Benzinga - Web3 and NFTs are going mainstream. With the younger demographic being dominant in the space, new use cases developing and brand associations, we may just be at the start of another bull run.
These ideas, and more, were discussed at the Benzinga Future Of Digital Assets event held on Nov. 14, 2023.
The panel discussing ‘Why Major Brands Are Going Web3?’ was moderated by Lawrence Hutson, co-founder and cTO at AdLunam.
Alex Salnikov, co-founder and chief strategy officer at Rarible and Charlie O’Neill, senior manager, Emerging Partnerships at American Express Co (NYSE:AXP) shared their views on NFTs and Web3 – adoption with consumers and brands and what could lie ahead.
Salnikov, who co-founded Rarible, shared that with more than one asset classes entering the space, his team realized that different products needed different marketplaces. This led to the launch of RaribleX – which is like “the Shopify Inc (NYSE:SHOP) for NFTs,” he said.
O’Neill, from AmEx, has observed that the Gen Z & millennial group is super excited about this technology. They’re just looking for easier ways to interact with brands. This is where tokenization plays a pivotal role in that it provides that layer in between for brands and consumers to interact and communicate seamlessly. AmEx is enabling this through their mobile app.
Partnering With Brands
Mattel IncAmEx had partnered with Metalwood at the U.S. Open Golf – and facilitated selling their NFT drop-offs. “The drops sold off instantly” exclaimed O’Neill, indicating consumer interest in associating with brands through this route. At the U.S. Open Tennis, AmEx had offered a token, which when linked to the app, offered an exclusive discount on their Uber (NYSE:UBER) or Lyft (NASDAQ:LYFT) ride back.
Moderator Hutson also cited the example of The Walt Disney Co (NYSE:DIS) who recently launched their own NFT marketplace with Dapper to feature their iconic characters.
Related: Disney Launches NFT Marketplace With Dapper Labs Featuring Iconic Animation And Star Wars Characters
What is next for NFT & Web3?
Salnikov sees NFTs taking two different routes:
For the last two years NFTs have been going down, and many believe that NFTs are “dead and done”. However, there has been a lot of innovation happening behind the scenes which makes Rarible’s Salnikov believe that the “next two to three years could see the peak of the next bull run”.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.