You’ve heard it all before: Web3 is rife with scams, blockchain is bad for the environment and we’re blowing up a bubble that’s about to burst. These criticisms are valid and are to be expected for any nascent technology where the landscape is messy and voices are loud. But Web3 enables us to do old things on the internet in new ways while unlocking new features, too—and that’s something worth paying attention to.

Web3 is more than a tech infrastructure; it represents an entirely new way of thinking about how brands build and engage with culture. Products have given way to projects, with fans wanting to participate and have a stake in the long-term building of communities. Meanwhile, the interoperability afforded by the blockchain allows people to seamlessly connect and revoke data with ease, causing implications in newly connected experiences and the authentication of identities. As a consultative partner in virtualization, we help brands identify and act on these opportunities and more.

NFTs remain an accessible entry point for brands to experiment with the Web3 ethos. But the underlying value of an NFT is only as strong as the community that one has built around it, which can mean all the difference between cultural cachet and creative clutter. From mint to market, we help brands connect authentically (and sustainably) with audiences and NFT creators to build cultural engagement and artifacts for a new age.

More than currencies and collectibles, Web3 offers incredible opportunities to transform the enterprise. Smart contracts on blockchain—essentially programs that automatically execute transactions or document events according to the terms of an agreement—can be used to strengthen loyalty programs or automate entire workflows, like managing intellectual property across the business. Finally, Web3 also opens up the potential to move into new business models, like developing digital-native or exclusive products and services.