JUMP community token founder, and a speaker at the Consensus 2022 Bitcoin Conference, explained how Wedb3 will redefine branding and power communities to purchase brands.
When he was young, Jeff Kauffman was a fanatic about skydiving. He wanted to link with other skydiving junkies, and to achieve this dream, he opted for the internet and created MySpace, a hub for his community.
Sky Diving and JUMP: A Brief History
This was around 2005 when Facebook was still at the inception stage. So, the MySpace page was small and only focused on local skydivers. Kauffman indicated that it was the most basic thing one could probably want.
Ultimately, he created a skydiving group on Facebook and went beyond Dallas to become a global group. He worked on Web 1 and Web 2, and his clients were diverse, ranging from Chick-fil-A to GameStop. However, Facebook and Twitter did not grow in a way that could nurture online communities, especially when paid advertising was introduced.
Kauffman started publishing insights about social tokens and shaping influential people, including the Seed Club founder, Jess Sloss.
When Web3 came into place, Kauffman created JUMP to depict shifting from Web 2. In JUMP, all members’ details are kept private. Kauffman indicates that more than 200 Fortune 500 companies have managers who are already in JUMP.
One-on-One Interview with Kauffman
- Can You Give an Example of a Traditional Brand Doing Smart Things with Web3?
One example is Time Magazine. The magazine is now able to reach out and connect readers to creators they cherish. This is achieved using non-fungible tokens (NFTs). By partnering with creators, Times Magazine is able to share royalties. Then, people with NFTs can access communities of other passionate creators, print or photo journalism.
- Can You Be a Little More Specific, and Tell Us What to Anticipate in Web 3.
The craziest thing happening out there is that, in about five years, communities will be able to form without bringing a brand as a third party. One of the communities will purchase a Fortune 1000 brand.
It is going to be challenging for big brands to implement in a way that is native to Web 3. See, when anything becomes too big, moving fast becomes a major challenge.
Web 3 is fast unlocking new resources and potential without requiring ad dollars. Since online communities can form pretty fast, they will become economic engines and push forward the sale of NFTs. These tokens can generate huge capital, and Yugas Labs is an awesome example.
- You Spoke of Community Partnering with Patagonia in the Past. Can You Foresee an Eco-DAO Patagonia?
Patagonia is an interesting example. Although the founder was 100% owner, his plan was to shift all that to employees. Now, there are no outsider shareholders, helping to retain the culture of the firm where everyone is there for a purpose. The next level is the community and customer ownership.
Now we are getting into the phase where the customer will own a stake.