Qiibee founder and CEO Gabriele Giancola believes that brands failing in their Web3 endeavors haven’t committed enough time or resources, contrasting with successful projects that fully embrace blockchain technology.
Points
- Lack of commitment cited as a key reason for Web3 failures.
- Successful brands invest time, resources, and capital.
- Web3 presents opportunities for enhanced loyalty programs.
- Educating brands on blockchain’s value is crucial.
In a Cointelegraph interview, Gabriele Giancola, founder and CEO of Qiibee, shared his insights on why some legacy Web2 brands do not succeed with their Web3 projects and how others achieve great results in their blockchain-based initiatives.
Businesses That Fail Were Simply Dipping Their Toes
On July 18, researchers argued that brands could enhance their loyalty programs using Web3 technology. A paper published by Polygon Labs, Google Cloud, and Accenture highlighted that Web3’s experience-driven economy presents significant business opportunities.
Despite these potential benefits, some Web3 endeavors by established businesses are shut down. For example, Singapore-based travel service conglomerate Trip.com wound down its Trekki non-fungible token （NFT） project, eliciting backlash from the community.
According to Giancola, the brands that ventured into Web3 as a “side project” did not allocate sufficient time, investment, or capital to adequately test the technology. He explained:
“The other ones that did it more as a side project, they were dipping their toes. They didn’t go swimming. They didn’t just jump into the water and said, ‘let’s just swim.’”
Giancola also shared a story on how every time Bitcoin （BTCUSD） goes up and reaches an all-time high, their company, which helps brands launch Web3-based loyalty programs, gets a call from a bank about a potential crypto credit card collaboration. However, when BTC goes down, the bank halts the project.
The executive believes that the space needs to educate brands so they can see the value in blockchain. “Because people still think blockchain equals Bitcoin. And when Bitcoin is up, blockchain is good. When Bitcoin is down, blockchain is bad. That is a bit difficult,” he explained.
解説
- Commitment and full engagement in Web3 projects are essential for success, as superficial efforts often lead to failure.
- Web3 technology offers valuable opportunities for enhancing loyalty programs and creating new business models.
- Educating brands about blockchain’s broader potential beyond cryptocurrency is crucial for sustained adoption and success.