The Big Whale: After Nike, Lacoste and Renault, Michelin is now launching Web3. Why did they do this?

Téo Bertrand: There are several reasons. The first is that Michelin is a group that has always supported its community, whether on the road with tires and maps or in restaurants with the Guide. So we need to continue to play this guiding role in new worlds such as NFTs and the Web3.

The second reason is that we feel that our community wants more interaction with the brand. Today, when you buy tires, you very often go through a distributor, when you go to a starred restaurant, there is no direct link with the Guide and the brand. With the "Michelin 3xplorer Club" and the NFTs, we will be able to create this more direct link.

When did you decide to launch the project?

The reflections started at the beginning of 2022. At first, it took some time to get acculturated. Not everyone has mastered the vocabulary and techniques related to NFTs, then we decided to go ahead.

Was it easy to convince internally?

2022 marked a turning point. The whole company became aware of the importance of the subject, from the teams to the management committee. The project was well received fairly quickly. Then it had to be implemented.

And this project. What is it? What will these NFTs be used for?

Our collection of NFTs, which will be sold around June 15, is based on two things.

First, the visual dimension. We are going to revisit the Michelin Man like never before. It's a real source of pride because it's not easy to touch such an iconic character.

Then there is the community dimension: each NFT holder will have access to specific benefits via draws to win exclusive experiences. It's not just about tickets, but about Michelin experiences.

What does this mean in concrete terms?

We are partners of many events like the GP motorcycle championship. NFTs holders will be able to attend the races, probably meet the drivers. There are also activities related to the Guide. We will have invitations to starred restaurants, to star award ceremonies.

There will also be days dedicated to the Michelin company, with tours of the plants and the museum. The goal is to offer experiences like none we've ever offered before.

Do we really need NFTs to do this kind of thing?

That's a good question. Our goal is really to target Michelin fans. The NFTs and the quests that we're going to set up will allow us to test the fans' willingness to really come to our events and make them active. The goal is not to sell NFTs to just anyone. NFTs are not an end, but a means.

Isn't there a risk of speculation on your NFTs?

It's impossible to completely control this factor, but the timing shows that there is no speculative approach. We are not launching such a project to make money, but to involve fans of the brand.

How did you design the collection?

Like most companies, we didn't have the web3 expertise in-house, so we had to find the right partners who shared the same values and brand vision.

Did you find them?

Frankly, we think so. We have worked with Bulldog, Exclusible, Goëland Studio, NFT Morning and others. These partners have the codes of the web3 universe, which is a real advantage.

Speaking of universes, what type of population are you targeting with these NFTs?

The goal is to democratize Web3. We know that our NFTs will attract a sophisticated audience, but we also want to reach Michelin enthusiasts who are not familiar with these topics. Once the collection is available, we will partner with other collections and other brands.

For the blockchain, you chose Ethereum. Why did you choose Ethereum?

Ethereum is one of the most important blockchains. It has imposed itself in the world of NFTs, and the change of its consensus algorithm with the shift to proof of stake has been a real argument. Ethereum has strongly reduced its energy consumption (read our feature) which is a big issue for Michelin.

You could have chosen a "French" blockchain like Tezos...

Ethereum is the leader in the sector.

What is the price of NFTs?

The price can still change, but we should be around 0.1 ether (a little less than 200 euros at the current price). The goal was to put a price accessible to as many people as possible. We don't just want to have a privileged club.

5000 NFTs is quite limited considering the number of potential customers, but it's a start. With a community of 5000 people, we can create a privileged link, we can test things.

How will you sell the NFTs? Do you have a specific strategy?

We have launched the Michelin 3xplorer Club Twitter account, and we will soon have a Discord to manage the community with a dedicated channel for NFT holders.

The idea over the next few weeks is to be able to exchange with the community, to know what the fans want. There will be partnerships with other collections like Renault or Alpine. We are also working with communities close to gastronomy.

What budget did you have internally?

There have been no budget constraints, but the goal is to at least break even.