It’s hard enough coping with the changes in email over the past few years. Now there’s a new wrinkle: How many are prepared for Web3?
Probably not many, judging by "Catching the
Wave: Engaging Next-Generation Consumers With Web3," a consumer study released Wednesday by Pico NFT.
The survey shows that 51% of consumers are interested in using Web3 technologies to engage
with brands. But 48% say the brands are unsuccessful at using these technologies, and only 31% believe they are effective.
But consumers say these attributes will increase their
engagement with new technologies. Note that the top one shows a certain wariness:
- Able to control data/privacy—44%
- Easy-to-use
experience—36%
- Access to exclusive benefits/offers—33%
- Unique experience not found elsewhere—38%
- Interact with brand in fun way—24%
- Have input into brand decision making—22%
- Immersed fully into brand
experience—20%
- Exclusive experience not available to others—17%
Let’s pause for a definition. How many people, even
marketers, know what Web3 is? The study defines it as:
- Metaverse (virtual worlds)
- Cryptocurrency
- Blockchain
- Non-fungible tokens (NFTs)
- Distributed autonomous organizations (DAOs)
NFTs are an especially hot opportunity. Of the consumers in this sample,
41.2% would like to engage with brand NFTs within the next 12 months. And 24.2% expect to do so in the next 1-2 years. Of course, 22.9% say they never will, and the remainder say it will take years
before they do so.
There is a difference between the types of NFTs: 41.7% of consumers are likely to purchase when collectible NFTs are included, and 46.8% when there
are utility NFTs.
What good are NFTs? Consumers are attracted by these utility NFT benefits:
- A way to collect loyalty
rewards—37.4%
- A way to support interesting causes—27.8%
- A community to get branded
offers/content—26.6%
- A way to get tickets to live events—23.9%
- A community to connect with like-minded
people—20.9%
- A way to obtain digital goods in a virtual world—19.1%
- A branded collectible to share with
others—16.1%
- A set of branded challenges to complete—15.5%
- A branded collectible to hold in a digital wallet—15.1%
- A way to remix branded content & earn money from it—14.5%
And utility NFTs? Consumers will respond to these offerings:
- Members-only
discounts—43.1%
- Exclusive merchandise—31.5%
- Early access to special product
features—30.7%
- Upcoming new product previews—24.2%
- Exclusive brand content—23.7%
- Ability to connect with company employees for help/feedback—22.7%
- Members-only events—22.5%
One takeaway is that
brands must pay attention to privacy-centric programs using digital wallets. Another is that they should deliver easy-to-use experiences with interoperability and smooth onboarding.
Here's another tip that wasn’t in the study: Make sure that your email systems are integrated with Web3. Consumers expect a high level of interaction—that means promotional, triggered
and transactional emails, all three.
The study surveyed 737 consumers from Sept. 8-14.