Web3 & NFT Commerce Predictions for 2023

December 30, 2022 - Seattle, WA

After an eventful 2022 with Brands like Nike, Starbucks, Reddit, Budweiser, Tiffany's and more (Brand Entering Web3 Commerce) taking a step into Web3 and NFTs, 2023 is shaping up to be an exciting year for the world of Web3 & NFT Commerce.

Brands are actively exploring how Web3 and NFTs can lead to revenue, brand awareness and loyalty, and impact their bottom line. The largest and most innovative Brands have dedicated individuals and teams tasked with creating plans internally or seeking out agencies and technology partners.

NFTs

NFTs, which are unique digital assets stored on a blockchain, have a wide range of potential uses, from representing ownership of digital art and collectibles to even physical assets like real estate.

In 2023, we can expect to see even more brands leveraging the power of non-fungible tokens (NFTs) in innovative and creative ways. Here are a few ways that brands might use NFTs in the coming year:

• Creating limited edition NFT collections: Brands can use NFTs to create limited edition collections of digital assets, such as exclusive artwork, music, or even virtual experiences. These NFTs can be sold to collectors and fans, offering a unique and collectible way for brands to engage with their audience.

• Using NFTs for experiential marketing: NFTs can be used to create immersive and interactive experiences for consumers. For example, a brand might offer a virtual reality experience that can only be accessed by purchasing a specific NFT. This can be a powerful way for brands to create a sense of exclusivity and provide a memorable experience for consumers.

• Offering NFT-based loyalty programs: Brands can use NFTs to create loyalty programs that reward customers for their loyalty and engagement. For example, a brand might offer NFTs as rewards for customers who reach certain milestones or levels of engagement. These NFTs could be used to redeem discounts, special offers, or exclusive experiences.

• Using NFTs to represent physical assets: Brands can use NFTs to represent ownership of physical assets, such as real estate or fine art. This can make it easier for brands to track and verify ownership, as well as make it easier for consumers to buy and sell these assets.

• Creating NFT-based charity auctions: Brands can use NFTs to create charity auctions, where proceeds from the sale of NFTs go to support a specific cause or organization. This can be a powerful way for brands to engage with their audience and make a positive impact on the world.

Overall, NFTs offer a wide range of potential uses for brands, and we can expect to see even more innovative and creative uses in 2023.

Other industries and verticles where Web3 will see growth in 2023.

DeFi

One of the most notable trends in 2023 is likely to be the increased adoption of DeFi platforms, which use blockchain technology to enable financial transactions and services. More and more people and businesses are turning to DeFi platforms for tasks such as borrowing, lending, and trading, and this trend is only set to continue in the coming year.

Healthcare, Education, and Government

In addition to these technologies, we can also expect to see the continued development of new use cases for Web3 technologies, such as blockchain and decentralized applications (dApps), in areas like healthcare, education, and government.

Supply Chain

Greater use of blockchain for supply chain management: Blockchain technology has the potential to revolutionize supply chain management by providing a transparent and immutable record of the movement of goods. In 2023, we may see increased adoption of blockchain technology in supply chain management, particularly in industries where traceability and transparency are important, such as the food and pharmaceutical industries.

Regulation

As Web3 technologies continue to mature and gain widespread adoption, regulatory bodies around the world will likely provide clearer guidelines and regulations surrounding their use. This increased regulatory clarity will help to increase confidence in these technologies and facilitate further adoption.

Overall, 2023 is shaping up to be an exciting year for the world of Web3 & NFT Commerce, with a wide range of innovative technologies and applications to look forward to. Whether you're interested in NFTs, DeFi, or the many other possibilities offered by Web3 technologies, there's plenty to keep an eye on in the coming year.

---

About Niftmint

Niftmint makes it simple for Brands to Mint, Sell, and Custody NFTs directly on their site while abstracting crypto and crypto-wallets from the Brand and their Customers. Niftmint has productized all smart contracts, wallet creations, token deployments, and transfers while providing a user experience native to traditional Commerce.

AppTech Payments partners with Niftmint for Money20/20 Conference NFTs

24 October 2022

Seattle, Washington - Niftmint announced the partnership with AppTech Payments Corp (NASDAQ: APCX) to provide the Niftmint for Conference NFTs solution for AppTech Payments at Money20/20 2023 in Las Vegas, the world's largest global fintech event.

With the Niftmint for Conferences NFT solution, AppTech Payments will be able to mint their own Conference NFTs and allow attendees to claim and view their NFTs directly inside of AppTech's website, without having to own a crypto wallet or actively manage their NFTs.

"AppTech has long been an innovative leader in the payments space, and we're thrilled to be partnering with like-minded organizations that want to continually push the bounds of interconnectivity and seamless engagement," said Jonathan Blanco, CEO of Niftmint. "We think Money 20/20 is one of the best places in the world to showcase the ease of making, claiming, and using NFTs with Niftmint's solutions, and AppTech is the best organization to do it."

Niftmint will be integrating its Niftmint for Conferences NFT solution directly inside of an AppTech digital environment for the launch of its Commerse Platform, and conference attendees will be able to claim these NFTs without having to visit any third-party websites or use any other services. AppTech and Niftmint will provide initial custody of the NFTs for the conference attendees, and will allow all participants to transfer their NFTs over to self-custody should they choose - or leave them in AppTech/Niftmint custody and get to enjoy the giveaway without any additional complexity.

About Niftmint

Niftmint is an eCommerce integration allowing brands to mint, display, sell, and custody NFTs directly in their eCommerce platforms, without needing to send customers to 3rd party marketplaces or introduce crypto workflows. With Niftmint, Brands can treat NFTs as digital inventory, and do what they’ve always been good at – giving their customers what they want. To learn more, visit www.Niftmint.com

About AppTech Payments Corp

AppTech Payments Corp. (NASDAQ: APCX) is an innovative Fintech company with an elite digital platform that powers seamless omni-channel commerce experiences for clients and their customers. To learn more, visit www.AppTechCorp.com

Metaverse: The Graveyard of (Tech) Empires

“$10 Billion In R&D, And All I Got Was This Stupid Surfing Lesson.”

When you’re learning to surf, you start small. You start with the tiny waves - learn how to get up on your knees, learn how to get up on your feet. Learn how to swim past the breaks, start over again on slightly bigger waves, rinse and repeat. Eventually you become comfortable enough with the environment, develop the muscle memory necessary to take advantage of opportunities, and soon conquer the single overhead waves.

What you don’t do is build your own beach with riptides and rocky shores, grab your board, swim out until your feet don’t touch, spend $10 billion pushing your board against the tide until you make a wave, outswim it to get in front of it, ride on it, shout about how great it is all the while wondering why no one else is at your beach.

Photographed: $10 Billion Surfing Lesson

"Eroding Cliffside Views In Abandoned Zones - Tech's Hottest Trends 2022"

You don't have to be a monolithic empire to burn mountains of cash buying land along a quickly eroding scape. Thankfully, this is Web3, which means everyone has (near) equal opportunities to throw money away. Earlier this year (2022), the newest craze was buying real estate in the Metaverse. Create finite limits (in an infinite world), drive scarcity and demand, profit. Singular plots of digital land were flying off the shelves, some going for over $100k (location, location, location). Those of us in the Web3 industry - whether we publicly admitted it or not - thought this was brilliant at the time. The tides of the future were coming, and those who purchased their plots secured their places on Boardwalk.

Only catch is - what we thought was the ocean, was really a lake. There are no tides here.

Of the multitudes of Metaverses either active or in development, many would argue Decentraland is one of the best and most utilized Metaverses - ourselves included. When in the Web3 space, we tend to focus in on the specifics of what we're building, and thats a good thing! L1 blockchain engineers don't split focus on Metaverses. NFT infrastructure teams don't try to figure out how to incorporate liquidity pools. Staying militantly focused on what we're building, I thought things were all well in the Metaverse, until I saw a tweet today illuminating just how much of a graveyard has been built.

Cut to Mark Baum (Steve Carrell) saying "Boom" and faking a mic drop.

There was a lot of back and forth in the thread about what qualifies as DAUs, what information DappRadar could and could not accurately provide, et cetera.

Since Amazon cut service to Alexa (the web traffic analyzer, not the Orwellian home assistant), I've had to use alternate resources to independently assess the veracity of such claims. That being said, I can't believe I've never bothered to take a look.

14 Day Tracking. Source: DCL-Metrics, retrieved October 6, 2022

These two, low-effort Excel charts demonstrate the severity of the situation for Decentraland. Over the past 2 weeks, Decentraland has managed to attract <10K daily unique visitors, and over the past week, this number drops to <8K. Even worse are the numbers of the users that leave their spawn parcel (land). Without perfect insight into minutes active per user, total visitors, et cetera - this is the best KPI we're left with to estimate engagement rates. Unless all of the excitement of the Metaverse is limited to seeing/engaging with exactly what's at your spawn point, then something is rotten in the state of Denmark. With a total market cap of $1.2B for Decentraland's native cryptocurrency, MANA, we're looking at an applied value of $150K per unique daily visitor. Even worse, if we look at the truly active users, the ones exploring around and engaging with the wider environment, their applied value becomes $2.42M per user.

"Will This Industry Have a Second Life?"

Metaverses are hailed as new and innovative technology. The Oculus Quest, the HTC Vive, the HP Reverb - all continuing to unlock immersive experiences. As a matter of fact, several months ago I had an early morning meeting with a friend in a Metaverse I was incredibly impressed by: Proximity chat, 3D audio, smooth and seamless feel to 'mouse and keyboard' movement, clearly the developers had immense talent and had built out the right experience. But these modern Metaverse experiences aren't the only kind to have. Obviously we're ignoring Minecraft, Roblox; thinks we don't even think of as Metaverses that really are. But here's the question I kept coming back to, and where all of this gets real interesting:

"When did brands start putting money into Metaverse strategies?"

In July of this year, Coca-Cola's Head of Global Creative Strategy announced a special digital collectible drop for International Friendship Day to commemorate the 1-year anniversary of Coke launching their Metaverse journey. Congratulations, Coca-Cola! One quick amendment I would make to that statement, however, would be the anniversary they're celebrating. Not your 1st anniversary. Try... 20th.

In 2002, Coca-Cola launched Coke Studios - a 'virtual world' as it was called back then, with 8 million registered users 5 years after its launch. Sounds like a resounding success, right? I'd like to meet someone who remembers spending time in that metaverse and pick their brain, for 8 million registered users, I'm sure they're hard to come by anymore. Furthermore, you would think 8 million registered users can provide program viability, but again, wrong.

In 2007, Coca-Cola partnered with Crayon, a then-digital agency, to launch an exciting new initiative: Coke inside of Second Life - the Metaverse to end all Metaverses. In 2007.

An Iconic and Unforgettable Moment in Metaverse Marketing

The then-Director of Global Interactive Marketing announced this new partnership in... get this... a virtual press conference. New - And - Novel . There's a terrific writeup from 2007 covering the announcement I highly advise all people seeking Metaverse strategies to read, keeping in mind that this article is (now) 15 years old. There are three takeaways I want to highlight from this campaign, and if Coca-Cola couldn't get value from it, hopefully we all can:

• First, no one remembers this. Not even Coca-Cola.

• Second, at the time, Second Life had 5.6M registered users, but <1/5th of them were monthly active users.

• Third - and most importantly - the person behind his campaign at Coca-Cola had the exactly correct intentions when launching this initiative. The only misfortunate parts were the over-emphasis into the potential of this technology, the 'hockey-stick growth,' and the "fulfillment of [non-existent] virtual wishes." In sage-like sapience, in regards to the launch, the Director of Global Interactive Marketing said "We did not want to create yet another branded island and assume people will come."

Prognostication at its finest.

"OK, Say This IS a Graveyard. Tell Me More of the Tombstones."

We often talk about how consumer behavior is almost impossible to change. To achieve this, there are two fundamental components:

• You have to provide consumers with an experience that is far better than what they have access to today, and

• You have to slowly introduce these new experiences, allowing them to gain familiarity.

To bring it back to the surfing lesson, if you want to get your company surfing, you have to start small.

Too often, we have meetings with orgs (from SMBs to Fortune 100s) who think its critical to create a Metaverse strategy. They want to let consumers buy digital assets they can bring into Metaverses and have experiences with the brands that actively compete with in-person experiences, all while wearing clunky headwear operating on clunky software as they sit in their living room. In hearing this over and over, I'm always reminded of perhaps my all time favorite scene from Silicon Valley:

It'll probably happen in our lifetime! We just have to figure out... how to make it work." - N. Bighetti

Consumers aren't asking for Metaverse experiences. Those that ARE asking for Metaverse experiences aren't even enjoying using it. In all probability, if you bet the farm and spend $10B on building out that Metaverse, you'll have built the modern Mausoleum at Halicarnassus. No companies have gone down by pursuing integrating Metaverse strategies into their org - but I can assume you - none have profited. For a long, long, long time. And in an era where attention spans last for seconds, memory lasts for hours, and generational changes happen every 7-8 years, now is anything but the right time to start investing in / integrating the Metaverse into your core business.

Percy Bysshe Shelly, "Ozymandias," 1818. (paraphrased)

"So You're Saying We Should Just Roll Over and Embrace the Sears Catalogue?"

Web3 tech is here to stay - there's no doubt about that. People are building in the space, creating those enhanced consumer experiences in simplified ways that will end up driving the adoption of new consumer behavior. Brands need to begin the process of learning how to surf the Web3, but don't conflate that with watching ReadyPlayerOne three times and forcing your business to adopt a robust Metaverse strategy.

I don't want to be a Metaverse Minimalist here. The industry gained widespread attention at the intersection of a global pandemic keeping everyone at home, and the boom of the NFT market. In no uncertain terms - I believe there is value in the Metaverse. What I don't believe is the rapid pursuit of the metaverse, the major incumbent investments, and the panic in Brands to urgently figure out a Metaverse strategy and go-to-market. There was an era when we were all locked down, and the idea of virtual bars and virtual offices began to sound pleasant. But just as pleasant as they sounded then, they sound miserable now. Zoom's stock averaged somewhere around $300 during the Covid-19 pandemic, because that was the world we had. Today, it sits at $80, because that world was left behind. A good friend of mine once said "VR tech has been 5 years away from being great.... for the past 20 years." I don't expect that to change any time soon.

For many businesses, the most important things they can be doing today is thinking "how do we begin to offer Web3 experiences in super-simplified ways that add to our core value proposition - not distract from it?"

At Niftmint, we stay radically focused on creating the tooling to allow Brands to offer NFTs to their customers in a way where neither the Brand nor the Consumer have to adopt any new behaviors - all engagements taking place inside of well known experiences. We think of it as a new and enhanced product line for the Consumers, not as an asset to be brought into a 'Metaverse' and to have radical functionality.

Brands need to be focused on staying on top of the innovation wave, but don't let your eyes (or worse, your dreams) get too big for your stomachs, or else you'll find yourself wondering how could so much money disappear so quickly. Start small, start looking to add Web3 components to your business without changing your business, and radically focus on upholding your brand to your customers before going out to boil the ocean. If you do, the water will be just that much hotter when you crash.

---

TO LEARN MORE ABOUT NIFTMINT, CLICK HERE

FOR MORE METAVERSE EXAMPLES, CLICK HERE