Three ways Web3 and NFTs will redefine the future of influencer marketing

Dennie is Head of Product & Technology at BAIOTEQ. He is also an Associate Professor and Researcher in Marketing, Technology and Web3.

Web3 is the future of the Internet. In the next few years, the worlds of Web 2.0 and Web3 will merge and reveal the mass market potential of blockchain. The Web3 digital products market is growing rapidly and it is difficult for people to resist. As a result, the number of creators, including social media influencers, experimenting with Web3 digital products has increased. Although several developers have already built multi-million dollar brands through such digital products, many developers continue to struggle. The market is ripe for innovation and, with more than 50 million developers, is sizeable. With the power of Web3, developers can derive tremendous benefits from NFTs.

It’s 2022 and we’ve all heard about Web3 and NFTs. But how can developers use NFTs effectively in this new digital age?

Here are three options:

1. Convert existing content into NFTs.

2. Create unique and fresh content for NFTs.

3. Link NFTs to other products and services.

Several prominent creators have already jumped on the NFT bandwagon:

Paris Hilton and Blake Kathyn’s ‘Iconic Crypto Queen’ has sold for $1.1 million.

Singer Grimes’ “War Nymph” collection has grossed over $6 million.

Boxer Logan Paul sold over $3.5 million worth of NFTs in a single day with his set of Pokemon-inspired collectibles.

While NFTs may seem like a no-brainer for developers, they are still in their infancy and have a high barrier to entry. Developers need to become familiar with Web3, cryptocurrency wallets (like Metamask), NFT marketplaces (like Opensea), and NFT marketing. This might not be a problem for developers who have a strong understanding of technology, but it’s a big challenge for the average social media influencer. While influencers may prefer to work with NFT studios, that convenience comes at a price, as evidenced by the NBA’s multimillion-dollar Top Shot project with Canadian startup Dapper Labs. On the other hand, some new NFT startups, like Canadian startup Digiphy, are offering pro bono services, where they help underrepresented artists, especially women and people of color, to develop custom NFT shops that don’t require crypto wallets .

Web3 also presents an exciting opportunity for companies to incorporate NFTs into their influencer marketing strategy. Traditionally, a company’s influencer marketing campaign compensates a creator in advance for their collaboration. If the brand continues to use this content in the future, the creator will not be compensated. This could change dramatically with the integration of NFTs in influencer marketing. This could also help companies reduce their upfront investments as the new compensation structure would include NFT wins. NFTs also help eliminate the traceability issue as brands can accurately track the impact of the NFT in their influencer marketing strategy.

Regardless of the pros and cons, our society is already on its way to the metaverse, and NFTs present an exciting opportunity for developers and businesses. They can now monetize their audience through NFTs while providing real value to their followers. Web3 platforms offer exciting opportunities for today’s creators. Additionally, our lives are increasingly being lived online, and Web3 enables a more immersive virtual experience with a human element. With Web3 and NFTs we can create a virtual world where human connection is once again vital.

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