Accelerated technological innovation can be both exciting and overwhelming. In this interview, we explore how blockchain can advance digital marketing and the trends businesses need to be aware of.
Marketing talks to Lachlan Feeney, founder and CEO of Brisbane-based blockchain innovation agency Labrys.
Blockchain began to receive a lot of hype circa 2017. Now in 2021, interest in cryptocurrency appears to be at an all time high after the pandemic. Perhaps because of the maturation of technology, conversations entering the mainstream, or because COVID-19 has accelerated trends across the board. Regardless, it was valued that it will reach over $ 23.3 billion by 2023 and $ 176 billion by 2025. Forrester predicted that this year alone, 30% of blockchain projects will go into production.
As we begin to hear that cryptocurrency and blockchain technology is “here for goodÂ», It is still in its infancy in Australia. Feeney founded Labrys to help companies move from the âold world of legacy technologiesâ to the ânew worldâ.
âThe reason I founded the company is that I have always been, for most of the past decade, very interested in blockchain technology personally. I believe we are still very early in space. Ultimately, this technology will have as big an impact on everyone as the Internet or the computer, âsays Feeney.
Labrys works with small startups that delve into blockchain technology, to large companies that lead innovative projects. The company assists with the conceptualization and helps create and design the systems, websites and applications necessary to support the technology.
Blockchain can be complex in its many applications and its tendency to change rapidly. In summary, IBM defines Blockchain as “a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a corporate network.” As a decentralized and immutable data source, the implications for digital marketing are obvious.
The blockchain eliminates intermediaries like Google and Facebook. Feeney says this “brings confidence in the equation” because customer profiling for campaigns is completely reliable and incorruptible. It also means that secure traffic can be verified as real people, not fake accounts or click farms. This keeps marketing costs low and engagement high.
While there are many ways to approach it, there is also a case for this technology which puts data and trust in the hands of the consumer. Feeney explains that the Basic Attention Token (BAT) system evenly distributes advertising money among publishers, advertisers, and actual readers or audiences. It gives consumers privacy and better control over data.
âIt’s basically a browser that blocks Google ads, Facebook ads, etc. Thus, you do not receive any advertising that you are not interested in, no one is exploiting your data or showing you things to which you have not consented. Explains Feeney.
“And if you to do if ads are enabled, they will insert BAT ads directly into your browser. They will appear and you will actually receive a token every time you watch any of the ads.
The project is a major victory in terms of confidentiality.
âWe don’t have this data. We do not store it. The data is stored on the blockchain, which no one owns. It is a public infrastructure, just like the Internet itself. And so rather than storing your data on company servers, it is stored on this public infrastructure. We will pay you to access this data or we will pay you if you access our advertisements.
Major trends to watch
Another important trend to watch out for is non-fungible tokens (NFTs). In other words, a unique property that cannot be traded for anything else. They are a âone of a kindâ asset that exists in the digital world. According to BBC they can “be bought and sold like any other good, but which have no material form of their own.” Currently, people are excited to use NFTs to sell digital art.
Feeney believes NFTs are a major trend to watch in terms of consumer incentive and will be a valuable tool in the arsenal of marketers.
âThe whole blockchain industry has been somewhat financially heavy, but with the introduction of NFTs has brought opportunities for art, creativity, culture and marketing to the blockchain space. . “
He points the finger Coca Cola, which recently sold NFT collectibles at a winning bid of $ 575,883.61 in an online auction. An NFT denotes digital ownership and originality. As such, they prove to be super useful for creating digital marketing campaigns.
âWhat we’re really seeing with NFTs is sort of creating these digital communities and digital cultures around your brand that were previously difficult to create online. “
While it may seem overwhelming or complex to begin with, Feeney believes the opportunities are huge and now is a good time for the industry to start exploring. Those who are educated in the space will be in a good position to create better marketing campaigns in the future.
âSpace is moving a lot faster than a lot of people realize. I think this is a very exciting technology and if you want to learn more about blockchain it is not too late.
Lachlan Feeney, Founder and CEO of Labrys.
photo by Karolina Grabowska of Pexels.