Creating a web3 agency: new ways of delivering work at the digital frontier
Elvin Tan is managing director at Invnt.Atom, the new digital innovation arm of Invnt Group. Experts in web3 and its myriad new technologies, Tan guides us through the offering’s creation and how the industry needs to reshape itself to achieve excellence on this new frontier.
Invnt Group considers the possibilities of web3 and how marketers can learn to embrace these changes.
“A wealth of information creates a poverty of attention” - Herbert Simon
We live in a world today of hyperconnectivity, with a wealth of information through ever-shifting communications channels, creating a new economy of engagement and storytelling possibilities.
Brands are increasingly challenged to cut through the clutter of new technologies and over-stimulation while access to interconnected networks is rapidly evolving.
Web3 is the next evolution of the internet: a decentralized network where users have more ownership and control over their data and assets, as opposed to the highly centralized networks where a few companies dominate.
Invnt Group, The Global BrandStory Project, recently expanded its global capabilities, launching digital innovation division Invnt.Atom. The group is rooted in over a decade of market-leading position in brand story crafting, designed to connect with diverse audiences and communities everywhere.
Invnt.Atom was established to help brands and organizations chart a course toward modern digital frontiers, by defining a brand's story, strategy, community, and collectors to collaboratively consume, create and ultimately own the future brand experience. The division is powered by strategists, marketers, creators, developers, matchmakers, and thought leaders devoted to storytelling and harnessing the power of web3.
“Our commitment to brand storytelling and innovation is boundless. Strategy, design, and technology continues to drive our Global BrandStory Project. Invnt.Atom supports our clients as they explore and leverage the exciting digital revolution of Web3; ensuring they remain relevant and engage with their most important audiences as new storytelling opportunities emerge,” said Scott Cullather, president and chief executive officer of Invnt Group.
Storytelling in the next frontier
The one thing that remains constant is the power of storytelling. Really, only the medium has changed, from the stone age to print, to mobile apps, and now web3.
From the much-touted metaverse, the dizzying trading of non-fungible tokens (NFTs), decentralized apps (‘Dapps’) to decentralized finance (‘DeFi’) to decentralized autonomous networks (‘DAOs’), it’s essential to stay steadfast and true to the values of brand storytelling.
To be effective, whether it’s in the centralized version of the internet (web1.0 or 2.0), to the new decentralized version (web3), storytelling will remain front and center
Most recent for Invnt.Atom, a world-first project with Automobili Lamborghini powered the auction of a 1:1 NFT alongside the last physical Lamborghini Aventador LP 780-4 Ultimae Coupé ever to be produced.
The ‘Lamborghini Ultimate’ campaign and drop was the world's first super car 1:1 NFT featuring visual artwork from renowned NFT artist Krista Kim, as well as a custom-developed musical track from Grammy Award winning producer and Web3 curator Steve Aoki. An exclusive preview of the NFT was hosted on BZAR Marketplace, Invnt Group’s patent-pending, decentralized, content led metaverse; established as a marketplace for physical and digital transactions, NFTs, entertainment, social and gaming experiences.
The RM Sotheby’s auction closed at $1.6MM, making it one of the 10 most expensive brand-new Lamborghini’s ever sold at auction - and a case in point for the powerful possibilities for storytelling in web3.
The appeal to the next generation audience is the intersection of art, music, entertainment, design, and technology. It’s a culture-forward project not only for Automobili Lamborghini but Invnt Group, who curated the strategic partnership and developed, designed, produced, and marketed the Lamborghini Ultimate campaign globally, alongside it’s curated portfolio of disciplines including Invnt.Atom, and digital content studio, Heve. It represents the group's ongoing commitment to helping brands and organizations tell stories that connect with their most important audiences in engaging and relevant ways.
New business models mindset
The fundamental elements of storytelling coinciding with the advent of web3 and how brands and users will evolve to interact means that business models are shifting simply because of the changes in value exchange, becoming more collaborative and creator-focused rather than purely transactional. As users’ attention spans continue to decrease, new business models need to be built on brands vying for disposable time, as opposed to only disposable income.
The shift of mindset for agencies is imperative for web3, looking to build its business in this new yet-to-be standardized industry shaping itself at warp-speed with seemingly unstoppable (and interdependent) developments.
Instead of a presumptuous approach to defining business models in web3, agencies will find themselves better placed to be participants and community contributors to the development of new unimagined frontiers, and to engage with partners and collaborators to deliver value to end-users, be it from a brand or an organization looking for future growth opportunities.
Invnt.Atom reimagined business models as a web3 agency, by leveraging the global Invnt Group team, with an emergent model taking shape just as with the historic Lamborghini NFT auction.
Importance to our industry
The world and society is and will always be changing. As an industry in storytelling and communications, the onus is on us to figure out the most relevant, strategic, and meaningful approach to engage with customers and users.
A wealth of information creates a poverty of attention. Brands will do well to stay laser-focused on the needs and wants of users, which will increasingly influence how communications and the industry will evolve.
And in many ways, in true web3 spirit, it will be the community that will drive this brave new frontier.
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