Making brand engagement go brrr

Brands continue NFT exploration, Web3 marketers are using AI, and there's an increase in social media ad spend.

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Leah Alger & Ty Smith
May 24, 2023

Another week in Web3... let's get it!

In this week’s edition👇:

  • Brands are continuing to explore NFTs to increase brand engage

  • Nearly ¾ths of Web3 marketers are now using generative AI

  • CMOs are increasing their spend on social ads

Trending Web3 news and content we are digging:

  • How to become a successful Web3 marketer (Cryptopolitan)

  • Building a strong online presence: 5 social media platforms Web3 projects must utilize (Coinbound)

  • Web3 regulations: 6 marketing dos and don'ts for crypto projects (Coinbound)

  • Influencer marketing in web3: 7 tips for picking the right partners (Coinbound)

  • How businesses and end users can unlock Web3’s potential (Forbes)

  • Web3’s impact on personalization, trust, and engagement through time-honored strategies (CoinTelegraph)

  • How to host successful Web3 events: 5 best practices (Coinbound)

  • Building a strong online presence: 5 social media platforms web3 projects must utilize (Coinbound)

  • 11 ways to increase conversions and token sales via media marketing (Coinbound)

  • Transforming enterprise marketing with web3 (Forbes)

  • Creating engaging content: 7 ideas for your NFT blog (Coinbound)

  • 5 tips to stand out in the Web3 job market in 2023 (Analytics Insight)

Upcoming Web3 events:

More Web3 brands are utilizing NFTs to transform customer engagement

  • Token-based loyalty programs using NFTs foster exclusivity and community engagement, exemplified by American Girl's virtual store with significantly longer shopping sessions.

  • As such, more brands like Starbucks, Nike, and Clinique are bringing their very own Web3 loyalty programs to the digital realm, offering distinct rewards beyond discounts.

  • NFT loyalty programs provide valuable customer insights through token data, enabling personalized offerings (like Wrangler's collaboration with Leon Bridges and NFT project Deadfellaz).

  • Building lasting reciprocal relationships is crucial in NFT loyalty programs, as demonstrated by Nike's Swoosh program that invites customers to co-create virtual sneakers and enjoy exclusive events.

Over 73% of Web3 marketers now use generative AI

  • Generative AI, including tools like OpenAI's ChatGPT, is increasingly used by marketers to bolster creative output, enhance efficiency, and expedite the Web3 marketing cycle.

  • A recent study reveals that 31% of businesses not currently using generative AI plan to adopt it within the next year and 46% within the next two years.

  • Generative AI is primarily used in Web3 for producing website copy (48% of respondents), with other applications including crafting email copy (44%), social media copy (42%), and social media images (39%).

  • The key advantages of generative AI in Web3 marketing include enhanced performance (58% of respondents) and greater creative diversity (50%). Other benefits include cost efficiencies (50%), quicker creative cycles (47%), and augmentation of human creativity (34%).

  • Despite the benefits, there are challenges in adopting generative AI in Web3 marketing, including training team members, cost, and privacy and security concerns.

  • However, 66% of companies using generative AI in Web3 marketing have witnessed a positive ROI.


Reports suggest CMOs are spending more on social ads

  • According to a recent report by Gartner, the tough economy is putting pressure on chief marketing officers (CMOs) to cut costs and do more with less to achieve profitable growth.

  • Marketing budgets have decreased, representing 9.1% of company revenue in 2023 compared to 9.5% in 2022.

  • Despite budget constraints, social advertising is still growing, with 53% of CMOs increasing spending on social media.

  • In contrast, 26% of CMOs are pulling back on search advertising investment.

  • CMOs are increasing investment in technology while aiming to reduce spending on labor to navigate the challenges of suppressed budgets, rising costs, and lower productivity.

Open web3 marketing positions:

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