Blockchain and Metaverse: The Future of Marketing? CMOs weigh in on Challenges and Opportunities
According the Deloitte 2023 Global Marketing Trends Report, only 10% believe that the metaverse has no relevance to their industry.
45% of respondents considered development and implementation a challenge.
Marketers have different approaches to the Metaverse. Some jump on existing platforms, while others invest in proprietary ones.
By 2023, 41% of marketers plan to use blockchain technology as part of their advertising strategies.
Of the CMOs prioritizing regulatory compliance, 35% have already implemented blockchain tools compared to only 21% of respondents.
Blockchain offers "new opportunities for strengthening privacy of consumers and allowing them to control their data"
H. Moser and Cie is a high-end watchmaker that uses blockchain technology to track and authenticate their products over time
Unilever and other consumer brands are investing in their supply chains to increase transparency and traceability.
Deloitte recommends that marketers "keep an eye on digital currency leaders", as they plan their blockchain strategies.
Metaverse is a controversial concept due to its high upfront costs, low consumer demand and concerns that it could be used to target children.
According to Deloitte, the majority of marketers still believe that the metaverse is relevant for their businesses. However, verticals such as life sciences and healthcare show the least interest.
In 2023, brands have been busy with platforms such as Roblox and Fortnite. Oreo launched an "Oreoverse", with the help of celebrity spokesperson Martha Stewart.
Despite the snags and challenges, blockchains and metaverses continue to attract CMOs' interest.