Brands focus on new monetization strategies, new engagement tactics, and distributing content. With advancing technology, brands are trying to use blockchain and Web3 to achieve this. However, there is still a lot of confusion about the same. This video featuring Clayton Smith and Cara Dehnert is about such confusion and exploring the answers to various questions. It mainly talks about three things – the landscape of Web3, legal implications around blockchain and the branding strategies for the metaverse.
Clayton Smith starts by talking about what blockchain is using the examples of domino blocks. He also talks about the hype around blockchain using Gartner hype cycle and concludes that crypto, which works on blockchain, is not going to go away after the hype. He then also defines the metaverse as a collection of VR spaces where people can meet and exchange goods virtually.
He believes that there is a potential for marketers to pay their customers for the ads they will be showing them in the metaverse. It will involve a pull marketing strategy that brands can use by building their own crypto tokens and using them. This could be done using blockchain technology. He also explains how secure the data can be if stored in blockchain. There are two levels of security associated with blockchain which makes it difficult to hack.
This video is a good watch for marketers who are trying to understand the workings of blockchain and technology like metaverse which can be used for marketing their overall brand.