Erika Wykes-Sneyd joins Outlier Ventures host and CEO, Jamie Burke, to discuss Adidas' efforts in Web3. This episode is packed with valuable insights for Web3 founders, investors, and anyone interested in building a strong Web3 community.
Read our notes below to learn more.
Erika’s Journey
She worked in the motorcycle industry and action sports in the automotive industry.
She ran over and lead the PlayStation 4 launch.
She was at Google helping to build pre-monetized solutions for shopping.
She jumped over to Uber right around the time the Uber crisis was trending.
She thinks that we are moving from a shared economy to owned economy.
When she was at PayPal she helped to establish the positioning for cryptocurrency in the app.
A brand that is iconic as Adidas can have a huge role in helping popularize and bend trends.
Adidas Web 3 Studio
She studies what is happening to the culture and how business can help win those merging cultures.
Adidas is number 2 in all the markets. They created the sporting goods industry years ago, so they have the right to be a pioneer and a boundary pusher to enable access to opportunities.
When there is an email chain in the company about what they are going to do with cryptocurrency she grabs the chance to connect with the people on that chain.
They started to explore the opportunity spaces of Web 3 and how they could connect to the culture and essentially a manufacturer brand like them.
Metaverse
When Facebook changed its name to Meta everyone was talking about it but nobody was really taking to NFTs too much. People didn’t understand what they are going to do with NFTs.
They wanted to bring awareness and attention to the values that were behind the communities.
BAYCs gave away IP rights and ownership inside every single smart contract.
With this new opportunity, there was a power shift.
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Core Consumer Base
They see the similarities between sneaker collecting and trading to NFT collecting and trading.
There are lots of barriers to entry when it comes to getting into NFT collecting and trading.
They make sure that more people could have access that wanted to get in but didn’t necessarily mean know-how.
Difference between operating in the Web3 community and just being a large company
It has more risk.
They don’t want to be embroiled in the catastrophes in the crypto space.
They wanted to be part of the solution of decoupling the collection of digital goods from the negative behaviors that can happen, while they need to establish ethics around fintech crypto.
Things to get excited about in the future
This crypto winter is a huge opportunity to find people who really got in for values.
The bad behavior of some people that were in it for the quick cash is on the sidelines and the people that weren’t necessarily in it because they wanted to build and make the space to show up, are looking for better opportunities at this time.
She wants to create business models that are profitable and will generate value.
Check out these important links
TODAY’S EDITION IS BROUGHT TO YOU BY TREZOR HARDWARE WALLET
Navigating the waters of crypto is risky; even the biggest CEXs & stable coins can have huge risks…
Act now, click the link below & become your own bank via self-custody.