Web3 services and NFTs are on an upsurge, and while artists and creators are diving deep into it, brands and advertisers in India have been hesitant. Here explore its standing in the current digital ecosystem and decode how Web3 and NFTs can be used for advertising & marketing.
Experts, marketing mavericks, agency leaders, and creators share their insights and learnings on the use case applications of Web3 and NFTs for advertising & marketing.
- Deepak Salvi, Co-Founder & COO, Chingari
- Vishal Jacob, Chief Digital Officer, Wavemaker
- Unmisha Bhatt, Co-Founder & Chief Strategy Officer, Tonic Worldwide
- Ekalavya Bhattacharya, Founder, FusedBulb & Blakomi, Podcast Host-Future Proofing
- Rikki Agarwal, Co-Founder, Chief Business and Operating Officer, Blink Digital (Moderator)
The Definition OF Web3 & NFTs
The definition of NFTs has stirred up several confused minds, and in the words of Rikki Agarwal, people will adopt it faster when they understand it simpler.
Deepak Salvi says in simple terms, Web1 was information-based, Web2 was interaction-based, and Web3 will now hold immersive experiences.
Unmisha Bhatt reckons from a consumer perspective Web3 is giving the power back to the consumers and incentivization to capture long-term consumers; the faster the brands adopt this, the more beneficial it would be.
Vishal Jacob states the core aspect of Web3 is decentralization, the promise of decentralization as opposed to being centralized by a few platforms. Trust, experiential nature, and immersive content are the main elements of Web3.
Ekalavya Bhattacharya Founder at FusedBulb & Blakomi, Podcast Host-Future Proofing, mentions Web3 is the future of the web, and it is constantly evolving; it now includes blockchain, smart contracts, etc., and can enable supply chain management. In the metaverse, in the world of AR & VR, everything comes together, and users can play, learn, shop, and all in an immersive experience.
The Marketing Framework in Web3
Vishal Jacob mentions trust is an essential element of Web3, and brands should consider this. The future of the internet is decentralization, privacy, security, and experiential experiences. Blockchain can be used for better inventory, and content would be far more immersive. He adds that the promise of Web3 in advertising is a real source of revenue, but at this time, it's not necessary for brands to put it at the center stage of a media plan. And legacy brands would not spend a penny without validation of these platforms.
Deepak shares a real-time example of Web3 integration to the Chingari platform and the initiation of 'Gari Tokens.' He shares that Gari Tokens has managed to change the perception of mining, and creators are content and happy with the tokens, more than half a million wallets have been activated with transparency, and people from tiers 2 & 3 are mining Gari Tokens.
Ekalavya highlighted that the uncertainty around Web3 is intriguing, nobody knows exactly how it would turn out, but we have an idea. He explains the multiple-use case applications for brands such as creating an environment on decentraland, mining tokens, earning revenue, selling NFTs, building communities, and creating immersive content on various fronts such as gaming, music, etc.
Unmisha outlines that community building is something brands are always hungry to do, and through Web3, brands can attract specific communities. As for going into the unknown, as Web3 platforms have not been validated yet. She shares, "Marketers are always looking at data and statistics… but brands can take a leap without that and then see the numbers and statistics grow.
Deepak Salvi, Vishal Jacob,Ekalavya Bhattacharya and Rikki Agarwal shared their thoughts at the 6th edition of #SMLive, Social Samosa’s marquee annual conference, organized on World Social Media Day.
You can watch SMLive Sessions here!