Blogger’s Park: What CMOs need to know about Web3


Venugopal Ganganna

Unless you’ve been living under a rock for the past few years, there’s a good chance, as a marketing leader in the new digital world order, you’ve been asked if your brand has a presence on the Metaverse. There is also a strong possibility that every reference to this metaverse was accompanied by a mention of Web3, blockchain, NFTs, crypto and digital wallets – with no coherent logic and all too often in the same sentence.

The world of digital marketing is in a state of flux, and marketing leaders are sometimes unsure of which efforts to over-index (and what to leave out of their marketing mix). Therefore, it is in the best interest of CMOs to take the time to better evaluate the suitability of these new Semantic Web technologies before deciding to enter a virtual world and start interacting with avatars or virtual objects. One way to do this is to start with the basics of the underlying Web3 technologies and assess their readiness and relevance for deployment – ​​in the context of their respective brands.

There is also a general belief that Web3 is that far away parallel universe. However, it’s not really a novelty exercise when someone decides to develop a game on Roblox (online gaming platform) or an immersive experience on Decentraland (virtual destination for digital assets). It is instead just a logical extension of Web2 behavior, especially for brands that require high-touch digital environments. The Metaverse is an excellent destination for brand engagement as it promises customers a more connected experience – one that blends the physical and virtual. Think of it as the logical successor to mobile internet. By treating world-building experiments on Web3 through the lens of holism, marketers will be better able to assess the match between effort and outcome. And will help them better decide how to participate in the decentralized playing field.

Although Metaverse and Web3 are related in many ways, they each describe different things. Web3 uses decentralized protocols to facilitate cryptocurrency transactions – by addressing key data ownership and control issues. The Metaverse is an integrated and interoperable network of 3D virtual worlds that is not built by a single person or company.

Web3 will continue to develop over the next few years. And with it, new opportunities that CMOs need to consider when formulating their marketing plans. While the Web3 opportunity offers many opportunities in terms of community and connection, it also requires careful thought from marketers. Whether it’s experimenting with new forms of NFT marketing, connecting 2D social feeds to a 3D community, or coming up with creative ways to leverage AR/VR, brands can successfully transition into the new immersive worlds with their customers.

In summary, CMOs are better served when they create Web3 experiences that plug directly into the user experience, increase brand relevance, and help seamlessly align their brands with the virtual worlds of opportunity.

The author is co-founder and CEO of Langoor

Also read: Australia is questioning Apple and Meta on plans to tackle child abuse

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