Why brands and businesses should pay attention to the metaverse, Web3 and NFT.

Some people will tell you that using or betting on these technologies is irresponsible, that these technologies have no staying power and will not be part of our future. Many new and novel technologies in recent history were met with the same kind of skepticism. Now, the Internet, websites, e-mail addresses, e-commerce and social networks are deeply integrated into our daily lives.

It is true that the metaverse and Web3 are not yet fully formed. Both are in their infancy and need to be given time to evolve around each other. But if we look closely at what is happening, we will see too many signs that point to a future version of the Internet that includes these technologies:

• Mark Zuckerberg changed the name Facebook to Meta.

• Jack Dorsey changed the name of Square to Block. Starbucks is introducing its

• Web3-based rewards program.

In the early days of social networking, most companies didn't take it seriously. An intern, usually a young person, was directed to create a Twitter account or Facebook page.

Social media marketing campaigns started to pay off and people started to pay attention.

A budget was allocated to small, lean social teams that were often separate from the rest of the marketing group.

As social media became integrated into the way everyone uses the Internet, it became an important part of the way people were marketed to. The social media team became part of the overall marketing team. Today, every marketer worth their salt knows how to use social media for marketing in some way and they factor social media into their overall marketing plans.

Ten years from now, your company will not be using Web3 and the metaverse solely for marketing. You will be using these technologies for marketing, sales, human resources and much more.

The most important thing to remember when using these technologies is that everything is being built right now. There is no map yet, so approach these initiatives with curiosity and an open mind.

This space has the potential to make some of the wildest and biggest dreams marketers and brands have for establishing brand loyalty and improving consumer relationships come true.

Building your Web3 team

To get started, you're going to need a team with four different skill sets. You'll need cryptography natives. Look for people who really understand crypto, work in that space and play in it all day. You'll need people who know how to think in 3D because the metaverse is a spatial Internet. Your virtual experiences are more immersive than anything we've experienced to date, which brings us to.... Gamers. Kids who get thrown in the face of playing too much of a video game will likely be some of the most employed people in the future. If you have kids who fit this mold, consider bringing them into your department for a summer internship. Finally, you'll need a steady hand who understands marketing and has been with your company for a considerable amount of time. The metaverse will parallel reality and much of what marketers practice today will also parallel this new world. It is the future of sponsorships, advertisements, licensing, direct-to-consumer sales and e-commerce.

Just as experienced, open-minded marketers partnered with younger people who understood social networking when it emerged, the people who ushered in the beginning of social media marketing now have the opportunity to partner with the people who will usher in the era of Web3 marketing and the metaverse.

Web 2.0, Web3 and the upside-down value model

In recent years, consumers have become increasingly skeptical and frustrated with the Internet and Web2 technology.

Every day, people spend time creating and engaging around content on Instagram, Twitter or Facebook. Then, those platforms receive money from advertisers to place ads in front of those people. Apparently, the people who create the content are the commodity being traded.

From a marketing perspective, this is an amazing and useful service. However, from the perspective of the people, the model is pretty broken. They, the ones who create most of the content and are not rewarded.

Web3 is bringing a new ethic and applying a new set of values aimed at finding ways to give back to these creators.

Imagine being rewarded with a digital token for every minute you spend on Facebook; every like, comment, post, photo.... Now imagine that token can be exchanged for money or saved.

If Facebook gives you back a percentage of its advertising revenue, you are continually incentivized to create more content and engage more on the platform because you know you will be compensated for it.

The Web3 model also has implications for influencer marketing. Today, when you pay an influencer to create social media posts promoting your products, they create the content and that's the end of it. They've been compensated and likely won't be talking about your product to their friends and family.

Imagine if, instead of one-time compensation, that influencer actually owned a piece of your startup business through a token business model. Instead of leaving after making posts, they would be incentivized to continually promote your products because that token would allow them to share in the financial success of your business.

Planning your NFT loyalty project

NFTs can be the strongest loyalty platform your business has. They are the future of communicating with people.

But you shouldn't launch an NFT project just because you can. Launching your NFTs may seem like the end goal, but it's really just the beginning of the project. The community that gathers around the NFTs your brand launches is where you should focus your attention. Instead of the superficial community common to Facebook and other Web2 platforms, a successful Web3 community is deeply involved in growing the project and helping its members by providing value. The exchange is reciprocal and value is continually delivered.

If you want to be successful, you need a long-term game plan to address all community points at every stage of the project. Ask yourself how you will present yourself to your community. How will you help your community and what value will you bring? How will you incentivize them to tell others about you? How will you keep them engaged and maintain their interest in being part of the community? (source: socialmediaexaminer .com)

Juan Merodio