"The market for non-fungible tokens (NFTs) - virtual assets stored on a decentralized digital ledger called a blockchain - spiked dramatically in 2021 and the surge in interest inspired companies of nearly every stripe to develop their own NTF campaign or launch some kind of web3-oriented marketing effort (partnering with a blockchain-based gaming platform like Decentraland, for example). A virtual Gucci handbag - which doubled as a NFT - sold for more than its physical counterpart,"
"Then, suddenly, the music seemed to stop and over the past few months, most of the marketing world has been conspicuously silent about web3. The sudden vibe shift is undoubtedly due in part to the drama that began to engulf the crypto industry in mid-2022, culminating (but perhaps not concluding) with the calamitous collapse of FTX and the inglorious downfall of its founder and former chief executive officer, Sam Bankman-Fried."
Brand engagement with web3 and NFTs surged in 2021–2022 as companies across industries launched blockchain-based campaigns, virtual experiences, and collaborations with platforms like Decentraland. Iconic examples included a virtual Gucci handbag selling for more than its physical counterpart, Miller Lite creating a virtual bar, and Google partnering with Coinbase. The collapse of FTX and related crypto scandals in mid-2022 severely damaged public and marketer confidence, turning crypto and NFTs into pariahs and tarnishing the metaverse by association. The metaverse is often conflated with web3 despite not being inherently blockchain-based. The release of ChatGPT and rising AI interest shifted brand focus toward AI initiatives.
Read at The Drum
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