Less BS, More Facts, Some Opinions
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Crypto winter? Not as far as marketers are concerned.
Skepticism around blockchain technology is rising — but the cold of crypto winter doesn’t appear to have frozen brands’ Web3 marketing budgets. Instead of pulling away from Web3, some marketers have instead expanded their definition of the concept, with an eye toward creating the utility that was sorely lacking in many of the NFT drops of yesteryear.
It’s not that marketers haven’t bailed on crypto; many have, particularly those who approached branded NFT collections as a short-term revenue grab. But over 95 percent of NFTs are now worthless, according to a recent study by the website dappGambl — forcing brand executives who still believe in the technology to get far more creative with it if they want to convince consumers to buy in in 2023.
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Yes, it’s a bit early for trend rundowns — months early, in fact. However, it’s not often that an investment banker publicly (and freely) shares their expertise on any market — that is, unless it’s Terry Kawaja.
Ad tech’s loudest dealmaker yesterday (Sept. 27) spoke at an event hosted by New Digital Age, during which he went off the beaten path, sharing insights and shedding light on aspects of the ad tech market that usually fly under the radar for ad executives. The founder of investment bank Luma Partners covered everything from the big picture to the tiniest details.
If 2023 has done anything for advertising so far, it’s been a year of separating the wheat from the chaff for trends. Kawaja has been keeping score. He called out Web 3.0 as just a fancy term, questioned the practicality of crypto, said blockchain isn’t a great fit for ads and compared NFTs to fancy JPEGs with a backstory. The underlying message here isn’t that these technologies are inherently flawed, but that their applications in advertising have yet to hit the mark. As Kawaja explained, “This is all real tech actually, but its application to media and marketing just simply doesn’t work.”
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This week’s Media Briefing looks at how some publishers are applying AI tech to their sales operations to reduce the amount of manual tasks and the time it takes to respond to RFPs and reach out to prospective clients.
Generative AI has come for publishers’ editorial teams in full force, sparking innovation at its best and misinformation, criticism and legal concerns at its worst.
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