Marketing success in this day and age is determined by how well modern technologies are embraced and how businesses keep up with rapid developments in the marketing world.
Are we ready for the future?
Recently, the term Metaverse is generating quite a buzz. It refers to a shared virtual environment bridging the digital and virtual world built on technologies such as Blockchain, Internet of Things (IoT), Virtual reality (VR), and Augmented reality (AR). But what does it really mean for marketers? It is likely that traditional forms of marketing and advertising will soon become obsolete.
These new technologies are being used to enhance the virtual experience and are impacting many different industries, including the fintech industry. The concept of decentralized digital payments is fast becoming popular in the Metaverse with new innovative payment methods influencing transactions in the virtual world.
E-wallets are one such form of digital payment that can be used in the Metaverse. As a digital currency, cryptocurrency can be stored in an e-wallet, being considered an apt form of payment for the Metaverse.
Utilizing 1st Party Data Through A Decentralized Wallet
With new innovations and industries geared towards the Metaverse, relationships between brands and consumers are changing. Third-party data consumption has shifted dramatically and as marketers move away from this practice and embrace quality first-party data collection methods, the rise of the virtual world presents a unique opportunity to employ fresh initiatives for democratizing data.
MEmob+’s recent investment in GeoDB, a decentralized peer-to-peer data-sharing ecosystem, reinforces our shared vision of democratizing data and changing how data is shared and monetized by users and brands. By introducing a decentralized wallet, we aim to work with GeoDB and empower people to earn rewards for the data they share. In the last few years, we have not held back investing in blockchain technologies as we realize their significance in the changing digital ecosystem. Blockchain technology will play a vital role and as we join hands with GeoDB, we want to utilize their extensive knowledge of the industry to provide people full authority over what they choose to share. Third-party cookies are becoming a thing of the past and consumer preferences are changing accordingly. Users now demand more control and transparency over their data which is what we aim to fulfill.
The Power of Metaverse and Blockchain to Achieve Marketing Goals
The words centralized and decentralized are commonly used in relation to marketing in the Metaverse. Platforms like Facebook are central authorities and have complete control over your data. The concept of decentralized data originated with blockchain technology, which is a shared ledger that allows the sharing of decentralized information through tokens – both fungible and non-fungible.
Since we are a data mining platform, our goal is to collect the maximum amount of data with people’s consent. Most importantly, we want to collect quality and accurate first-party data from our users. GeoDB is the pioneer of the ‘Decentralized Blockchain Data Sharing Ecosystem’ and has a huge team of experienced developers in blockchain technology since 2009. Considering their vast knowledge, we saw an opportunity to invest in a decentralized wallet which is a form of collecting the most accurate and secured data about users which is completely anonymous. People can willingly share their data including age, gender, and location, and would be empowered to earn money and rewards. The very same information is shared with tech giants like Google and Facebook for no return. This data will also enable us to unlock new opportunities such as increased customer engagement, precise targeting, and real conversions. The data collected is completely anonymous and secured and can also be connected to the market place which is linked to advertisers, SSP’s, and DSP’s where they can use the data for digital marketing activities – thus completing the ecosystem.
GeoDB has also built the ODIN protocol blockchain platform that will be used in the future for transferring data for applications & companies on the blockchain. ODIN protocol sits on the cosmos blockchain which is well-known as a network for data sharing. Let’s take travel insurance for instance. In the future, since everything is connected on the blockchain, even if we end up missing our flight, information about our travel insurance will automatically be updated through IoT devices connected to our itineraries, resulting in the booking of a new flight with no human interaction, no stress, no financial loss.
Since transparency in digital advertising is of importance to us, utilizing these technologies to minimize fraud, and secure the exchange of data while empowering users for the information they share, while at the same time giving brands the insurance and clarity on their investments, tracking and ROI is our ultimate objective.
We have already started seeing growth in the area as we receive clients for blockchain projects to build sustainability and gather information because they know that in the future everything in digital will shift to a cookieless world with no ID’s.
Will the Future of Marketing Change?
Metaverse and Blockchain technologies are still in their infancy but are predicted to grow and infiltrate into all industries, whether we are ready or not. Digital products in virtual space will be experiences, and revolutionize marketing, forming new trends that will take over current ones.
Are we prepared for these changes? MEmob+ certainly is.
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