The next wave of innovation in web3 will be consumer-led, not technology led. On this episode, we sit down with Michael Lee, Co-founder and CEO of Abstract, to explore how web3 is helping reshape the way fans connect with brands and culture. From an Oracle Red Bull Racing collab that saw nearly a million collectibles claimed, to the rise of web3-native IP like Pudgy Penguins crossing into pop culture, Michael shares how consumer crypto is creating new forms of loyalty, rewarding fandom and connecting creators with their communities.
0:00 - Intro and Michael's background
An insight into Michael's career and his journey to Abstract.
12:00 - Building a blockchain and the UX & UI problems in web3
Why the industry has struggled to onboard retail consumers and how to design a consumer-facing platform.
14:00 - Abstract's early traction
Where Abstract is finding success since launch, and the audiences and markets they are targeting.
19:00 - Oracle Red Bull Racing collaboration and fan engagement
Michael discusses how Red Bull Racing used Abstract to launch the 'In the Moment' digital collectible series
21:00 - Consumer brands and their approach to web3
What are the three key things that brands care about, and how to get buy-in to innovate
32:00 - Web3's killer use case: loyalty and rewards
How ORBR and consumer brands are using digital collectibles to reward fandom, understand their fanbase and engage new audiences.
39:00 - Simplifying the fan experience of using web3
Streaming, social and the creator economy, and how consumers discover apps and experiences through the Abstract terminal.
47:00 Advice for Global Brands
Michael shares his thoughts on how major brands should (re)enter the space, and the right approach for anyone experimenting with emerging tech.
55:00 - Close