Unleashing The Power Of Web3
Web3 is the evolution of the internet at the backend which enables users to transact business, and own and exchange physical and digital goods and services, said Catherine D Henry, SVP Web3 & Metaverse Strategy at Media. Monks, emphasising that the technology doesn’t need any third-party intermediaries and can work through the use of blockchain technologies.
Speaking at E4M, techmanch Digital Marketing Conference 2023 (Mumbai), Henry spoke on how Web3 can offer marketers new strategies to engage with their audience, providing them with a more personalised experience.
She said technology is about ‘trends, trends, and more trends’. “In 2019, bitcoin was trending, in the year 2020 games were at the centre, and in 2021 we saw metaverse,” she elucidated. “Then, last year non-fungible token (NFTs)/Web3 emerged and this year AI is booming.”
Henry also underlined the significance of digital goods highlighting Nike’s 55k Swoosh NFTs in May, which is valued at over USD 1 million.
According to the SVP, digital goods widens the scope of the customer base, improves engagements, and increase revenue sale. She further shed light on the benefits of brand tokens explaining how it helps in up-fronting revenues. A brand token is a blockchain-based loyalty point that brands use to incentivise consumers to purchase their products.
Henry said, “Starbucks sold 2,000 loyalty tokens for USD 100 each in 20 minutes, without delivering anything.”
Speaking about artificial intelligence she said that generative AI is an umbrella term for different algorithms that can generate content after being trained.
With AI, we can produce digital assets at a faster scale, more cheaply, and iterate them more quickly, Henry added, pegging the AI market to reach USD 14 trillion by 2030.
