In 2023, there are three things that will change the brand experience landscape: marketing spend, recruiting, and open source brand standards from the metaverse (which I’ll explain later).

Do you want to get ahead? Here are three simple steps.

1. Allocate marketing expenses.

Despite being on the brink of a recession, the uncertainty around the value of cryptocurrencies and the security of the blockchain, and the admittedly confusing use of language in Web3, for example, “NFTs, or non-fungible tokens”, it really just means ownership of digital assets, we are about to see a major shift in the way brands interact with customers.

According to data from Sitecore and Statista, around 80 percent of brands plan to spend nearly a third of their marketing budget (30 percent) on Web3 by 2023. Web3 for brands is a world where sales go far beyond for the consumer in terms of value: you can read specific examples of what this looks like and how Web3 will impact consumers in virtual worlds here.

The buzzwords reflect the principles behind Web3: community, value, experience and collective wealth. Building community and collective wealth together through supercharged loyalty programs, for example, the opportunity to earn digital goods for virtual words and entertainment in virtual worlds connected to real-life experiences, beyond the product and brand itself. In turn, consumers feel part of the brand, and as more brands do this, they will expect more from a brand when they make a purchase. It happened with social media, and now social media is the cornerstone of consumer engagement.

Early examples of brands experimenting with this include Starbucks Odyssey and Nike with their Web3 marketplace swoosh.nike. In 2023, Nike will start experimenting with selling digital products and things like tokenized IRL events or virtual activities.

2. Consider hiring for Web3 roles.

Second, expect an increase in internal hiring for Web3-specific marketing functions. New positions such as metaverse directors, metaverse marketing leads and Web3 community managers are already being created internally within major corporate brands such as Disney, LVMH and Telefónica.

We’ll see these early recruits on the corporate side begin to build Web3 marketing models into their brand planning models and marketing funnels to define how to measure the success of activations as a result. While your company may not yet have the budget for this, it’s a good idea to monitor recruitment for these types of roles, with an eye toward the future. LinkedIn is a good place to start.

3. Connect to CES 2023.

The main criticism of the metaverse and Web3 of the brands? The amount of work it will take to realize the vision of so-called ‘interoperability’, a word used to describe the union of mixed reality, where everything you create or own can be used both online and offline.

Portability of one’s own assets across the virtual world and experiences will require partnerships and cooperation between brands, technology companies, and any business in reality. While this vision will take time, 2023 is the year that this topic will be at the forefront of the industry conversation.

Be sure to tune in to CES 2023, the annual conference dedicated to all things AI and robotics that kicked off yesterday, the Metaverse Standards Forum will reveal its plans for the ‘Road to the Open Metaverse.’ They will discuss how the industry is moving forward with protocols for brands and builders to advance an interoperable Web3. Their site trailer reads: “Achieving a metaverse for all will require unprecedented cooperation. Industry leaders will share their vision for an open and inclusive metaverse.” Just like every year we’ll see how the hot topics at CES continue to evolve throughout the year, it’s a must for anyone interested in learning more about Web3 for their brand this year.

Food to go

One last word from me, if you intend to spend part of your marketing budget on Web3, don’t wait until it’s too late. Test and iterate as you go. Don’t do it alone. Partner with people who understand the space and Web3 technologies that already exist.

As you take your first steps, focus on the principles behind the buzzwords: community, value, experience, and collective wealth for your customers, and you’ll be at the forefront of evolution. Integrating this into your existing brand ecosystem is one way to balance brand confidence and bravado while dipping your toe in the Web3 water.

Haifa Barbari is a contributor to the Evening Standard. She is executive vice president of strategy and resident futurist at technology, gaming and metaverse agency Dialect.