer, is a soon-to-be-launched no-code platform that will enable artists and consumers to co-create products through AI, and mint as NFTs. The technology will allow artists and consumers to interact on a whole new level, using tech to amplify the connection between people in a digital space. This type of technology will push digital art far beyond what’s possible in the physical world and open up new avenues of expression, community, and revenue.
Tying into the human side of the digital space, wearables will be a major component to keep an eye on. In the real world, we all want to express our identities and showcase what makes us unique, and that will be no different in the metaverse. Wearables are an unparalleled opportunity for brands, designers, and artists, specifically in the fashion space.
We’ve seen how people showcase their physical styles and curate unique digital aesthetics with traditional social media. This will only be amplified in the metaverse, with growing abilities to cater to all personalities. Eventually, there will be no limits: anything anyone can dream up can be worn in the metaverse. This is only the beginning.
Mike Montgomery is the Head of Product & Wearables at remx.
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