As marketing evolves, so are ways of reaching out to the consumer or in others communication with the customer. Off late, content seems to have played a big role when it comes to brands communicating with consumers, and now it is believed that blockchain-based marketing can benefit companies and organisations in content optimisation.
According to Linkedln, a social networking site, blockchain market is predicted to reach over $23.3 billion by 2023 and $176 billion by 2025. Furthermore, digital advertising sector was projected to grow to $427.26 billion in 2022. “I believe the use of blockchain has been expanding to various sectors and marketing is one of them. With the use of blockchain, organisations can offer targeted advertising that is based on a secure platform and provides opportunities for monetisation,” Prashant Kumar, founder and CEO, weTrade, a cryptocurrency-based platform, told FE Blockchain.
Insights from market research has shown that Web3.0 can impact marketing and brand engagement through factors such as immersiveness, personalisation and decentralisation. As reported by Gartner Digital Markets, a markets-based research organisation, around 84% of digital marketers stated that artificial intelligence’s usage in Web3.0 can help their marketing function’s ability. “With Web3.0, now users can access their data, which will enable brands to manage things without relying upon major technology corporations and middlemen. Similarly, metaverse can enable the brands to create a room for a new world driven by AR/VR to emerge and develop possibilities for creators and brands collaborations,” Sumit Gupta, founder, Viral Pitch, an influencer marketing agency, highlighted.
Reportedly, companies such as Provenance, ALICE, Loyyal, BlockPool, among others, have added blockchain applications in their marketing strategy. In terms of other sectors, banking, supply chain, e-commerce, travel and hospitality, among others, have been vouched to also benefit in this context.
Moreover, it is predicted that blockchain-backed marketing will give rise to new innovations in digital marketing. Despite market analysts’ emphasis around blockchain’s nascency, the technology is expected to be crucial in global marketing landscape. As stated by Blockchain Council, a blockchain-oriented platform, companies such as Google aim to expand their marketing solutions’ functionality using decentralised resources.
“The future of blockchain in marketing will likely be shaped by the development of new technologies and platforms that make it easy for marketers to use and integrate into their existing workflows. It is also possible that regulatory developments and industry standards will play a role in the adoption of blockchain in marketing,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, concluded.