How Will Web 3 Impact Your Business with Lori McCrae
Aug 19, 2022
As the internet evolves, so does the way we do business. Web 3 is the next step in this evolution, and it's set to have a huge impact on the world of online commerce. But what is it, and how can you make sure your business is ready for it? Let's discuss this with NexGEN Marketing Group's Lori McCrae.
Here’s a glimpse of what you’ll hear…
▶️ [1:05] So, I think what is concerning a lot of people is, first of all, they don't understand it, we're just learning it ourselves in the past year. They don't understand, they don't know where to go with it. They don't know where to start. And so, for us as a digital marketing agency, what we're trying to do is help walk people. It's almost crawl, walk, run on this one. We wanna help people understand web three, understand the implications for their business, and then get into it slowly.
▶️ [3:39] I think that's a good place to start. Before you even start to think about how to move a company or a brand into it, it's really important to just get aware of what it is. I do wanna distill it down for a minute and talk about that because what we've done on our website is we've tried to make it very easy for people to comprehend what it is because it is multifaceted.
▶️ [6:00] Yeah. Our kids are paving the way. And I think that we as adults need to look at that. I think of Fortnite, right? My husband would always like, say, "Why are we buying virtual outfits?", right? It's like that's what it can seem like on the surface. But if we dig deeper and look at patterns and where that's starting and how it's evolving. It's paving the path to where everything is going, the metaverse as you just described and NFTs.
▶️ [8:13] Then start creating your own currency. And that's part of the, one of the services we're offering is to guide people through this. Because people already have products and services to sell. Now, what we're suggesting is that you create NFTs out of what you are already selling. NFTs are similar to loyalty programs. We all know Canadian entire money. That was one of the first NFTs out there, to be honest, way way ahead of its time.
▶️ [10:49] It's huge. And I think people right now might be looking at this saying, "You're speaking another language." And certainly, that's where the education piece comes in because there are gonna be influencers, there's gonna be thought leadership. And right now the key is to just get in, understand it, and start the conversation. Because what will happen is just like anything, the opportunities will end up coming to us through the web.
▶️ [12:45] But NFTs are a great opportunity for businesses, but be strategic. This is not about just run out there and create 10,000 NFTs and a lot, you have to be very strategic about what you're gonna do with that. And obviously, that's your specialty and people will come to you for help on what is the strategy behind it. I think tokens are another thing, right?
▶️ [15:33] So they wanna know how do we get into this, and regulate this because right now you and I could go in, we could buy crypto. We could buy something on Gucci. We could buy anything we want crypto. Our accounts could grow and grow and grow. We usually would stay with them and let them grow. Not cash them in. Like it's supposed to be a long-term game. It's the new mutual fund. But. But the government is uncomfortable with that because with people holding their own wallets and their own money and it's decentralized, they're nervous about where people are gonna be spending their money.
▶️ [18:35] And it's like we're seeing the, but the evolution of this is happening so fast and much more rapidly now. Yeah. It's interesting. I think back on your experience, before you started NextGen, you started your own marketing company. You worked with big companies, right? Johnson and Johnson, Craft General Foods. And so those big companies are allocating, I don't know specifically those companies, but companies like that, that magnitude, they are investing millions of dollars to do the test. Okay. Yes, right now. So that's what they're allocated. They're allocating money to do testing about various different things in this space, in the web-three space.
▶️ [20:35] Yeah. We have to start where we're at. And I think that's the majority of business owners, as you said, the majority of people are not early adopters, you know? And so this is where we have to educate and hopefully, this helps to at least paint a picture of the first steps that you can take to start learning more about how this will impact your business. I think the thing that I would like to communicate, and maybe you do too, Lori, is that this is coming. Whether you like it or not, this is happening.
▶️ [23:16] But our goal as a company is to help our clients and prospective clients get their heads around it. So we wanna be that resource to bridge this gap, this knowledge gap. Maybe people don't have time to do the webcasts and the podcasts and the seminars, and I get it, but we want to say, "Okay, we're here as a resource to help companies start the conversation if nothing else lead them through that conversation." Even we are set up on LinkedIn, we have over 13,000 connections and we are even thinking of getting into the recruiting of talent for web three needs because of our connections being so high.
▶️ [25:06] I do believe in AI products because the scripting and the automation of it do all the work in your sleep. So I will often go to bed at night and in the morning, wake up with five new connections and six new meetings or whatnot off of just this spinning AI tool. But you don't have to get into all of that if you're not ready.
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