True Ownership Can Be Your Next User Engagement Feature

Oct 2, 2022
NFT engagement

True Ownership Can Be Your Next User Engagement Feature

Though often overlooked, user engagement is one of the most important aspects of developing and enhancing a brand. Why? Because consumer engagement directly leads to loyalty and conversions and, ultimately, revenue. User engagement encompasses all client interactions with your brand, from the first time they see your ad or social media post to the moment they make a purchase. Creating a positive, memorable experience at each stage is crucial to keeping users engaged with your brand. 

Nevertheless, making clients interact with your product or brand is not an easily affordable task, especially when it comes to Gen Z. This generation is notoriously difficult to engage because they distrust conventional advertising and have a shorter attention span than other generations. 

To make Gen Z customers engaged with your brand, you will need to concentrate on developing a personal connection with them. They are also very independent and entrepreneurial, so you will need to tap into their desire to be their own boss. In other words, you will need to provide Gen Z consumers a genuine sense of ownership when they interact with your company, which has become possible with the popularity of Web3 and blockchain technologies.  So, what does true ownership really mean in the Web3 world?

How Web3 Helps Us Declare True Ownership?

Web3, or the third generation of the World Wide Web, is an umbrella term for a set of emerging technologies aiming to empower users with true ownership and control over their data. From social media and streaming platforms, like Youtube or Tiktok, to financial services and e-commerce, the current web’s centralized nature has led to several problems, including data breaches,  identity theft, censorship, and privacy concerns. 

With Web3, users will be able to interact with brands that run on a blockchain. This new internet model is being built on privacy, security, and transparency principles and will allow users to reclaim their data and control their online identity. In a world where data is often used to manipulate and control users, apps that give users the power to decide what happens to their data will be highly attractive.

True Ownership = Active User Engagement?

Besides the high sense of security, Web3 technologies make users feel part of the community and project development more successfully than Web2. Engaged customers are more likely to stick around, and that's precisely what Web 3.0 will help businesses achieve. By offering interactive and personalized experiences, businesses will be able to keep their customers coming back for more.

Let’s discuss the example of Decentraland (MANA). Decentraland is a novel concept in the world of online gaming and social media – a virtual world that is entirely decentralized.

A unique aspect of Decentraland is that it is owned by its users. The world is divided into parcels of land that are owned by the users, who can then develop their land as they see fit. They can open businesses, build houses, or do anything else they wish.

Thus, they get the actual fractional ownership of the project. This success of the project directly affects users, causing the community to become more active and motivated for the project’s development.

Another excellent example of true ownership in the Web3 world would be everyone’s beloved Bored Ape NFTs. Bored Apes is a collection of 10,000 distinct Ethereum blockchain-based Non-Fungible tokens. The Bored Apes are grungy simian avatars with various traits, some of which are more uncommon than others. 

The owners of Bored Apes are combined and gathered in the unique Bored Apes Yacht Club, which is the linchpin of an elitist movement, granting users various benefits.

Your Bored Ape NFT serves as your Yacht Club membership card and provides you access to members-only perks, the first of which is THE BATHROOM, a communal drawing board where Bored Ape owners may post digital graffiti. Access to a secret Discord server where you can hang out and communicate with other Bored Ape owners is also included with ownership. 

Being a member of the club means you will discuss the project's progression and participate in decision-making. This method has come with Web3, and it demonstrates that a feeling of genuine ownership of the brand increases engagement and, therefore, the project's popularity. 

To conclude, each community member owns a part, in this case, Bored Ape, which gives them a vested interest in its success. They are motivated to help make the project the best it can be because they know that their efforts will directly benefit themselves and the community as a whole. 

This sense of ownership is one of the key reasons Bored Ape Yacht Club is a vibrant and engaged community.

How Could Xternity Be Your Ticket To Web3 And User Engagement?

So why should businesses provide their communities with the experience of ownership? Because it substantially boosts user engagement, which is essential for success. Web3 initiatives have resulted in active communication and collaborative decision-making and have significantly increased user participation in the project. 

This explains why companies are increasingly transitioning from a Web2 environment to a Web3 one. Xternity facilitates the development of blockchain-based features for businesses unfamiliar with the DeFi idea by providing a tried-and-true framework and API.

The process requires no developer knowledge, as Xternity aims to help brands or Web2 games establish themselves on Web3 smoothly, with no background experience required. They provide a simple solution for any business to develop their NFT store, collections, mint, store, transmit, distribute, breed, burn, or sell their NFTs, integrate wallets, etc., in order to establish an adaptable ecosystem and brand recognition in the Web3 sector. 

With the support of Xternity, consumers get a comprehensive solution for covering all blockchain aspects that may greatly increase user participation in their initiatives and, in turn, increase adoption.

Wrapping Up

As we learned today, the Web3 community is decentralized and composed of many individuals with a shared passion for the technology. One key factor that motivates this engagement is the fact that each member feels a sense of true ownership in the community, which is the future of the brand’s popularity and awareness on the market.

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