Unpacking Web 3.0: 5 Takeaways from Virtual Lunch @ CES 2022
As we reflect on the marketing implications of CES 2022, Web 3.0 is by far the most impactful development that showed up across industries, technologies and capabilities. While in some ways it may be another victim of CES’ shiny veneer versus reality, there are components that are impossible to ignore – namely, the influx of and investment in the metaverse and NFTs.
Stagwell is one of the first movers when it comes to helping brands activate in this nacent space, having supported the launch of MilkPeP’s activation in the Roblox metaverse. On Thursday, January 6, Stagwell convened a lunch and learn, moderated by Axios’ Sara Fischer, to discuss the tactical and theoretical challenges and opportinities presented by Web 3.0. Here are our top 5 takeaways from the conversation:
- COVID WAS A CATALYST, bringing the metaverse into the real world
- BRANDS WILL PLAY A KEY ROLE IN BUILDING TRUST with these technologies and platforms
- NOT EVERY BRAND SHOULD BE IN THE METAVERSE, and not every metaverse is created equal
- METAVERSE + IRL should be a seamless experience
- NFTS are here to stay
Web 3.0 is a nuanced topic, and one that is the opposite of a one-size-fits-all approach. Depending on brand, product, buyer demographic and existing marketing activity, the metaverse and NFTs can fill a very important role (which may be… no role at all. More on that later). Learn more about what it means for brands, creative and the future of the online/offline world.
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1. COVID was a catalyst, bringing the metaverse into the real world
The metaverse would have come eventually (in fact it’s already been here…hello, gaming community!), but the pandemic undoubtedly accelerated the timeline. With the majority of the world going digital, tech companies were pushed to develop products, tools and software that allowed us to do so much more from a virtual setting, exposing a more urgent demand for expanded virtual experiences and capabilities from brands.
the role of brands, as it has always been, is to create culture and pioneer what could be coming and help people imagine the art of the possible. They create links for consumers and act as educators for navigating the new space.
2. Brands will play a key role in building trust with these technologies and platforms
There’s a significant opportunity to live your brand values in the metaverse. If done well, brands will ensure their presence is connected and consistent with the way they show up in the real world, ultimately leading to greater consumer loyalty and retention.
3. Not every brand should be in the metaverse, and not every metaverse is created equal
Direct-to-consumer relationships are more important than ever as we move into a cookieless world, so there are real business reasons that support having a presence in the metaverse. But it comes down to understanding your brand’s role, identifying your objectives, and how entering this space would aid in achieving those, and finally, implementing a process for facilitating, tracking, and measuring success.
4. Metaverse + IRL should be a seamless experience
Let’s face it, some consumers are nearing a point of digital saturation. So, it’s important to note that the metaverse is not meant to be all-consuming. People value in-person experiences – there will be points in time that make sense to utilize the metaverse in addition to other consumer touchpoints, while there will be moments where we can come together in the real world and physically be a part of something. Blending the two seamlessly: now that’s a real win.
5. NFTs are here to stay
As these advancements become more democratized in their accessibility, brands will start to use them more, whether it’s for loyalty, or to reignite an old concept or product. Industries will adopt NFTs as a creative means to build community and connect with people who support and protect their brands.
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