Speaking to Imran Amed at the BoF Professional Summit in New York this week, RTFKT co-founder Benoit Pagotto explained w…

Speaking to Imran Amed at the BoF Professional Summit in New York this week, RTFKT co-founder Benoit Pagotto explained why he agreed to sell the business to Nike in 2021, and unpacked how brands can leverage web3 and associated technologies to build their communities.⁠

“A lot of brands are getting it wrong — they need to stop thinking about their business and ask instead: ‘what can I do for my community?’” said Pagotto.⁠

He added that fashion brands need to invest in incentivising individuals to build an engaged community in the long run.⁠
Giving people access to digital assets or tokens such as NFTs, which can increase in value over time, helps customers feel they are contributing to a brand’s growth story, he explained, but adding that brands also need a new mindset.⁠

“The word ‘consumer’ is over,” he said, noting how the democratising nature of the web3. “has shifted power to the individual, and now brands’ communities will define their value.”⁠

Listen to the full podcast on BoF. [Link in bio]

#bofpodcast

(SOURCE) https://www.instagram.com/p/CdQENKxsyiW

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