One star per cup of coffee is an old-fashioned... We're going to buy N…
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Recently, there is a keen interest in big tech platform companies. There is a backlash against these companies' monopolization of consumer personal information and content they create to raise their ransom. Web3 is attracting attention as a new alternative. Web3 refers to a structure that transfers the owner of personal information and content from a platform company to a decentralized system and directly compensates consumers for the value of personal information and content according to set rules. It is evaluated that it has greatly strengthened the consumer protection aspect, which is a disadvantage of big tech companies. The use of blockchain technology is essential to fairly distribute value to users in decentralized systems. Coins linked to this along with Web3 are also drawing attention.
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◆ Starbucks, Reddit Joins Web3 Companies
Starbucks is the most notable company that recently entered the Web 3. Starbucks has continued to operate its own reward service for consumers apart from platforms such as Facebook and YouTube. Starbucks accumulation, which is frequently posted on the Internet community at the end of the year, is a representative example. According to the number of stars accumulated, Starbucks Diary, a hit product, was presented to increase consumers' loyalty and give them a sense of belonging.
However, as can be seen from the so-called "star begging" that occurs every year, simple digital stamps have limitations in determining accurate information of consumers. The more Starbucks coffee you drink, the more benefits you provide, but even if you don't drink much coffee, you can pretend to be a key consumer of Starbucks through begging or exchanging. This is not just a problem for Starbucks, but also a reality faced by most consumer goods companies that run other similar reward programs.
Blockchain, NFT, and Web3 are technologies that can solve these problems. A clear and fair reward program can be operated by identifying consumers through blockchain technology that cannot be arbitrarily deleted or modified, and by issuing digital stamps as NFTs, it is possible to operate a clear and fair reward program. Starbucks created Odyssey, a new reward program, in collaboration with Polygon, a blockchain project. The main content is to use Web3 technology to allow Starbucks Rewards members to acquire and purchase digital collections.
Starbucks designed the Odyssey to receive more complex rewards than the frequency using Web3. It plans to strengthen the connection between brands and consumers by building a journey to enjoy and enjoy coffee better with Starbucks brands, and implementing three-dimensional experiences through games and puzzles, not just a reward like one star per cup of coffee. Stamps provided as compensation for the journey are provided in various forms such as limited editions by applying NFT technology. Consumers may purchase it or sell it to other consumers.
Reddit, the largest Internet community in North America, uses Web3 to help users create their own avatars. In fact, user avatars were first tried in 2020, but they did not gain popularity because they could not prevent theft or damage by simply producing images. However, this year, the popularity soared as NFT technology was applied to support the production of unique avatars under the name of Collectible Avatars and to solve theft and damage problems by verifying the authenticity of avatars within the service.
The popularity of Reddit Avatar is flying high despite the sluggish NFT market. Last month, the daily trading volume of Reddit NFT Avatar exceeded 2 billion won, exceeding the total trading volume of Open City, the world's largest NFT marketplace. The number of users of Bolt, an NFT wallet provided by Reddit, is estimated to reach 2.5 million. This is a case in point that shows how popular it can be if it solves the problem of theft and damage with blockchain and NFT technology and protects the value of users.
◆ Twitter Becomes Web3 After Acquisition of Musk
In response to this move, existing big tech companies are also paying attention to Web3. Facebook has already pushed for its own blockchain project, Libra, but has given up due to strong criticism at home and abroad. However, it is already well known that founder Mark Zuckerberg is highly interested in blockchain and NFT. NFT is being introduced sequentially to Instagram and Facebook profiles.
Twitter is the most active big tech company in the transition to Web3. Twitter founder Jack Dorsey is known as a Bitcoin advocate and also founded Block, a blockchain-based fintech company. However, the recent change in owner to Tesla founder Elon Musk seems to have accelerated the introduction of virtual currency and changes in the web3 base. Musk made his name known as Dogecoin's strongest sponsor even before acquiring Twitter. Musk has been promoting Dogecoin on Twitter since 2019, and after recently acquiring Twitter, he drew attention by posting a picture of Dogecoin's mascot, Shiba Dog, wearing clothes with the Twitter logo on it.
Twitter is expected to accelerate the introduction of virtual currency after Musk's acquisition. Inside Twitter, it is already developing its own virtual currency wallet, and the prospect that Dogecoin will be introduced is gaining momentum. Twitter Blue, a paid subscription model that can change its profile to NFT, is also expected to expand under Musk's leadership. Musk's idea is to increase the quality of service on platforms dotted with advertisements and bots through this and to allow users to use SNS more fairly.
◆ Link with Web3 companies, value coins
As companies introduce Web3, related coins are also drawing attention from investors. Dogecoin's price soared more than 100% in a week after Musk's acquisition of Twitter. Polygon, which is used for Starbucks and Reddit, has now risen to 1,400 won since hitting an annual low of 500 won in June.
Companies' introduction of Web3 and cooperation with blockchain projects are expected to serve as an opportunity to give value to coins that have been criticized for their lack of utilization. As a collectible avatar of Reddit, Polygon has 2.5 million users and handles NFT transactions worth 2 billion won a day on the network. Dogecoin will also secure a huge number of new users if it becomes a payment coin on Twitter.
Other coins are also rushing to cooperate to join the Web3 trend. The most notable place is the entertainment industry where the fan community is activated. Solana has created a fund worth 120 billion won for the Korean market to support its entry into the Web 3, and has pointed to games and entertainment as its main targets. In Korea, Clayton is seeking various Web3-based cooperation.
