There is currently a lot of talk about Web 3.0, but what are the implications of this group of technologies for the local marketing space?
Web 3.0 can be seen as a software evolution, incorporating a number of fascinating concepts such as decentralisation, the blockchain, tokenomics, cryptocurrencies, smart contracts and non-fungible tokens (NFTs), among others.
“As a group of technologies, Web 3.0 has the potential to create a fundamental shift across multiple industries, and that includes marketing,” says MMA South Africa’s chair emeritus, Luisa Mazinter.
Metaverse and the user experience
While talk of NFTs, Bitcoin and the blockchain dominates discussion, it’s worth remembering that Web 3.0 is still a nascent group of technologies. And much like the internet in its infancy, it’s difficult to predict which of the current Web 3.0 applications will emerge of primary importance and which will fade away. However, no discussion of Web 3.0 is complete without noting the allure of the metaverse.
“As a virtual space, the metaverse has the potential to enhance the user experience. It holds the promise of becoming an alternative environment where marketers can engage more meaningfully with prospects and provide rich and interactive advertising opportunities,” Mazinter notes.
Not set to be controlled by just one entity, the metaverse will advance as further progress is made on VR/AR and as more use cases are explored. Indeed, Daniel Courtenay, executive head of group digital marketing at MultiChoice Group, adds how more immersive experiences, such as the metaverse and the potential to connect virtually on a global scale, will deliver new and exciting opportunities for brands to engage customers.
Preparing for Web 3.0 locally
How should local marketers approach Web 3.0? Courtenay believes Web 3.0 should be embraced but that knowledge is king, with marketers needing to first educate themselves in order to better understand the opportunities that exist.
“The Web 3.0 space is complex and there is a lot of noise, but read, learn and consider what the possibilities within the context of your business and vertical are,” he says. “However, just getting started is the most important thing,” he notes, adding that South Africa is five to 10 years away from Web 3.0 being ubiquitous.
Locally, the move to Web 3.0 has definitely kicked off, with certain agencies already integrating key technologies in campaigns. The YONDER powered KFC Virtual Buckets campaign helped celebrate KFC’s 50th anniversary in the country by sending customers on a ‘gold hunt’. Using augmented reality, customers were able to hunt for Golden Buckets around the vicinity of KFC stores. This was done by smartphone browser without the need for a separate app.
If a virtual bucket was found, customers could ‘shake’ it for a chance of winning instantly redeemable KFC coupons and vouchers, or an actual gold coin. These virtual buckets – as well as the prize vouchers and gold coins – were actually NFTs held in a user-friendly custodial wallet. Lauded at the MMA SMARTIES Awards 2021, the campaign won Gold for YONDER in the Promotion, Mobile Gaming, Gamification & E-Sports category.
YONDER CEO Rick Joubert notes: “There is no need to use crypto labels like NFT unnecessarily and risk confusing the consumer. Our mission is to assist brands in bringing this ‘new web, which includes Web 3.0 technologies, to the mass consumer, eliminating most of the UX friction one typically sees in Web 3.0 technologies at present.”
Web 3.0 now rewarded
Mazinter believes Web 3.0 will be of exponential significance in the marketing sphere, and that this integration could be nearer than some think. As such, a number of new Web 3.0 related categories have been introduced for this year’s MMA SMARTIES Awards, including The Internet of Innovation, Spatial Technology, the Metaverse and Blockchain & NFT, amongst others. “With the new categories the MMA is trying to stay abreast of the changes in the industry and to reward the innovation in this space we’re already observing,” she says.
It’s clear then that while certain segments of Web 3.0 are hype driven, as a whole marketers cannot ignore Web 3.0, a sentiment that is shared by Mazinter. “Right now, the Web 3.0 space is still open. Those who can get a head-start will find themselves building up a significant lead over rivals when clients start waking up to the potential of connecting to users in this new environment. This is not the time for a wait-and-see approach, Web 3.0’s time is now,” she concludes.
An industry first SMARTIES SA Awards – now as NFTs!
This year’s SMARTIES Award winners are in for a Web 3.0 treat. Apart from the physical trophies handed out to winners, all members of the winning team will receive their award as an NFT. Award-winning teams will receive an email after the SMARTIES providing details on how to claim their NFT awards for each team member.
Submit your entries here: https://www.mmasa.org/?ix=207001 Smarties SA Team: smarties@mmasa.org
