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Web 3.0 is a topicwhich has generated a lot of excitement over recent years, withcryptocurrency, NFTs, decentralized finance (DeFi) and otherblockchain technology going mainstream. But how are businesses takingadvantage of this? This article discusses the issue with referenceto Starbucks Corporation (NASDAQ: SBUX) , Nike Inc (NYSE:NKE) , Pearson PLC (NYSE: PSO) and WonderFi Technologies( OTCQB:WONDF ) ( TSX:WNDR ) .
WonderFi Technologies ( OTCQB:WONDF ) ( TSX:WNDR ) operates as a DeFi software company and also anoperator of licensed crypto trading platforms. It has developed aplatform which integrates with the entire DeFi ecosystem, with thebusiness serving customers around the world.
WonderFi’s mostrecent earnings showed that it achieved revenue of CA$2.9m for the three-month periodended 30 June 2022, which demonstrates a substantial improvement overthe past 12 months.
The company’s ecosystem seeks to allow users access to awealth of web 3.0 and centralized crypto and decentralized cryptofunctionality under the same roof.
After combining with Bitbuy and Coinberry through acquisitions , WonderFi Technologies has become one of the largestcrypto exchange businesses in Canada by number of registered users anddaily trading volume. This is far from the limit of the company’sambitions though, as it aims to repeat the success it has achieved inits homeland by expanding the Bitbuy regulated marketplace across the globe.
Indeed, KevinO'Leary, a strategic investor in WonderFi recently appeared onLogan Paul's Impaulsive podcast and said "I believe WonderFiwill eventually become a giant holding company for all these licensedexchanges around the world".
Therefore, the main value proposition for WonderFiis operating regulated cryptocurrency platforms. This blends well withgrowing institutional investor interest in the space, which becameparticularly evident at the Bitcoin 2022 conference in Miami earlierthis year. These key players in crypto sense the world is changing andformal regulation could entice more investment to the space.
StarbucksCorporation ( NASDAQ:SBUX ) , which is headed by Howard Schultz, is thepremier roaster, marketer and retailer of specialty coffee. Thecompany offers packaged and single-serve coffees and teas,beverage-related ingredients and ready-to-drink beverages, as well asproduces and sells bottled coffee drinks and a line of ice creams. Thebusiness serves customers worldwide.
Starbucks Corporation’s most recent earnings showed that consolidated net revenues grew by 9% in thecompany’s third quarter, climbing to a quarterly record of$8.9bn.
Thebusiness attracted headlines for accepting payments in cryptocurrency , though some critics branded the move a gimmick.However, it appears that Starbucks Corporation is more than committedto the idea of embracing Web 3.0.
For example, Starbucks Corporationannounced in May that it plans to launch a series of branded NFT collections . Ownership of these digital artworks will haveaccess to exclusive experiences and perks.
The company’s web 3.0 ambitions don’teven stop there, with the business hinting that it wants to create aStarbucks Digital Community Web3 platform. The company claims thisplatform could have the potential to pioneer the combination of anapproachable, widely accessible front-end, backed by the rightblockchain technologies that are fast and inexpensive.
Other web 3.0 adoptersinclude John Donahoe’s Nike Inc ( NYSE:NKE ) , which designs, develops and markets athleticfootwear, apparel, equipment and accessory products for men, women andchildren. The company sells its products to retail stores, through itsown stores, subsidiaries and distributors, serving customersworldwide.
Thesportswear giant’s most recent earnings update showed a slight dip in fourth quarter revenues,which fell by 1% to $12.2bn. However, the company’s online serviceis expanding, seeing sales rise by 7% to $4.8bn. The impact of thiswas countered by difficulties in the business’ wholesaleoperation.
NikeInc’s expansion of its online offering doesn’t just stop with avirtual storefront for sportswear purchases though, as the company isperhaps a surprise adopter of web 3.0 innovation.
Indeed, Nike Inc haseven acquired RTFKT , an outfit specialized in leveraging game engines,NFTs, blockchain authentication and augmented reality to createvirtual products and experiences.
It’s an acquisition which has likely aided thecompany on its route to becoming America’s top earning brand when itcomes to NFT sales, with the company reportedly earning $185.3m in revenue from its various NFTdrops.
Nike Incappears to have identified that a serious collector culture around itssneakers can be transferred to the virtual world, with some examplesof the most expensive NFTs it has peddled including digital artworksof the business’ iconic shoes. But it isn’t the only surprisingbrand capitalizing on the technology.
Pearson PLC ( NYSE:PSO ) provides education products and services toinstitutions, governments, and individual learners in variouscountries. The company offers test development, processing and scoringservices and a range of education services including teacherdevelopment, educational software and system-wide solutions, as wellas owns and operates schools.
The company’s most recent earnings showed that its underlying sales grew by 6% and adjustedoperating profit increased by more than 20%. These improvements cameas the business reported good progress in its digital strategy, notingthat Pearson+ has now attracted more than 4.5 million users.
This digital arm ofPearson PLC’s business could be key to its ability to capitalize onweb 3.0 technology.
Pearson PLC has raised concerns that its textbooks are oftensold on by students after their schoolyear ends. However, the businesshas noted that blockchain technology and digital copies of its materials couldallow it to continue to benefit from second hand sales.
With an already strongonline presence, the company already looks well suited to embrace web3.0 functionalities.
This online footprint looks set to increase further in scaletoo, with Pearson PLC having released its Channels offering in early August. Aimed at college students, thisplatform is a free curated library featuring more than 10,000short-form videos, produced, picked, and organized by experts into16-course areas.
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