Web 3 will eventually transform the way people interact online. It often feels like we are being introduced to the concept of the metaverse and the advantages of blockchain slowly. Perhaps having people adapt to the ideas slowly will be less disruptive for markets and Luddites. Too many governments and traditional businesses are reluctant to embrace decentralised power structures, as seen with the scepticism around cryptocurrency, but in reality, the tide will turn and web 3 will transform the way people do business.
In the B2B sphere, smart contracts, dApps and virtual products and services are a few ideas that could reshape the way that you do business.
DApps, or decentralized apps, are smart contracts active on a blockchain. This means you can create immutable software, which for many businesses is their trade – trust. Automated smart contracts that securely close deals on an encrypted network are the way of the future, and dApp development is likely to bolster any business that is an early adopter of the technology.
Nike has virtual sneakers. Blockchain has virtual land for sale. Artists sell NFTs of their work. Virtual products already exist in many forms, and the limit of what can be created and sold relies on the imagination. Gamers spend big money on skins and avatars, or coins for gameplay. How a B2B creates a virtual product depends on the R&D department’s creativity.
SLA linked to a smart contract
Service Level Agreements can be considered empty promises. However, with a smart contract backing the SLA, users are automatically compensated instantly if an app goes down, according to the terms of the SLA.
Blockchain technology can help businesses eliminate the need for a trusted intermediary by distributing transactions on the network for hashing. This helps to reduce costs, expedite processes and reduce confusion between parties.
Apps as NFT
NFTs could help incentivize developing on your platform. Apps and Dapps that are created by developers for public consumption could be traded for NFTs or even accessed as NFTs, making them more valuable. The app would be re-sellable, and resales could attract royalty fees. It would also open the door to data gathering, higher sales and improved quality.
Coins given as rewards to loyal customers could be a novel way to thank customer loyalty. Coins or crypt developed for your business could provide access to higher-level services, or act as trade credits for your customers, much like a traditional loyalty card. However, the encrypted coins are tracked and used automatically, so you don’t need to add a layer of administration to manage loyalty and reward programs for your customers.
NFTs as VIP access tokens
Instead of paper or online tickets for events, B2B providers could issue NFTs that give people VIP access to the events, online content, professional consultations, early product releases and more.
Gamify your program
One way to get people engaged with your business online is to make your platform more fun. Depending on your customer persona, it can be appropriate to gamify your platform with avatars, rewards, skins and other game products that make accessing your platform fun. Telegram, discord and other encrypted chat and gamer channels have done this very successfully.
Limited edition content
Limited edition content such as videos, interviews, podcast episodes, eBooks and more, can attract loyal customers and retain customers. Exclusive access to limited edition content that adds real value to your customer’s experience is an excellent way to engage audiences online. As web 3 develops, it will become expected that B2Bs offer such rewards, so getting in early makes your business appear connected and metaverse-ready.
NFT owners get instant access to content. Again, it is a way to connect and reward patrons, but it can also be a revenue generator for businesses offering services online. It means people have exclusive, protected access that can be easily limited or extended without fear of duplication.
The attention economy trades on data. If the user plays an online game, the payoff is ads and data sold to third parties. Users know this and are often happy to oblige so they can play a game. The same could be done win B2B, with users rewarded with tokens or coins for reading blogs or watching videos. These coins could translate as real-world values or metaverse values depending on what model best suits your targets.
Limited edition digital art is on the rise. While it is still mostly connected with individual pieces created by artists for brands or special events, a B2B that launches a platform to support the sales and trade of digital art in the metaverse will likely be in demand in coming years. Auction houses in the real world are linked with traditional banking, and there is no reason the service won’t also be needed in the metaverse.
Hold a metaverse event
Host your next B2B event in the metaverse where people can interact as creative avatars. Have exotic pets, wander luscious gardens, float on clouds and close sales all in a metaverse that promotes creative thinking.
Such online spaces already exist, like Decentraland, which according to its description is a 3D virtual world browser-based platform where users can buy virtual plots of land on the platform as NFTs via the MANA cryptocurrency, which uses the Ethereum blockchain. It was opened to the public in February 2020.