Podcast Summary
Transparency and authenticity in Web 3, NFT, and Blockchain space: Brands like Budweiser are succeeding by embracing transparency and authenticity in Web 3, NFT, and Blockchain space. Executives should invest time in learning about the technology to create authentic and relevant campaigns.
Transparency and authenticity are key factors for brands in the Web 3, NFT, and Blockchain space. According to Gary, brands like Budweiser are leading the way by embracing these principles and making significant sales, as seen in their collaboration with emerging hip hop artists. The blockchain technology underlying these platforms makes sales and other data transparent to everyone, allowing for greater accountability and consumer engagement. For executives looking to make a mark in this space, Gary emphasizes the importance of doing thorough research and understanding the technology beyond surface-level advertising articles. By investing time in learning about the consumer blockchain, executives can create authentic and relevant campaigns that resonate with their audience and drive real results.
Monetizing Marketing with NFTs: NFTs offer revenue potential and unique marketing opportunities through ongoing royalties, relevance, and profitable endorsements and rights deals.
NFTs (Non-Fungible Tokens) not only offer the potential for revenue creation, but they also provide a unique opportunity for marketing as a profit center. This was demonstrated in a campaign with the Tall Boys in Atlanta, which showed that NFTs can help gain relevance and consideration while generating margin. Furthermore, the use of smart contracts on the blockchain allows for ongoing royalties whenever an asset is sold. This is particularly exciting when applied to large-scale campaigns such as the World Cup, Super Bowl, or concerts. Additionally, NFTs have the potential to turn historically costly deals, such as celebrity endorsements or league rights, into profitable opportunities. Overall, the profound promise of Web 3 is the ability to monetize marketing efforts through NFTs, and it's an opportunity that should be explored further.
Learning about Web 3 is crucial for organizations, especially in NFTs: Organizations should prioritize education and hands-on experience in Web 3 technologies, particularly NFTs, to set the foundation for future decision-makers and understand the metaverse's potential role.
Education is crucial for organizations as they navigate the emerging Web 3 landscape, particularly in the area of NFTs. The speaker likens the current state of NFTs to social media in 2007, suggesting that gradual growth and understanding will lead to significant impact in the future. He emphasizes the importance of hands-on experience, as simply reading about Web 3 concepts may not be enough to make the necessary connections. The speaker encourages organizations to prioritize education and execution, and to view this investment as setting the foundation for future decision-makers. He also suggests that understanding the metaverse and its potential role in the organization is an essential part of this education. Overall, the speaker emphasizes the importance of taking a proactive approach to learning about Web 3 technologies and their potential impact on business.
Understanding the Potential of the Metaverse for Businesses: Focus on why your business wants to be in the metaverse, be skeptical of low-attendance virtual land investments, look to Facebook and Oculus for promising developments, and recognize the metaverse as a hardware play.
The metaverse, as a concept, is still in its infancy and may not yet be a viable investment or marketing strategy for businesses, especially those targeting consumers directly. The speaker expresses skepticism towards investing in virtual land or metaverse executions with low attendance, and instead encourages focusing on why the business wants to be involved in the metaverse. He suggests that the most promising developments in the metaverse are coming from Facebook Inc. and their Oculus product due to their consumer-centric approach. The speaker also believes that the metaverse will be a hardware play, meaning that the hardware required for immersive experiences, such as VR headsets, will be the key to its widespread adoption. While the metaverse holds potential, it's important for businesses to approach it with a clear understanding of its current limitations and potential future developments.
Facebook's long-term vision: revolutionizing technology with Oculus: Facebook aims to transform technology through Oculus and the metaverse, despite short-term financial uncertainty.
Facebook, recognizing they may have lost the mobile war against competitors like Samsung and Apple, is looking to the future with a long-term vision. Their acquisition of Oculus, according to the speaker's intuition, represents an attempt to revolutionize technology in a way similar to how mobile devices transformed the use of desktop computers. The metaverse, and specifically Oculus, has the potential to change the way we interact with technology and each other in the next 15 years, even if the financial returns may not be practical in the short term.
