Sydney L!VE – Too many brands underestimate Web 3.0

Although the Web 3.0 ecosystem is not entirely there, it is very close and too many brands underestimate its potential.

“All you have to do is ask an 11 year old would you rather have your allowance in Australian Dollars or Robux [Roblox money]? – and you immediately know that digital assets have value,” said Chris Bower, CEO of Dentsu Solutions ANZ at AdNews Sydney L!VE.

Investing in the metaverse and NFTs now empowers marketers to shape the future of platforms to benefit society and customers.

This is especially important when targeting Generation Alpha for future marketing who currently have the highest stakes in 3D worlds through video games such as Roblox and Fortnight.

“My team bought 10 acres of land on a virtual moon, and while that was exciting, it was also terrifying, because what exactly are we going to do with it? Was it too soon? Bower said.

Ultimately, Bower figured the best way to use the Metaverse right now is as a market research tool to learn about the platform, its users, and where the Dentsu brand fits into the platform.

“We can use this as an opportunity to show customers how to bring products into the third dimension and create a much more immersive experience.

“Evolving more into an innovation platform and maybe a sandbox for our customers to experiment with their own Metaverse runtimes – and who knows, maybe in the future it will become a platform form of commercial application.

“But we are far from it and the technology is not there yet.

“When you’re experimenting with the Metaverse, it’s really important to think about how your brand’s maturity curve matches the technology – where are you today? And where do you want to be in a few years?

“What design choices do you want to make now that will help you represent yourself in the future? »

Social credit is the true potential of Web 3.0
“Social credit is like the selfish value users get by wearing brands that speak volumes about an individual in a social context,” Bower said.

“I think NFTs haven’t really unlocked that social credit yet, and the key to building it is true interoperability.

“Getting there is going to be very difficult because there are a lot of legal and technological hurdles – but it’s essential to work on it.

“NFTs are powerful tools and are the cornerstone of the metaverse because in a digital world – where just about anything can be copied endlessly – NFTs bring rarity and authenticity to digital goods, which are the cornerstone of value.

“The most effective way to deliver more value to NFTs right now is to tie virtual benefits to the real world – and those benefits don’t have to be individual.

“It doesn’t have to be: I get the digital dress because of the physical dress or vice versa.

“I think the real value here is longer-term – brands need to think about how to integrate social credit and long-term utility, both online and offline with NFTs.

Bower cited the example of Heineken’s Metaverse Brewery, “the virtual tasting room was a fun and engaging experience with a DJ, dance floor and NFTs to validate entry.

“I really thought about what they were trying to accomplish with this.

“Is this the future of brewing? Probably not, but it says a lot about the brand, what it wants to do and what it wants to stand for.

The Sydney L!VE event is powered by supporting partners Dentsu, LiSTNR, Pubmatic, Foxcatcher and Boomtown as well as associate partners Piano, Amobee and Resolution Digital.

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