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How will web30 rewrite marketing and business?

Time : 22/10/2021 Author : updgsi Click : + -
        In the novel atlas shrugs, the author Ann middot; Rand has built an isolated "Modern Utopia", which is composed of selfish and shrewd businessmen, scientists, artists and other elites. In the book, the idea of "money first" does not lead to the moral degradation of the utopian world, but makes it have an idyllic poetic flavor and the satisfaction of desires in the real world. An & middot; Rand was later considered as the founder of the "objectivism" philosophy school, and even known as the "spokesperson of the American spirit". Interestingly, Ann & middot; Rand's fictional utopian world seems to be connected with the ultimate pursuit of the current Web3 supporters, such as decentralization, private property rights, Dao, NFT & hellip& hellip; It seems that we can all be in Ann & middot; A similar counterpart was found in Rand's Utopia.
 
        Plato's "Utopia" and Orwell's "dystopia" trends have ebbed and flowed in the long river of human history, but today their focus seems to stay in Web3 and metauniverse. Therefore, we might as well start by discussing the possible impact of Web3 and metauniverse on the business world and brand marketing. It should be pointed out that the market has different opinions on the interpretation of Web3, and no consensus has been reached. The author is also learning, and this article is only the author's opinion. It seems that everyone is talking about metauniverse and Web3, but no one can explain these concepts clearly. Even among practitioners, there is no unified standard, and even the word "Web3" is controversial.
 
        As early as 1998, Tim & middot, the "father of the World Wide Web"; Berners & middot; Li proposed the concept of Web3 for the first time, but the Web3 we are discussing now obviously needs to be understood in the context of blockchain technology and metauniverse (full Internet). According to the general interpretation at the cryptocurrency industry hearing of the US Congress on December 8, 2021, Web1.0 is the "read-only" Internet, Web2.0 is the "read + write" Internet, and Web3.0 is the "read + Write + own" Internet. This definition is still controversial and may be confusing, but the point is clear & mdash& mdash; Web3 can help users to realize the right confirmation, and the foundation of right confirmation is the blockchain technology. The application scenario of right confirmation mainly points to assets, especially digital assets.
 
        The blockchain technology realizes the hard tampering of information through a complex and sophisticated architecture and the distribution of computing power. That is to say, the more members around the world participate in blockchain computing and consensus, the more decentralized the computing power, and the more difficult it is for someone to control more than half of the computing power to tamper with the entire blockchain information, so as to ensure the security and credibility of the information on the chain. We can almost say that the information on the mainstream public chain is not tamperable. It is worth noting that non tamperable information can not only realize the confirmation of rights, but also guarantee the scarcity of certain "digital assets", which could not be achieved in any asset category in the past. For example, gold can theoretically be obtained by industrial synthesis (only the cost is very high and it is not cost-effective) or by space mining (the same problem is the cost). However, if specific quantity codes are written on the chain, the quantity of these digital assets will be locked and cannot be changed mathematically.
 
        This natural deflationary nature allows blockchain digital assets (such as NFT) to be artificially endowed with the scarce value based on the consensus of people. Of course, it also triggered a lot of speculation. The confirmation of digital assets means that the brand can directly point to the user's digital wallet by means of assets (such as NFT), realize the direct connection between the brand and the user, and realize the real "DTC" (direct to consumer). For example, in terms of legal terms, today's fans of the brand official account do not belong to the brand itself, but belong to the wechat platform. If the official account of the brand is banned and closed for some reasons, the brand side will not be able to turn back. The real dominant power still lies in the platform. However, NFT under the public chain can help the brand bypass the platform and connect directly to the digital wallet of consumers.
 
        Of course, digital assets such as NFT can also extend many different specific ways of playing at the level of marketing execution, such as becoming a member operating tool of the brand and linking with physical products. The author once wrote in the book "brand misreading NFT marketing?" There are more specific explanations in the article. If we think that the concepts of Web1.0 "read-only", "Web2.0" read + write ", and Web3.0" read + Write + own "are too abstract, we may as well understand them from the perspective of the business development model of the enterprise, because each stage of the era will correspond to different business paradigms, and the business paradigm migration that Web3 may bring is actually one of the most exciting places for Web3 practitioners.
 
        The web1 era is actually the early stage of the Internet. At this time, the influence of the Internet on business is weak, and the business model of enterprises is still dominated by offline expansion. We can say that the business operation at this stage follows a kind of "channel economics". It needs to continuously expand the product sales radius through the development of offline stores and channels, so as to achieve the development of the enterprise. Under the business paradigm of "channel economics", the main topics of enterprises often lie in the front-end dealer management, and the back-end supply chain management, commodity turnover management, cash flow management, etc. It is precisely for this reason that the growth of enterprises in the web1 era often needs to rely on the continuous "snowball" of original accumulation, which has the characteristics of steady and sustainable profitability.
 
        However, the market often uses frameworks such as cash flow discount to evaluate such enterprises. For listed companies, PE and other indicators are used for valuation. The web2 era is an era when PC Internet and mobile Internet have become important information channels for the public. At the same time, the infrastructure such as supply chain and logistics has become more and more perfect, and people have begun to "digital survival". The Internet and traditional industries have begun to penetrate each other. The business model of enterprises is based on the online and radiates to the offline. We can say that the business operation at this stage follows a "traffic economics". Traffic and user's attention have become the key to business development, and online e-commerce channels have become the best entry point for low-cost cold start of new brands.
 
        Under the business paradigm of "traffic economics", the business model becomes funnel-shaped. All marketing operations of enterprises and brands need to bring traffic, otherwise the final transformation cannot be realized. The main topics of enterprise management are often focused on online traffic acquisition, traffic transformation, and how online traffic feeds back to offline channels. Therefore, it can be seen that the main business position of the brand has shifted from the traditional offline blocks / communities to the online platforms such as "double micro and one shake". The emergence of new consumer brands is actually a result of "traffic economics". New consumer brands have achieved rapid expansion through the application of marketing methods such as online traffic and grass planting, and even threaten the survival space of traditional consumer brands.
 
        Of course, the new consumer brands also face their own problems in the follow-up development, but that is also a later story. The emergence of "flow economics" is actually the transfer of capital to the enterprise value evaluation system & mdash& mdash; From "profit" to "flow". This is most obvious among Internet platform companies. Advertising, e-commerce and games are three Internet cash flow models, which are essentially cash flow. In the growth process from bat to TMD, it is allowed to sacrifice short-term profits to obtain traffic, so as to realize long-term profits. We can also see that the valuation of many new consumer brands tends to the evaluation standards of Internet platform companies. To a certain extent, enterprises are also tolerated to trade losses for the market. However, under the traditional PE framework, loss making enterprises cannot conduct valuation calculations; The growth path of enterprises with web2 attributes is almost realized through the "BP financing refinancing listing" mode.
 
        Web3 may usher in the subversion of a new business paradigm, but at this point in time, we do not know what it will be. If the prediction is made boldly, the author believes that it will be a "property rights economics", a business operation mode based on the confirmation of users' rights. From the perspective of enterprise development, the growth path of Web3 enterprises may be to first seek consensus on brand value, then form seed users through community construction and operation, create and build together, and then realize value and ecological expansion through product release. The clarity of property rights can greatly liberate productivity and improve the operational efficiency of the business world. Just as Coase, the founder of modern property rights theory and Nobel laureate, said, "a society without property rights is a society with absolutely low efficiency and absolutely ineffective resource allocation. Only clear property rights can ensure the efficient operation of the economy.
 
        ”。 In the framework of web2 "traffic economics", one of the major drawbacks is that enterprises usually regard users as "traffic" and "exposure" rather than "individuals". In the view of users, the relationship between brands and themselves is not close, and enterprises and brands are regarded as "services" and "tools". Various value conflicts have given rise to the feeling that "the world has suffered from traffic for a long time". A logical prediction is that Web3 enterprises can unify the interests of "users" and "enterprises" in terms of property rights by issuing NFT and other means, so as to further stimulate the identity, action and energy of users themselves. At the same time, a good expectation is that in the business logic of Web3, traffic starts to become less important, and the valuation of enterprises no longer refers to the traffic value system, but pays more attention to the relevant indicators of the user community (NFT community). The "De traffic" may also further return the business to its essence.
 
        In "brand misreading NFT marketing?" In this article, the author once pointed out that the NFT ecology at home and abroad is not the same: most domestic NFTs are based on the alliance chain, and the operation is overlapped and definancialized, and cannot be traded twice. NFT is called "digital collection"; While the overseas NFT is based on the public chain, with strong financial attributes and can be traded twice. These differences may make the development trend of NFT at home and abroad quite different. In the context of overseas NFT ecology, the emergence of brand NFT has actually promoted the "securitization of brand consensus assets". From the financial perspective, the launch of brand NFT can actually be seen as a disguised financing channel, and users can also invest and exit in a more flexible way through NFT transactions.
 
        In other words, the emergence of digital assets such as NFT will transform an enterprise into an "independent economy" and create financial links with the external capital market. The confirmation of users' rights to NFT seems to be similar to a kind of "equity" attribute. Because NFT has the property of financial assets, the subtext of "everything can be NFT" is actually that everything can be "toearn" (making money), then unregulated NFT will naturally trigger strong market speculation, which also leads to a large number of Web3 projects being finally verified as Ponzi schemes. The main feature of the Ponzi scheme is "paytoearn". The income of the first entrants needs to be paid by the later entrants. In addition, the whole ecosystem has not formed positive externalities (or the positive externalities are not enough to offset the operating costs). Finally, the participation of new entrants will be unsustainable, resulting in the overall collapse.
 
        The value basis of a large number of so-called NFT digital collections is "user consensus". From the perspective of social contribution, there is actually no significant positive value, which also leads to the frequent occurrence of Ponzi scheme thunderstorms in NFT projects. Even projects that can bring positive social value are prone to rapid overdraft and collapse due to the influx of speculators. For example, stepn, a "runtoearn" project that has attracted a lot of discussion recently, may have a positive social value because its original purpose is to promote more people to love running and health. However, once a large number of speculators enter, the project party cannot control the situation and maintain the stability of the "currency price", It was eventually questioned as a Ponzi scheme.
 
        It can be said that today's "Ponzi scheme" is like a "design perpetual machine", which can be constructed in an extremely complex and difficult to see, which makes a large number of users fall into it without paying attention, becoming "leeks". However, compared with the pure digital NFT project, the brand serves more and more users with the growth of the enterprise and the sales of products, making the life of more and more users better, which has a significant positive social effect. In other words, the growth and expansion of an enterprise is a positive sum game, so the transaction game formed by the release of NFT by a brand is a positive sum game as a whole & mdash& mdash; All parties may benefit, and there are no losers.
 
        The positive externality of enterprise growth and development is the logical basis for the sustainable operation of brand NFT mode. Therefore, the author believes that with the progress of time, compared with various artists selling NFT through IP, enterprises / brands with physical products are more suitable to become the protagonists of releasing NFT. If we consider the transaction content brought by the Web3 "token", the Web3 project has actually become a financial entity, which is built through a series of decentralized innovations such as NFT, Dao (decentralized autonomous organization), and defi (decentralized Finance). Because of the characteristics of its financial body, the author believes that in the process of the development of Web3 project and its interaction with the outside world, it will also encounter the "Impossible Triangle" problem in traditional international finance.
 
        The "Impossible Triangle" was proposed by Mundell, the "father of the euro" and Nobel Laureate in economics, to the effect that under the conditions of open economy, there is a conflict between the economic and social goals and the choice of fiscal and financial policies. In terms of financial policies, it is impossible to have both the free flow of capital, the fixed exchange rate and the independence of monetary policy. If Web3 project is used to analogy the economy, then in the "Impossible Triangle", the "free flow of capital" is It can correspond to "smooth secondary market transactions of tokens", "fixed exchange rate" can correspond to "stable price of tokens", and "independence of monetary policy" can correspond to "tamperable token issuance chain information".
 
        The author believes that the stability of the "token" price is a key to the smooth and orderly development of the early stage of the Web3 project, because if the "token" price fluctuates sharply, it will attract a large number of financial speculators to participate, thus pushing the project into a speculative tool and eventually collapse. Therefore, on the premise that the overseas secondary market is allowed, Web3 projects must adopt a centralized mode if they want to develop orderly. Therefore, most of the so-called "Web3" projects overseas (such as opensea) are still not completely decentralized. Most of these projects are between web2 and Web3. Some people in the industry believe that they are at best web2.5.
 
        Finally, if we look back at the domestic Web3 industry, from an optimistic perspective, the domestic regulatory policy leads to the restriction of NFT secondary market transactions, but in the "Impossible Triangle", it can promote the simultaneous realization of "NFT price stability" and "decentralized credibility" (based on the alliance chain). That is to say, putting an end to the regulation of secondary market transactions can, on the contrary, guarantee the early growth of Web3 project and resist the interference of financial speculators on the project growth. In addition to the consideration of public asset safety and financial compliance, it can also be regarded as a strategy of "infant industry protection". Therefore, we also have reason to believe that the Chinese market may be more important and better for the growth of Web3 projects
 
        
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