Last month, rumors suggested that Nike might shut down RTFKT, the digital sneaker brand it acquired in 2021. Although unfounded, this sparked a debate on whether web3 has truly benefited large consumer brands. The consensus is largely negative: big brands are too conservative to innovate effectively with web3. They engage with web3 technologies superficially, focusing on short-term gains rather than meaningful integration.
Historical examples like Kodak and Blockbuster show that large brands often fail to adapt to new technologies. Nike’s acquisition of RTFKT and Louis Vuitton’s blockchain forays are seen as marketing gimmicks rather than true innovations. Despite efforts like Louis Vuitton’s “Louis: The Game” and “VIA Treasure Trunk” NFTs, consumer engagement remains limited.
Smaller, agile companies like 9dcc and the original RTFKT are leading web3 innovation. They create new models of ownership and engagement that resonate with consumers. For web3 to reach its full potential, large brands must learn from these smaller innovators. The future of web3 belongs to those willing to experiment and push boundaries.
