The advent of web3 brings an entirely new frontier to brand building. In this post, we explore how brands can thrive both inside and outside of web3, using a diverse range of products while facing the current challenges of fundraising in the bear market.
Products Inside and Outside Web3
Whether it's games, comics, animated series, merchandise, software solutions or digital collectibles, any successful brand should aim to provide value across multiple platforms. Within the web3 space, digital collectibles are a primary focus. NFTs (non-fungible tokens) allow creators to tokenize unique pieces of their work and let collectors own a piece of that brand. This extends beyond just ownership; it also includes access, early previews, exclusive content, future rewards and more. It's a new way of doing business.
The Importance of Community Building and Advocacy
Community is at the heart of any strong brand, but even more so in web3. The decentralized nature of web3 means that community members are often also stakeholders, with a vested interest in the success of your brand. Furthermore, they become brand advocates, spreading your message and strengthening your reach.
Fundraising Challenges in a Bear Market
Raising funds for web3 projects in a bear market is a difficult task. VCs typically require evidence of traction or success before considering an investment, making it especially challenging for newer projects in the web3 space. However, when you build a robust brand with a committed community, you present a more compelling case to potential investors.
Brand Building Beyond Web3
While web3 provides exciting new ways to engage with consumers, it's essential to remember the importance of traditional brand-building techniques. Using web3 should not mean abandoning conventional marketing channels. Instead, consider web3 as an additional tool in your brand-building arsenal. By combining the strengths of web3 with proven marketing strategies, you can create a powerful, cross-platform brand that resonates with audiences everywhere.
Business as unusual!
Projects need to start thinking of themselves as businesses in order to survive. A business with recurring revenue streams potentially inside and outside web3, marketing strategies, product development pipelines, social media strategies with web presence to boot. In order for good ideas to manifest, a culture of clear communication, engagement and fun should follow clear goals, defined milestones and achievements to celebrate the wins, but recognised the losses in order to learn from. Scaling a traditional business is hard enough, adding web3 open source social building into the mix with many voices and opinions has its benefits but equally it's downsides. Founders and community leaders have a responsibility to respect the opinions and advice of holders of project assets. We need to recognise that on the ground in the trenches insights of the many can for the most part outweigh and benefit the project as a whole. This is usability testing and market research in an agile format. The ability to pivot in the web3 space is key, but if it effects the underlying vision of the founders and community, needs to be taken with a pinch of salt.
Short term moon ambitions are a thing of the past, we're in a period of evolution that will see real innovation outweigh the hype. Projects who build and grow in the bear will be here for years to come because they've stratergized survival, paused launches and focussed on development of the product before unleashing the kraken!
To all the bear market builders! Mars is achievable, keep rockin that innovation, we're here with you. Hangry Out.
Our new website is evolving and taking shape organically, go check it out: https://HangryAnimals.com and join our socials for more updates as we evolve this beast of a project into the Hangryverse: https://linkz.social/HangryAnimals