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By 2022, brands will spend $297.5 billion on marketing in the US worldwide, with advertisers spending over $1 trillion. Even with the possibility of a recession, many marketers expect their budgets to increase in 2023. Reaching an audience on Web2 is never easy. As fast as the digital media landscape has evolved, it’s still fundamentally broken for brands, artists and fan communities.
Brands struggle with fragmentation. Today, a typical media mix for a niche advertiser includes influencer campaigns, paid social, short-form video, TV ads, email, performance marketing, and more. Once you locate your community in this fractured ecosystem, your relationship with it is mediated. You rely on third-party platforms and are limited by third-party data.
Straight Shredder is the Executive Creative Director at Palm NFT Studios. This op-ed is part of CoinDesk Crypto 2023 Cont.
While digital fan communities are more influential than ever, they lack the ability and motivation to meaningfully participate in a brand’s story online. You can like a post, but you can never own it.
Web3 offers an alternative. NFT-based experiences are all about connectivity. You can encode the rights to pay the creators. You can share what communities want. You can create pieces that point to what is possible through art and technology; Live, breathe and react to the moment. Best of all, you can create something that fans will see for themselves A generative set It is the comedy canon that is personal or A series of editions It makes you confront your own value system.
Even amid the market boom, it’s no surprise that big brands are entering the space for the first time in 2022. To date, more than 100 brands have launched Web3 projects. Direct sales to Avatar $54 billion market. Nike Announced a new home for co-created virtual goods. Starbucks’ New Loyalty Program Coffee uses non-fungible tokens (NFT) to reward drinkers. And DC’s emerging Web3 platform It gives collectors the opportunity to unlock comic books and shape the canon.
read more: Web3 and its Role in Network State Governance – Crypto 2023
As marketers continue to grow their online footprint, NFTs will become the technology standard for digital fan engagement. Just as every brand today needs a social media strategy, tomorrow every brand will need a Web3 strategy to build a deep, vertical community. NFTs will become the most natural way to create and share the things we love. Amid a landscape challenged by complexity and speculation, NFTs offer brands something transformative: connectivity.
That visceral connection is encoded in every project. Your commitment to fans is more than a mission statement. It becomes a contract: shared ownership and space. NFTs will fundamentally change the way marketing works online. From intense personalization to community-generated storytelling, the future of brand-building begins on the Web3.
See also: How to Repair Its Reputation in Crypto Washington | Comment
Art is central to creating a successful brand design
The Sustained development of creative art NFTs Influence the way marketers approach experience design. As an artist in the making Tyler Hobbs Put it this way: “The value of a collection revolves around the collector and their contribution.”
Seeing yourself in an artwork is a powerful thing: 78% of consumers They are more likely to buy from brands that offer personalized experiences. Generativity Branded content will shape the fabric of NFTs as projects reflect the diverse perspectives of the collector communities that participate in them.
Tokens replace tickets online and offline
from Cognac flavors to do Comic-Con screenings, NFTs become the entry point for cultural events in 2022. Soon, they will be synonymous with live performances. It’s over Five million Ticketmaster NFTs A six-month pilot was printed on the run. But you don’t need an arena tour to coordinate token-gating. Closed social experiences free up space for fans to go deeper: creating a brand new channel for distribution, global storytelling and impactful discussion.
Every object has a digital double
Your suitcase. Your sweater. Your sneakers. Everything you own, really. In the past year, several projects have explored the gap between digital and physical realities. In turn, they’ve created a powerful new lever for onboarding new audiences on Web3: if it’s a live painting, it can’t just be a jpeg. Emerging brand projects tend to be visceral; Offering objects you can touch on screen and experiences that mirror the feel of a real-world collection.
Decentralized storytelling will change the landscape of IP
from Robbery to do Nightwatch, story-driven NFT features have gained mainstream traction. As major brands and studios begin to enter Web3, we’ll see creativity enter its multiplayer era. Holder-communities will create and contribute project stories. Collectors will become protagonists; Brand story is woven into worlds. The stories we love begin anew.
Frictionless platforms accelerate adoption
It’s a challenging time in crypto. (It’s a challenging time, period.) Web3 is in its infancy, which means confusion and complexity but also potential. As big brands enter the space, a door opens behind them. The innovation we’ll see over the next year will make it seamless for new fan communities to find their home on the Web3. Buying NFT becomes as easy as any Web2 transaction. The way we build culture starts with the chain.
The views and opinions expressed herein are those of the author and those of Nasdaq, Inc.
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