Following on our series of the key takeaways from IWD event ran by Lauren Ingram, founder of WomenofWeb3, the brilliant Erica Wykes-Sneyd shared her insights on how Web3 can change brand culture during her interview with the talented Becks Perfect.
Erika is the Global Vice President and General Manager of adidas /// studios (three stripes studios). She is establishing how the world's most iconic sport-lifestyle brand advances the open Metaverse across blockchain, web3 and virtual experiences.
Erika shares her insights on the future of Web3, its implications for businesses, and advice for those looking to make an impact in the space.
Web 3.0 is a disruptive force in the world of technology and business.
Erika emphasises that Web3 has the potential to redefine the way we create, consume, and share digital assets. The decentralised nature of Web3 technologies, like blockchain, offers new opportunities for innovation, creativity, and collaboration.
Web3 is the next training ground for future business leaders.
Erika believes that the next generation of successful entrepreneurs will emerge from those currently exploring and working with Web3 technologies. These individuals will have a unique understanding of the potential that decentralised systems offer and will be able to harness them to create new and innovative businesses.
The importance of leaving a positive impact on the world.
Erika's passion for business goes hand in hand with her desire to leave the world a better place. She shares that she wants to ensure that her work has a lasting positive impact by promoting values that are important to her and the new generation. This includes leveraging the influence of major brands, like Adidas, to drive change in pop culture.
The importance of asking questions and being unafraid to learn.
Erika advises people to not shy away from asking questions and seeking clarity on complex topics. By doing so, individuals can better understand the intricacies of Web 3.0, helping them find success in the space.
Key business models for Web3
Erika identifies several potential business models for Web 3.0, including:
Low volume, high profitability collectibles and limited edition items.
Membership, customer lifetime value, and subscription-based models.
Loyalty programs and decentralised marketing through true fans and NFT holders.
Now, let's dive deeper into the interview and unpack Erika's insights further.
The Disruptive Power of Web3
Erika believes that Web3 will revolutionise how we view digital assets and online interactions. By giving power back to the users and decentralising ownership, Web3 technologies, like blockchain and decentralised applications (dApps), can unlock new opportunities for creativity and collaboration.
For businesses, this means adopting a more agile and adaptive approach to stay ahead in the ever-evolving landscape of Web3. From using smart contracts to building decentralised platforms, the possibilities are endless for those willing to embrace the change.
The Next Generation of Business Leaders
Erika sees Web3 as the perfect training ground for future entrepreneurs and business leaders. By actively participating in the decentralised landscape, these individuals will gain invaluable experience and insight into the potential of this new digital frontier.
This new generation of leaders will be uniquely positioned to create groundbreaking businesses, leveraging the power of decentralised technology to drive innovation and redefine industries.
Making a Positive Impact
Erika's passion for business is matched by her desire to leave a lasting positive impact on the world. She wants to use her influence to promote the values that matter to her and the new generation. By collaborating with major brands like Adidas, Erika aims to drive positive change in pop culture and beyond.
The importance of asking questions and seeking clarity in complex topics like Web3 cannot be overstated. Erika advises individuals to be unafraid to ask questions and seek understanding, as this will ultimately empower them to succeed in the space.
By breaking down complex ideas into simple, concise explanations, individuals can effectively communicate the potential of Web3 to others, including senior leadership.
Key Business Models for Web3
In the interview, Erika outlines several potential business models that could thrive in the Web3 landscape:
Low Volume, High Profitability Collectibles and Limited Edition Items
With the rise of NFTs and digital collectibles, Erika suggests that businesses can tap into the demand for exclusive, limited edition items. By focusing on low volume, high-profit products, businesses can cater to the desires of collectors and fans looking for unique, scarce assets.
Membership, Customer Lifetime Value, and Subscription-Based Models
Erika highlights the importance of utility in the Web3 space. Businesses could explore subscription models, offering services, access, or benefits to users in exchange for a recurring fee. This approach can help companies generate sustainable revenue while providing ongoing value to their customers.
Loyalty Programs and Decentralised Marketing through True Fans and NFT Holders
Loyalty programs will play a significant role in the future of Web3, according to Erika. By engaging and rewarding their true fans and NFT holders, businesses can reduce marketing costs and build a decentralised marketing engine. This approach harnesses the power of community-driven marketing and advocacy.
Convincing Senior Leadership to Embrace Web3
One of the challenges faced by professionals in the Web3 space is convincing senior leadership to invest in this new frontier. Erika offers some advice on how to approach this challenge:
Align Web3 initiatives with the company's strategic plan and objectives. By demonstrating how Web 3.0 can enhance the company's goals and priorities, you can make a stronger case for its adoption.
Use language that resonates with senior leadership, avoiding jargon and overly technical terms. Present the benefits of Web3 in a concise, easy-to-understand manner that appeals to decision-makers.
Becks Perfect conducted a fascinating interview to get to Erika's insights into the world of Web3 offer valuable guidance for those looking to explore and succeed in this rapidly evolving landscape. By understanding the disruptive power of decentralised technologies, fostering a mindset of curiosity and learning, and embracing innovative business models, individuals and companies alike can harness the potential of Web3 to drive success and make a lasting positive impact on the world.
Becks Perfect works in the NFT space to help educate and inform the tech community of the latest developments in this technology. Her channel Nifty World is designed to show all sides of the NFT space from NFT art to Esports and more.