The post The illusion of web3 innovation in large consumer brands appeared on BitcoinEthereumNews.com.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Last month, rumors swirled that Nike might shut down RTFKT, the innovative digital sneaker brand it acquired for a staggering $1 billion in 2021. Although the speculation turned out to be unfounded, it triggered a deeper contemplation: Has web3, with its promises of decentralization and digital ownership, truly delivered for consumer brands? My answer is a resounding no.  Large consumer brands are simply too rigid and risk-averse to innovate effectively within this new paradigm. They have adopted web3 mechanics superficially, driven by short-term financial gains rather than genuine technological integration. Consequently, they’ve failed to find meaningful product-market fit. The failure of large brands to innovate Large consumer brands are notoriously slow to adapt to new technologies. Kodak, a pioneer in digital photography, clung to its film business and missed the digital revolution. Blockbuster ignored the rise of online streaming and paid the ultimate price. Similarly, big brands today are repeating these mistakes with web3. They dabble in NFTs and blockchain not out of a genuine desire to innovate but as a reactionary move to market trends. This superficial adoption lacks the depth and understanding necessary to leverage web3’s full potential. From a philosophical perspective, this failure to innovate stems from the very nature of large corporations. They are, by design, hierarchical and centralized structures that prioritize stability and predictability over experimentation and risk-taking. In a Deleuzian sense, they are striated spaces that are rigidly organized and resistant to change. Web3, on the other hand, represents a smooth space, a realm of decentralization and fluidity. The inability of large brands to navigate this space is not surprising; it goes against their very essence. The superficial adoption of web3…

---

Filed under: News - @ June 23, 2024 12:04 am