What: Developing a brand-level approach to Web3 technologies is now considered a must, but there is no template to follow so brands need to get started developing such a team.

Why it is important: Brands are beginning to formalise their approach, developing longer-term strategies that aim to interpret the brand’s ethos for a new era, which is taking Web3 into account.

How are these brands responding? Many are appointing senior executives to lead the charge, who are often forming dedicated teams — both full-time and borrowed from various areas of the business — to contribute technical skills and creative ideas. Some are establishing separate business units, while others are integrating these functions into existing digital and innovation teams.

As brands have begun making moves, strategies and terminology differ: some are metaverse-centric, some more Web3; some are at the group level, some at the brand level in marketing or innovation, and some both. The key factor? Brands are taking this seriously, combining experts from creative, marketing and social with technology, legal and finance.

Brands should do the following things to keep up with the Web3 trend:

• Designate someone to guide Web3 strategy
• Partner with experts and companies with expertise across technological and creative needs in the short-term
• Understand legally and financially how cryptocurrencies and intellectual property should be handled
• When forming a Web3 team, look for employees that are already interested in the matter within the organization to accelerate innovation.

The fashion exec’s guide to building a Web3 team