Safary Club is out with a recent report exploring the state of Web3 growth startups.
Safari club recently released a report that dives deeper into the state of web three growth startups. The data reveals that more than $600 million has been raised across 71 companies focused on growth. Joining us now to discuss is Safari co-founder, Justin Vogel. Welcome to the show, Justin. Hey, great to be here. Thanks Shan, great to have you here. Now, before we get into it, I have a disclosure, I did participate in a safari cohort. Uh just because I'm a dow aficionado or enthusiast. Actually, I probably won't call myself an aficionado, an enthusiast. All right, Justin, let's talk about this report. Uh What are some of the key takeaways? Is Web Three getting its marketing, right? Some of the key takeaways um are that uh look at when we look at marketing broadly, uh things have changed a lot. The 2000 tens were really the golden age of digital marketing. Um But by the late 2000 tens, the tides began to turn uh sparked by GDPR and a lot of other privacy legislation. Um And with Web three emerging in the 20 twenties, uh we need a whole new web three growth tool stack. Um And so that all these around 100 and 80 companies have dove into the space to uh tackle this uh question. Uh So there are affiliate marketing companies, there are ad tech companies at networks, quests, loyalty programs, messaging, and more uh all coming together to figure out what does marketing look like in the future of our internet and just to kind of take a step back. So, so we can fully understand the context here. This is specifically looking at um growth focused companies. II I gather as in sort of marketing outreach. Um I, I saw stuff about loyalty programs. Um And I think that's important because, you know, not only are we thinking about how the web is going to work advertising based, but we actually also want to get more people involved in, you know, web three Blockchain uh interface based stuff. How do you see um some of the the companies that you're covering here connecting to new users, people who have either, you know, no awareness of web three or, or no interest in it. Um And, and how does that uh edge of the growth map look, I guess? Yeah, the uh the segment that's primarily growing the pie today, I would say is the loyalty companies. Uh So these loyalty companies are primarily working with large web two brands to onboard their users into web three and engage them in the next generation of loyalty programs. Uh So those are, are some of the areas that are targeting uh web two users. But uh all of these, these channels help target uh web two and web three users on a variety of different channels, whether it's uh more web three native users via quest or uh web two users on ad networks and um other affiliate marketing channels. And uh Justin I, I want to hear your take on this. Do you think that like the tools that uh crypto communities are currently using like Discord and Telegram? Are those cutting it or do you think that for there to be true success for this market and for this ecosystem, it's going to need to turn to uh more web three native tools such as lens or other social networks. Yeah, I think that, you know, the tools that are being used today are a good start and we're also seeing consumers broadly engaging more on these what we call dark social channels like Disco telegram, reddit uh and now chat G BT for search as dark search. Um So I think that we will continue to see uh both web three and web two consumers engage in them more broadly. Uh But I am more bullish and I think that threads is a good example uh for what we've seen on the, the web two side uh for uh users and consumers appreciating the compos ability of their audience. Uh I think it'll be really interesting to see how web three social responds and rises. Um As that becomes a more popular concept with web two consumers, Justin You mentioned loyalty as one of the standout areas of web three growth right now, any standout loyalty campaigns that came out when you were collecting this data. Um One of the, the interesting ones that I that I really enjoyed recently is 7-Eleven did a, a Web Three loyalty campaign. Um And they had a um like widget where you're able to um create your own slushy. Um So which of the flavors, how much of each flavor and then mint and NFT uh of your uh particular slushy combination uh on chain. And they used a bunch of different uh more seamless. I'd say uh web two web two esque flows to create that campaign. So that was cool to see um just five minute flow uh from scan the QR code to be able to make that entity. We talk about these loyalty programs so often on the show and I've yet to go out and participate in one. And I think it's because they don't exist in Canada. I think they're all in the US and I stand to be corrected there, but I'm gonna go out and find one and try it out. Justin. Thanks so much for joining us this afternoon. Thanks. Thanks for having me.