So much to do, so little time. That’s the perennial challenge many enterprises face. And with the recent growth in Web3 and blockchains, it’s hard for brand owners to know if this is merely a passing fad, or if this is a trend that they should be paying attention to.
Here’s what enterprises and brand owners need to know about Web3 and blockchain domains to get ahead of their peers. For the right companies, blockchain domains can help creators and enterprises achieve better branding, improved client connections, and added control.
Blockchain Domains: Get Ahead of the Game
For brand owners, domain names are strategic assets. This is especially true in the budding Web3 universe.
Though regulation around the Web3 universe continues to mature, the lack of rights protection mechanisms continues to be a challenge for brand owners. Furthermore, the anonymity involved makes it difficult to identify the wallet owner of an NFT domain name unless that owner wants to be identified. For people transacting in Web3, this makes it difficult to trust who they’re actually interacting with.
This is exactly where blockchain domains come in.
From a brand perspective, acquiring blockchain domains can help build trust in this emerging space. Once a NFT domain is written to the blockchain, it’s immutable. So, while individual users may be incognito in the Web3 space, brands can use their Web3 domains to establish a known and trusted presence for their customers.
As the Web3 world continues to develop and evolve, it’s possible commerce in this new realm will increase, and the price for NFT domains will grow accordingly. While the Web3 space is still made up of nascent technologies at the moment, it’s possible that it might become more important in the not-so-distant future. Brands that get ahead of the curve now will have that domain name asset they can use without spending exorbitant acquisition fees.
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3 Ways to Mitigate Risk and Protect IP in a Web3 Paradigm
There are a few ways brands can work to protect their IP in the decentralized world.
The first is to get ahead of the curve and defensively register relevant blockchain domains. Another is to continue in the vein of current omnichannel commerce and make new Web3 domains look and feel exactly as their Web2 counterparts do.
Many of the brands that have invested in a Web3 presence have done just that, and the only way you might even know you were transacting in an NFT marketplace would be the fact that you navigated to them through a specific Web3-enabled browser, like Brave or Beaker. Making the experience seamless will help build the brand recognition and trust needed for Web3 IP to endure. Finally, and while it might seem ironic in a decentralized world, keeping abreast of organizations like the Decentralized Future Council will help brands understand the evolving regulatory landscape. The Council is lobbying congress to create rights and levels of protection for individuals and corporations in a Web3 universe, to make it easier to protect IP. Having a public blockchain that records transactions from vendors can allow clients to verify that activity before transacting themselves.
The SuN Takeaway
As it stands, the industry and the Web3 space still need to mature a lot more before the general public will feel comfortable in working within it. Brands that want to preserve trust and protect their IP need to stay ahead of the curve. Securing blockchain domains and weaving them into the existing client experience when appropriate should help companies extend the trust they’ve built in a Web2 paradigm into the Web3 universe. For enterprises and established companies alike, things like NFTs and digital wallets may soon become a must. Anticipating those changes will enable burgeoning brands to stay ahead of the game and ahead of the competition.