In the same way as VP of digital transformation, social media manager or VP of digital marketing became popular titles over a decade ago, now we are starting to see positions like Chief Web3 Officer or Chief Blockchain Officer emerge.
Global brands like Nike, Tiffany’s, and Starbucks have already executed successful web3 marketing campaigns, and even smaller brands are dipping their toes into the phygital world.
Phygital means a mixture of digital experiences with physical ones, for example selling a physical product together with a collectible NFT, a non-fungible token.
The web3 world moves fast, and many experts say that one week in web3 development is like one year in web2. So even if you think today that this is too early to be thinking about web3 and metaverse environments regarding marketing, the right time most likely comes much faster than you think.
Marketers need to know the basics of cryptocurrencies, metaverse, NFTs, and decentralized applications, and be ready to adapt their strategies to fit the web3 landscape.
Web3
Web2 gave anyone the opportunity to become a content creator, thanks to social media.
Targeted digital advertising and online influencer marketing were born during this era, but the power is still been centralized by large companies like Meta, Amazon, and Google, who collect user data and own that data.
Web3, the next generation of the internet, distributes the ownership of data, and the users and content creators can own their own data. Web3 will also give more opportunities for content creators to monetize their content.
The consumer is in control in web3, and brands need to think of ways how to participate in new virtual platforms and learn to play by new rules.
Community building and engaging in a more transparent way will be even more important in web3. If you are using social media now only for one-way communication, it won’t work in web3 anymore. That’s why we recommend spending less time editing the content you post, and spending more time engaging with your customers.
Web3 gives us the possibility to learn from many mistakes made in web2, and figure out how the internet and metaverse can help us to move towards an even more human-centric digital world.
Blockchain in Marketing Adds Privacy
Blockchain offers one solution for the added customer privacy, and simultaneously this technology will also significantly improve the way brands can be more authentic, transparent, and respect customers’ data.
Currently, centralized organizations, like Amazon, Meta, and Google, control too much of the consumer data, limiting transparency.
Blockchain can be used in marketing to build more secure connections with customers, without having to share data with multiple third-party companies. With blockchain, data stays secure, it can not be sold, and it prevents fraud.
Currently, people are bombarded with ads they didn’t ask to see, but with blockchain technology, they could be served more relevant advertising and information, and even get paid in cryptocurrency for watching ads.
Metaverse
Thanks to Facebook rebranding itself as Meta in 2021, the interest in the metaverse grew exponentially.
The initial trend wave has gone down, but Morgan Stanley estimates the metaverse as an $8 trillion business opportunity. Additionally, 54% of technology experts in the Pew Research Center and Elon University’s Imagining the Internet Center study said that they expect the metaverse will be an aspect of daily life for a half billion or more people globally by 2040.
What IS the metaverse anyways? The definitions vary, depending on who you ask. Some say it’s a virtual world, accessible by things like VR goggles, and some say it’s definitely not a virtual place where you go.
One explanation is that the metaverse is a new way for people to connect in blended virtual and augmented reality environments. It is more community-driven than the current company-driven model of social media.
New Era of Marketing
As a marketer, you should know what web3 and metaverse will mean for your customers, and how they will impact how you reach them. Advertising will change, social media will change, and the role of content creators and influencers will change, and most definitely, digital marketing will change. The need for personalized marketing content at the right place at the right time will just keep increasing.
