We have come a long way since NBA Topshot in October 2020 or Playboy’s first digital art pieces in May 2021. The hype and speculation around NFTs that accompanied us in 2021 and the beginning of 2022 are over. But while the dust settled, the potential of Web3’s underlying technologies for business use cases beyond mere digital collectibles became more and more apparent. This is reflected in a rising number of global brands, like Nike, Adidas, or Tiffany launching NFT campaigns throughout 2022 - despite the bear market.

We know from research that adoption of new technologies always takes time and Web3 is no exception. Everyone, whether a big, multinational brand, or an average consumer passes through multiple stages before understanding and leveraging the full potential and benefits of a new technological wave. While the maturity eventually adopts the new technology, the speed of adoption differs widely. Some people or businesses love to get their hands on the latest tech and therefore are called innovators or early adopters, others lag behind and follow later. How is the adoption of Web3 among brands and what can we learn from those early adopters?