In an era where technology continues to reshape the way we interact with brands and consume content, the promise of Web3 of a decentralised internet (and with it, content) owned by its users (rather than Big Tech) is making some marketers anxious and others - excited.
During Cannes Lions 2023, The Female Quotient curated a stellar, all-female panel to discuss the journey from Web2 to Web3, how to use Web3 to strengthen the brand to partner association, build relationships with fans and community and offer new monetisation paths. Krystal Hauserman (Chief Marketing Officer, 11:11 Media), Michelle Reeves, (Co-Founder & CEO, MAVION), Sam Glynne (Head, EMEA, E&CM, UTA), Betty, (CEO and Co-Founder, Deadfellaz) and Ronda Carnegie (Chief Innovation Officer, The Female Quotient) also spoke the opportunities and challenges associated with in this emerging space. Their conversation shed light on the importance of embracing Web3 as a brand, the power of gaming and immersive experiences, and the need for co-creation and community building. In this article, we explore the main takeaways from the insightful dialogue.
Embracing Web 3: The Inevitable Shift
One of the key insights shared during the discussion was the undeniable shift brought about by Web3. Brands across various industries must embrace this transformation to reach consumers who are increasingly leaning towards digital experiences. The panel highlighted that $54 billion is already spent on digital items annually, a figure projected to exceed $74 billion by 2025. They emphasised that the gaming industry, in particular, is growing rapidly and surpassing traditional entertainment sectors like movies and music combined. To stay relevant, brands must venture into the digital realm and engage with consumers through the channels they prefer and occupy.
The Paris Hilton Effect: Scaling Cultural Icons in the Metaverse
The panel also explored how cultural icons are leveraging the metaverse to scale their businesses and connect with global communities. Paris Hilton's foray into the metaverse was cited as a prime example. Her vision of a digital place where people from around the world can come together is now becoming a reality. Paris Hilton's team has created their own branded world on platforms like Roblox, offering unique in-game experiences and fostering community engagement. Through her virtual presence, Hilton is able to extend her brand influence and create new revenue streams in the metaverse.
Co-creation and Consumer Experience: A Paradigm Shift
The conversation also touched upon the importance of co-creation and elevating the consumer experience. Brands that prioritise collaboration and invite consumers to participate in shaping their narrative and products are likely to create stronger bonds and drive loyalty. The panel emphasised the need to move away from solely focusing on revenue generation and instead create positive experiences that reward consumer participation. Lego, a brand known for its commitment to co-creation, was cited as an example. The company has embraced user-generated content and created an online platform where consumers can design and share their custom Lego sets. By involving consumers in the creative process, Lego has fostered a passionate community and enhanced brand loyalty.
The Power of Gaming and Immersive Experiences
Gaming emerged as a powerful medium for brands to connect with their target audiences, especially with the rise of female gamers. The panel acknowledged that gaming is no longer limited to traditional video games but encompasses various forms of interactive and immersive experiences. Gucci was highlighted as an example of successfully leveraging gaming to engage consumers. The brand collaborated with Tennis Clash, a popular mobile game, to introduce virtual Gucci outfits that players could dress their avatars in. This crossover between fashion and gaming not only generated buzz but also enabled Gucci to tap into a new audience and strengthen brand affinity.
Gucci x Tennis Clash
Image Credit to its respective owners
Education and Expertise: Keys to Successful Implementation
While the potential of the metaverse and Web3 is immense, the panel recognised the need for education and expertise to navigate these new frontiers effectively. Brands must seek out specialists who understand the nuances of this evolving landscape. They highlighted the importance of exploring partnerships with digital agencies and experts who can guide them in delivering successful metaverse activations, gaming experiences, and immersive campaigns. By building a knowledgeable team and staying informed about the latest developments, brands can unlock the full potential of the Web3 opportunity.
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