Metaverse, NFTs and Web 3.0 could shape the future of digital marketing

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 24, 2021, 3:17 AM GMT+0

Metaverse digital storefronts help businesses interact with prospects, irrespective of location.

Non-fungible Tokens (NFTs) and metaverse, and Web3 or Web3.0 could become the next frontiers for marketing, and help businesses develop their metaverse marketing campaigns. The combination of metaverse and NFTs will allow brands to create and sell digital assets like images or videos in virtual spaces, in a decentralised web via cryptocurrencies, owing to Web 3.0.

Many brands have already developed virtual storefronts wherein customers can interact with 3D products, participate in virtual events, and more. For example, brands like Nike, Gucci, and Dior, are allowing consumers to create digital identities, and selling virtual handbags, shoes and more. Moreover, businesses can leverage the metaverse to develop public relations campaigns across borders, improve media relations, reinforce consumer relationships, and communications.

As more brands explore Web 3.0 space and launch new NFTs, the number of virtual stores will grow, paving the way for metaverse commerce, according to Cathy Hackl, of the Futures Intelligence Group. However, brands must ensure they collaborate with women and creators from varied ethnic groups, to promote diversity in the metaverse, notes Hackl.

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