How will blockchain technology and NFT be used in 2022

Blockchain technology and NFT are ubiquitous, and some big brands have already set foot in this field, and facts have proved that they can generate real engagement.

Marketers are always looking for new strategies and technologies to gain a competitive advantage, so in the coming year, it is not surprising that there will be a lot of discussions about how NFT and blockchain technology can enhance brands. The digital landscape has been expanded to include 3D, AR and VR. At the same time, Meta (formerly Facebook) has pioneered the concept of creating a Metaverse.

Marketers should set clear goals and expectations instead of chasing the next flashy gimmick. But they should not miss the ongoing transition to blockchain and virtual environments in certain marketing channels.

The benefits of blockchain for identity verification

Mel Bessaha, Demand Senior Vice President of Connatix, a video platform, said: “The industry has long known that the transparency, decentralization, and immutability of the blockchain have important application values ​​in preventing advertising fraud and protecting the advertising supply chain. These benefits are also Building a strong brand brings great value.”

Since the location of all data in the blockchain is recorded in a decentralized public ledger, this makes the blockchain more transparent to consumers when it comes to data sources. Companies that use blockchain technology to process data also have many security options when processing and storing data, whether on-chain or off-chain.

The advantage of customer data transparency is that the data will not be in the company’s database and will not be shared with third parties without the customer’s permission. In this way, there is no disconnect between the way the company uses customer data and the way customers expect it to be used. Sharing their data through the blockchain is a way for brands to build trust with customers because these customers worry about their customer data being used in other transactions and licensing agreements.

Bessaha said: “Consumers want to be able to opt out of data sharing, and they want the data collected to be transparent. Digital companies need to prove that consumers are fair traded when sharing information, and blockchain provides this proof.”

If the company gains more trust from consumers through the use of blockchain technology, this will increase access to more transactions, which is something that every brand needs now more than ever.

NFT in the Metaverse

NFT is the use of blockchain technology to ensure its unique digital assets. Anyone who obtains an NFT can prove their ownership because the transactions are recorded in a decentralized public ledger.

For brands, NFT can generate brand value in many ways, but as a virtual souvenir, it makes digital assets more personal to customers.

When running in a virtual environment, NFT can follow the user to various scenes. This makes NFTs essential to the VR experience, which is why they become more and more important as the VR space takes shape.

NFT’s environmental impact

One thing that marketers should pay attention to is the adverse effects of certain blockchain technologies that consume a lot of energy. Many blockchain vendors promise to get rid of this concern through their sustainable development. When marketers launch NFT promotions or other blockchain strategies, they want to let consumers know that the technology they use is environmentally friendly.

“Consumers will consider the impact of carbon emissions released by the creation of NFTs,” said Libby Morgan, senior vice president and chief strategy officer of the Digital Media and Marketing Trade Association IAB.

Marketers in the Metaverse

“Marketers will begin to explore brand opportunities in the Metaverse world,” said Stephen Hoelper, North American president of programmatic messaging company Doceree. “Compared with the current digital marketing landscape, providing compelling brands will have the greatest impact in new areas.”

“Brands are getting attention: prepare for Metaverse,” said Sanjay Mehta, head of e-commerce industry at cloud-based experience company Lucidworks. “This is an opportunity to reimagine the virtual experience and find better ways to accomplish what we have been trying to do in the real world, including building communities among customers, experiencing physical goods virtual, understanding shopper behavior, and creating more Personalized (artificial intelligence) concierge service.

According to Jack Smith, chief product officer of advertising verification company DoubleVerify, although Metaverse is heavily promoted, it is still conceptual.

“It’s still early days for the technology—hardware and software—and the content needed to meet the Metaverse,” Smith said. “Interoperability is also key. In order for the Metaverse to operate like a physical world, a virtual environment must Connected to each other. It cannot be a series of separate walled gardens. Although the Metaverse will take years to achieve, given the rapid development of VR and AR during the epidemic, it is not as far away as we thought.”

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