In 2024, web3 will offer brands new community-building opportunities

This story is part of Glossy’s “Look Ahead” series breaking down what brand and retailer executives can expect from the fashion and beauty landscapes in 2024. Click here for more stories in this series.

2023 was the year that web3 brands went dark and into “building” mode, with a focus on internal project development as opposed to flashy launches.

Due, in part, to the announcement of crypto regulations, the crypto market was slow this year, only experiencing an uptick in the number of transactions toward the end of the year. This means that collectors and fans of making crypto purchases of NFTs were less likely to invest in the product, mainly waiting on the sidelines for more elaborate launches like those previously released by RTFKT and RSTLSS. They did, however, remain engaged in web3 community events and activities, showing ongoing interest and providing an opportunity for brands.

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