American business magazine Forbes has entered into a strategic partnership with Galxe, a leading player in the Web3 technology space, to foster the growth of its Web3 community. Forbes, known for its global media presence, has been steadily making inroads into the Web3 world, and this collaboration with Galxe is yet another significant step towards expanding its digital footprint.
Forbes embraces Web3
Forbes has been actively exploring opportunities within the Web3 landscape, embracing blockchain technology and digital innovation. In 2021, the media giant made headlines by auctioning a non-fungible token (NFT) of its latest issue on Nifty Gateway, a prominent NFT marketplace.
The following year, Forbes hosted a virtual party for its members within the Sandbox metaverse, demonstrating its commitment to immersive digital experiences. In 2023, Forbes even established a store in the Decentraland Metaverse Fashion Week, signaling its dedication to exploring the potential of virtual worlds.
Forbes demonstrated its interest in blockchain technology by publishing its prestigious “Under 30” list on the blockchain, underlining its willingness to embrace the transformative potential of distributed ledger technology.
Forbes Chief Growth Officer, Taha Ahmed, expressed excitement about the partnership with Galxe, emphasizing a “shared vision of pushing the boundaries of traditional loyalty programs.” Galxe, with its expertise in Web3 technology, is expected to play a pivotal role in revolutionizing Forbes’ loyalty campaigns.
Charles Wayn, co-founder of Galxe, echoed this sentiment, highlighting the opportunity to set new industry benchmarks. Wayn stated, “We’re excited to see how our platform can help revolutionize loyalty campaigns and set new benchmarks in the industry.”
Engaging the Web3 community
Forbes is inviting its members to join its Web3 community by participating in social tasks hosted on the Galxe platform. These tasks are designed not only to engage users but also to showcase the practical applications of blockchain technology. As participants complete social tasks, they will earn Web3 rewards and have the opportunity to climb a leaderboard, fostering a sense of community.
In addition to Web3 rewards, participants may access exclusive benefits, including complimentary Forbes subscriptions and premium Forbes-branded merchandise. The culmination of this engagement will be an NFT mint scheduled for Spring 2024, further underscoring Forbes’ commitment to exploring the potential of blockchain technology.
Charles Wayn’s vision extends beyond loyalty rewards; he sees Web3 technology as a means for brands to build stronger and more meaningful relationships with their customers. Forbes’ Chief Technology Officer, Vadim Supitskiy, shares this perspective, envisioning the Web3 community as a space for individuals to connect, learn, discover, and have fun.
Supitskiy stated, “We envision this space to be a place where our community will convene, make new connections, learn, discover new ideas, entertain, and have fun.”
Galxe has revealed that the Forbes Web3 Campaign is just the beginning of their collaboration, hinting at future activations and experiences. The company’s commitment to ongoing innovation suggests that Forbes members and the broader Web3 community can anticipate exciting developments in the coming months.
Market response
In response to the partnership announcement, the Galxe token (GAL) experienced a significant surge, reaching $1.63 per token, reflecting a more than 4% increase at the time of reporting. This positive market reaction highlights the enthusiasm and confidence surrounding this collaboration between Forbes and Galxe within the Web3 space.
