A lifestyle brand is a type of busniess that attempts to embody the values, aspirations, interests, and opinions of a group or a culture. They are generally characterized by trendiness and modernity, and their popularity is driven by a group of people. Sound familiar?
I may as well have been describing Azuki, Creepz, Deadfellaz, Gutter Cat Gang, and other trend-setters in the Web3 space.
When we think of utility, many of us think of Airdrops, staking, or other ways of receiving free internet money. However, I’d argue that the best utility you can receive from an NFT project is by them capturing mass adoption from Web2 as a brand, regardless of its attachment to NFT’s.
Branding has arguably been one of the best use cases we’ve seen in Web3, and one of the ways we can drive large adoption. This has been a large priority for many collections, and few have successfully cut through the noise and have broken into the Web2 culture and beyond. Just two weeks ago, we saw a Deadfellaz and Chicago Bulls collab. We saw Bored Apes in a music video with Snoop Dogg and Eminem. We see more and more celebrities rocking an NFT as their PFP as they search for new ways to share their digital identity.
In order to build a successful Web3 lifestyle brand, there are a few key things you need to keep in mind.
Be in-tune with what is culturally relevant - fashion, music, sports, etc.
The first step to building a successful Web3 lifestyle brand is to be attuned to what is popular and trending in culture. This includes everything from fashion and music to sports and entertainment. By understanding what people are interested in, you can better position your brand to appeal to their interests.
Now, how does this relate to NFT’s you may ask? The key to building a Web3 brand is not just appealing to the Web3 audience. It’s about creating a brand and image that appeals to anyone, whether they are involved in NFT’s or not. When you think about how you express yourself - whether it is what music you listen to, the clothes you wear, etc. - you don’t wear it because you want to sell it for a profit, right? You don’t want to show it off or tell others about it so they also buy it. You wear it because you relate to it, you can express yourself in what it represents. Web3 brands are no different, except they allow you to have brand equity. The larger the Web3 brand becomes, the more valuable it will be to own their early NFT’s (hypothetically).
Help people find ways to express themselves using your NFT as the base for creation
An important aspect of any lifestyle brand is self-expression. People want to be able to express themselves through the brands they support. As a Web3 lifestyle brand, you must provide people with a platform for self-expression by allowing them to create content using your NFTs as a foundation. You look at what Clone X is trying to do by giving holders ways to build their own brand using Clones. You see Deadfellaz creating their Pixel fellas, rigging their Fellaz to be used as a Zoom filter. These are not airdrops, these are assets that come with the NFT you buy.
This will not only help people connect with your brand on a deeper level, but it will also help you create a community of engaged users who can help promote your brand. The more you help people build their own brand using your NFT’s, the more your brand will become amplified over time.
Collaborations are key when it comes to building a successful Web3 lifestyle brand. By partnering with other brands or influencers who share your values, you can reach a larger audience and tap into new markets. Furthermore, collaborations can help position your brand as an authority in your industry. Done to its highest level, positioning your brand as a platform to onboard Web2 companies into Web3 can be the catalyst to elevate your business.
Collaborations can take form in many different fashions. Not everything needs to be directed towards a new drop for holders, or bringing “value/free money” towards them. Once the expectation around collaborations is seen as a long-term play to build the IP, I believe the market will begin rewarding these types of collaborations.
Building a successful Web3 lifestyle brand requires more than just having trendy products or services. You need to be in-tune with what is popular in culture, help people express themselves using your NFTs, and collaborate with other like-minded brands. By following these steps, you can position your Web3 lifestyle brand for success.