Research Summary
The report discusses the rising costs of customer acquisition and digital advertising, leading brands to explore alternative advertising avenues. The report highlights the potential of virtual worlds and gaming as advertising channels, with in-game advertising and branded experiences offering novel ways for brands to engage with consumers. The report also introduces the concept of “Quests”, tasks or challenges that users complete for rewards, as a method to increase brand awareness and engagement. Furthermore, the report discusses the potential of Web3-powered digital collectibles, such as non-fungible tokens (NFTs), to transform customer-brand relationships and enable targeted advertising.
Actionable Insights
- Explore Virtual Worlds and Gaming: Brands should consider leveraging virtual worlds and gaming as advertising channels. In-game advertising and branded experiences can provide novel ways to engage with consumers.
- Implement Quests: Brands can create “Quests”, tasks or challenges that users complete for rewards, to drive consumers to try new products and services, thereby increasing brand awareness and engagement.
- Utilize Web3-Powered Digital Collectibles: Brands can use Web3-powered digital collectibles, such as non-fungible tokens (NFTs), to transform customer-brand relationships and enable targeted advertising. These digital collectibles can provide value to consumers and allow brands to target advertising more effectively.
