In this episode of Understanding Crypto, Paul Abercrombie and James Burtt discuss practical techniques for incorporating web3 tools, tactics and platforms into real-world businesses. They discuss various ways this can be done; one of the most significant ways is understanding your target market's relationship with cryptocurrency. James comments, “Just think of crypto as a new digital toolbox… [Business owners should find] those tools that would fit your requirement and solve those problems that fit the needs or the wants and desires of your ideal customer base.”

 

Bringing Cryptocurrencies into the Mainstream

The drive by luxury firms to incorporate cryptocurrencies as a payment option heralds the mainstream inclusion of digital currency. This, according to Paul, is a progressive move that might offer a lesson to business owners interested in crypto. He feels that business owners should have a deep grasp of their target demographic's preferred payment methods. "You have to understand your customers," Paul remarks, "because if you look at the brands that are doing this, their customers are well versed, well educated, mainly, and perhaps have cryptocurrency holdings." Both James and Paul believe that crypto can help business owners expand their customer base. [Listen from:1:11]

 

Business Models 

Although luxury brands have the consumer power to make the switch to cryptocurrency payments, the average business owner may not be able to do so because of their clientele. Both James and Paul, however, recommend smaller-scaled solutions that may be incorporated into a typical company model. Paul demonstrates why NFTs and digital assets should be at the heart of membership business models. Creator coins and social tokens can also be used as rewards in community-based frameworks. They both agree that in the actual world, most companies are behind the curve because most of their knowledge comes from conventional media. Nonetheless, James feels that accepting cryptocurrency payments is a start in the right direction. Paul believes that the current gap can be closed through the implementation of crypto payment platforms such as Coinbase, Moonpay and Bitpay, which convert virtual cash to fiat currency. In the middle of the crypto revolution, every business needs a well-balanced mix of digital and real-world mechanisms to flourish. [Listen from 4:46]

 

Innovative Applications 

Through inventive applications, Web3 has the ability to tackle real-world issues. For anyone interested in working in and through the Web3 domain, James sees consultancy as a lucrative path. He feels that the increased interest in cryptocurrency  by luxury brands exposes a void for experienced players to fill. Paul on the other hand feels that identifying Web3 solutions for current challenges might be a critical first step toward innovations in the crypto space. “I see crypto or blockchain as solving the world's biggest problems if the right people get hold of it and develop a solution or platform to solve those problems,” he says. He believes that company owners in the physical and digital worlds should come up with new ways to employ the existing Web3 tools to solve problems in both arenas. He recommends NFTs as a platform for learning and investment, as well as the use of blockchain technology to revolutionise the construction industry. “Biometric machines on site that could talk to the Blockchain that would prove that person was there. It would be on the digital ledger so that payments are quicker,” Paul says.  Innovation would be expensive, but he believes funding could be sourced through DOAs, communities, and other Web3 platforms. [Listen from: 7:09]

 

Key Takeaways:

•  In the midst of the crypto revolution, every business needs a well-balanced mix of digital and real-world mechanisms to flourish.
• Accepting cryptocurrency payments is a start in the right direction.
• Identifying Web3 solutions for current challenges might be a critical first step toward innovations within the crypto space.

 

Resources

James Burtt on Twitter | LinkedIn | Instagram | Clubhouse

Paul Abercrombie on Website | Twitter | LinkedIn | Instagram 

Coinbase

Moonpay

Bitpay

Balenciaga Article

Understanding Crypto is the podcast created to help you work out what is happening in the world of Web 3.0 and the impact this digital revolution could make to your brand, business and life.

In this show your hosts Paul Abercrombie and James Burtt will be discussing, distilling and massively simplifying subjects such as how blockchain works, what is metaverse real estate all about, what are you actually buying when you purchase an NFT, how do DOA's work, which direction is Bitcoin heading in, how to use a digital wallet, what steps you need to take to onramp from fiat currency into digital assets and lots, lots more.

Plus, via specific episodes of the podcast, Paul and James will actually pull back the iron curtain to share what on-chain projects they are involved with and document - in real time - the processes they grow and go through in order to make Web 3.0 as valuable for real-world realtime businesses and brands as possible.