A supermajority of brands don’t believe in Web3’s role in business

A supermajority of brands don’t believe in Web3’s role in business

A recent Glossy survey indicates that 73% of brands do not see the vitality of web3 in their business for the coming year. 

Brands losing interest in Web3

Over the past couple of months, many major brands have speedily been moving and taking an interest in the web3 landscape. However, incoming surveys indicate that most brands dispute that web3 can impact their business in the coming year. 

Glossy conducted the survey, analyzing retail brands in early 2023. Based on the report, only about 27% of brands buy into the general idea of web3 in business, with the supermajority of 73% repudiating.

The Glossy survey asked respondents whether web3 techs like blockchain, cryptocurrency, metaverse, VR, NFTs, or others would broadly impact their businesses. There were at least five web3-focused options, but most respondents chose a 7th option, “none of the above.”

Based on reports, Glossy carried out a similar survey last year. The results indicated that at least 46% of brands believed in web3 applications for their businesses.

Glossy even gave a breakdown of respondents by the categories availed in the survey. Respondents who were optimistic that the metaverse could impact their businesses declined from 16% last year to 12%. There was also a similar 4% decline in respondents who chose VR. Only 8% believed in VR for business, down from 12% last year.

Despite NFTs trending vastly, the number of respondents with some belief in the assets was only about 2%. Blockchain and crypto received only about 1% of the vote each.

A minority of brands still adopting web3

In the past few months, some major brands have made significant strides into web3. The 2022 world cup was graced with multiple NFTs.

Just recently, Nissan filed four trademark applications, some connected to web3. The filings signaled plans for metaverse advertising, NFT marketplaces, and more. 

In mid-Feb, Mike Kondoudis also announced another trademark application by Walmart for the name and logo of SamsClub. This application also targeted specific web3 technologies. 

The two web3-focused trademark applications are just a few among the over a dozen filed since January, based on Mike Kondoudis’s tweets

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