💵 From data to dollars : 4 web3 tools you can’t ignore
And revolutionizing E-commerce through decentralization
Today's Agenda...
Master web3 finance with these 4 tools : Dune, Nansen, Glassnode & Messari – the keys to data-driven success ! 📊🚀
Web2 meets Web3: revolutionizing e-commerce with decentralized innovation⛓️🛒
⏰ Reading Time: 8 min
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The essential token analytics toolkit for web3 finance managers
With the right token analytics tools, the complexity of crypto markets becomes more navigable. Here’s a look at some of the best options, along with practical tips and a dose of reality.
1. Dune : the SQL playground for data enthusiasts
Dune stands out as a tool for those who need to extract custom insights from on-chain data. Mastering it enables the creation of tailored dashboards, whether for tracking liquidity shifts in DeFi protocols or analyzing token emissions. For those with an interest in SQL, Dune offers endless possibilities.
Best Application : it proves useful for generating detailed views of market activity and answering the perennial question: “Where is all the liquidity going?”
Reality Check : while powerful, Dune can require significant time and experimentation. It’s wise to approach it with patience and humility, as the complexity of blockchain data has a way of humbling even the most confident analysts.
2. Nansen : the tool for tracking smart money
Nansen provides insights into the actions of large crypto wallets and “smart money” addresses. This tool allows for monitoring whale movements and identifying emerging market trends before they become apparent to the broader public. It’s a strategic resource for staying ahead.
Best Application : tracking notable wallet activities and assessing whether to take cues from significant players or simply observe from a safe distance.
Reality Check : while Nansen offers valuable insights, it’s not infallible. Following whale movements blindly carries its own set of risks. Information is power, but it doesn’t replace sound strategy.
3. Glassnode : the on-chain data resource
Glassnode serves as a comprehensive platform for analyzing blockchain metrics, offering insights into network health, investor behavior, and market sentiment. Active addresses, transaction volumes, and HODL waves are just a few of the data points that can help demystify market movements.
Best Application: assessing whether market sentiment is genuinely shifting or if a collective panic is setting in over nothing significant.
Pro Tip : there’s a risk of overanalyzing data, so it’s important to stay focused on meaningful indicators rather than searching for patterns that may not exist.
4. Messari : in-depth research for strategic decisions
Messari excels at providing detailed research and protocol analysis. It’s a trusted source for understanding new token projects and staying informed about significant developments. The platform’s research reports and data help guide investment decisions and ensure thorough due diligence.
Best Application : conducting comprehensive analysis before investing in new projects or when preparing to present informed recommendations to stakeholders.
Reality Check : the paid version of Messari offers extensive features, but the free content is still valuable for those on a budget. For those who can afford it, the investment often pays off.
Merging Web2 and Web3 : revolutionizing E-commerce through decentralized innovation
This article was written by Joe Sticca, Digital Product & Technology Leader.
The convergence of Web2 and Web3 technologies presents brands with an unparalleled opportunity to innovate and connect with customers. This fusion of traditional e-commerce (Web2) with decentralized blockchain technology (Web3) paves the way for enhanced transparency, ownership, and personalized shopping experiences. Platforms like DecentraShop and initiatives by leading companies illustrate how Web2 and Web3 are transforming online retail.
The promise of Web3 in E-commerce
Web3’s decentralized approach promises to reshape e-commerce by offering greater data control, fostering transparency, and building trust. Unlike centralized Web2 platforms, Web3 allows users to own and manage their data, identities, and interactions directly through blockchain. This empowerment enables brands to build trust-based relationships with customers.
The Web3 e-commerce market's growth underscores its potential. Valued at $4.2 billion in 2022, it is projected to grow at a 45.8% CAGR, reaching $55.32 billion by 2032, driven by blockchain, decentralized finance (DeFi), non-fungible tokens (NFTs), and demand for better customer engagement.
Link to data source (Market Research Future)
Case study: DecentraShop – Bridging Web2 and Web3 E-commerce
DecentraShop, a pioneering Web3 marketplace, serves as a bridge between Web2 brands and Web3 users. Key features include:
User-friendly interface : DecentraShop’s intuitive design allows Web2 brands to transition to Web3 with minimal technical knowledge, encouraging broader adoption.
Diverse payment options : by supporting fiat and cryptocurrency payments, DecentraShop caters to both Web2 and Web3 users, making the platform inclusive.
Smart contracts for trust : DecentraShop uses self-executing smart contracts to ensure transaction terms are met, promoting transparency and trust.
Token-based incentives : the platform’s native token rewards users for participation, fostering loyalty and attracting Web3 investors.
DecentraShop illustrates how Web2 e-commerce can leverage Web3 features to create a more dynamic and engaging experience for users.
Industry leaders embracing Web3
Several industry leaders are exploring Web3 to enhance their e-commerce offerings and connect with tech-savvy consumers:
Nike
Web3 Initiative: SWOOSH
Description: launched a platform allowing customers to buy, sell, and trade virtual products, marking Nike’s entry into decentralized digital ownership.
Key Benefits: offers unique digital collectibles and exclusive experiences to enhance consumer engagement and brand loyalty.
NBA
Web3 Initiative: Top Shot
Description: utilizes blockchain to offer digital trading cards, enabling the NBA and players to earn royalties from secondary sales. Generated $1 billion in cumulative sales, with 5% shared in royalties.
Key Benefits: demonstrates revenue potential of digital ownership while offering consumers a new way to engage with sports brands.
Adidas
Web3 Initiative: Virtual Gear
Description: launched a line of NFT-based virtual wearables that consumers can own, trade, and use in the metaverse.
Key Benefits: allows Adidas to tap into digital fashion, catering to tech-savvy consumers interested in metaverse experiences.
Prada
Web3 Initiative: NFT Collaboration with Adidas
Description: collaborated on a limited NFT collection, enabling consumers to own exclusive digital art tied to Prada’s brand.
Key Benefits: expands luxury brand’s reach into Web3, providing exclusivity and digital ownership for luxury consumers.
Coca-Cola
Web3 Initiative: Metaverse Collectibles
Description: released branded digital collectibles within metaverse platforms like Decentraland, allowing consumers to own and showcase unique items.
Key Benefits: engages consumers in virtual worlds, extending brand presence and creating loyalty through digital experiences.
Le Printemps
Web3 Initiative: Live Shopping and Virtual Store
Description: launched live shopping events and a virtual store to offer customers immersive shopping experiences that blend physical and digital retail.
Key Benefits: enhances customer engagement through interactive experiences and attracts tech-savvy consumers.
Lacoste
Web3 Initiative: Minecraft Collaboration
Description: partnered with Minecraft to introduce Lacoste-themed in-game items, blending gaming and fashion for a unique brand experience.
Key Benefits: reaches a younger audience and creates a playful, brand-integrated experience in the gaming space.
Web3 loyalty programs : a new approach to customer engagement
Web3 is redefining traditional loyalty programs through its open loyalty model, which stores customer data and rewards on the blockchain. Benefits include:
Enhanced interoperability: Web3 loyalty programs enable customers to earn and use rewards across multiple brands. For instance, a partnership between Delta Airlines and Lyft could allow customers to earn SkyMiles automatically for every Lyft ride, without needing to link accounts.
Token-gated access: Utility NFTs grant token holders exclusive access to discounts, experiences, or products, enhancing customer engagement and brand loyalty.
Increased customer lifetime value: Token-based rewards align incentives, reducing acquisition costs and encouraging repeat purchases. The decentralized structure fosters organic community-driven engagement, building a loyal customer base.
Web3 loyalty programs shift focus from single transactions to ongoing engagement, resulting in a more resilient customer relationship.
Link to data source (Grand View Research)
Overcoming challenges and looking ahead
Despite its potential, Web3 faces hurdles, including scalability, user education, and regulatory uncertainty. Web3 technologies require technical expertise and a new mindset for digital ownership and security. Consumer adoption can be challenging due to unfamiliarity with blockchain.
However, platforms like DecentraShop, combined with established brands’ involvement, are helping bridge these gaps. As Web3 technologies evolve, blending Web2 familiarity with Web3 innovation will become more accessible for brands and consumers.
Conclusion : the future of Web3 and Web2 E-commerce
The integration of Web2 and Web3 in e-commerce represents a transformative shift. By combining Web3’s decentralized protocols and token economies with Web2’s established structures, brands can offer engaging, transparent, and secure shopping experiences. DecentraShop and initiatives from brands like Nike and Starbucks highlight how e-commerce businesses can incorporate Web3 to stay competitive and innovative.
As digital landscapes evolve, Web2 and Web3 fusion will redefine consumer expectations, drive loyalty, and give users true digital ownership. Now is the time for e-commerce brands to explore this frontier, blending the best of both worlds to build the future of online retail.
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Disclaimer : The goal of this newsletter is to inform and produce content related to management in the world of Web3. It is not investment advice. Investments in crypto-assets and NFTs are risky and can result in the loss of your entire capital. Always conduct your own research and exercise caution.