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Shopping in Today’s Growing Market of Gaming, Marketing, and Web3

How to Shop in Today’s Growing Market of Gaming, Marketing, and Web3

The Market

Today’s market is very, very different from that of 5 years ago, a decade ago, or even since the year 2000, and most of that is due to the technological advances and the innovations that have been introduced to the market.

Let’s take the whole industry of Web3 for example, and yes we are talking about Non-Fungible Tokens (aka NFTs) and Cryptocurrency, which operates on a Blockchain. These elements have shifted so much in the mainstream marketplace, but have also ventured in the content creation, partially, and even gaming.

Yes, web3 is now making it’s way into gaming.

With a demand growing for blockchain games, there is a demand that some form of gaming crypto will come to some stable line within the market. Blockchain games have even motivated some studies, such as this one from Emerald, which stated:

“The results indicated that seven of nine research hypotheses were supported. It was found that trust, perceived usefulness, perceived enjoyment and perceived ease of use were key determinants for users’ behavioural intention to use blockchain-based games. The most influential relationship in the research model appeared to be the effect of perceived usefulness on users’ behavioural intention to use blockchain-based games. However, subjective norms did not have significant positive impacts on users’ behavioural intention to use blockchain-based games.”

Furthermore: “The disruptive potential of blockchain technology enabled the possibility to expand the application of this technology into a number of contexts (e.g. supply chain management, healthcare, gaming, digital authentication, asset trading). However, previous studies on the individual adoption behaviour of blockchain technology tended to focus on the context of supply chain management. For instance,  examined the adoption of blockchain technology in supply chain in India.  investigated the individual blockchain adoption behaviour in the supply chain field in both India and the USA based on a revised unified theory of acceptance and use of technology (UTAUT) model ().  studied the driving factors and barriers to the adoption behaviour of blockchain technology in operations and supply chain management in Brazil. Little empirical investigation has been conducted to understand the adoption of blockchain technology on gaming.”

While gaming has made a mark, will we see it more in content creation? The question of content creator crypto pops up just because of how it’s tied so closely to gaming.

NFTs are also involved, which have experienced their own boom as trading in NFTs climbing to $10.7 billion in Q3 2021, an increase of more than 700% from the previous quarter, and this report from Crypto.com shows some of the market viability.

Most notable is the factors outlined regarding the success of an NFT project, which states:

  • Community. The most successful NFT projects are also those with the
    largest community. Successful NFT projects typically have upwards of 100K
    Twitter followers.
  • Art. Art is a non-quantifiable yet important factor. Popular artistic styles of
    NFTs include pixel art (CryptoPunks) as well as generative art (Art Blocks).
  • Founding Team. Trading volumes of the NFT projects from famous founding
    teams are much higher than those
    from less established teams.
  • Roadmap. Airdrops in the roadmap, in particular, can potentially let the NFT
    project gain huge traction and trading volume.
  • Supply and Demand. Top NFT projects tend to rank high in metrics
    measuring demand, such as Google Trends search interest. The supply of
    NFTs also matters, an oversupply can negatively affect NFT prices, respectively

But does this factor in content creator NFTs or even gaming NFTs? The market is still calibrating, it seems.

 

Marketing in the New Market

With the expanding market, one may wonder just how to market these new elements, and how shopping trends can dictate market values, trends, and revenues. Marketing NFT service is similar to marketing any other product and it is important to be distinctive to the line out among competition.

But how to gain an edge? That aforementioned statement suggests similarities with other markets, and many rely on Search Engine Optimization (SEO) to help them within the online and digital marketplaces. But does it exist in these mediums? Is there truly NFT SEO methods that have been calculated, practiced, and successfully executed to help? Does Crypto SEO really impact the bottom line of a blockchain product? Yes, SEO is keyword focuses, primarily, but it includes various techniques and methods to boost the rank of a specific project on SERPs.

These things are continuously being hashed out, studied, and aggregated.

Naturally, Public Relations, or PR agencies, can lend a hand by getting your information out to the masses.

 

Does Influencer Marketing Factor In?

Well we cannot touch on marketing with the new market landscape, tying in new media and elements such as Web3, and not mention influencer marketing, especially given that the Influencer Marketing Industry is projected to grow to approximately $16.4 Billion in 2022.

You also need to weigh in that platforms raised more than $800M in funding in 2021 alone while focused on influencer marketing, and service offerings grew by 26% in 2021 alone, to reach a staggering 18,900 firms offering or specializing in the services.

This also is illustrated by the projections that  than 75% of brand marketers intend to dedicate a budget to influencer marketing in 2022, and boosted by 54% of the firms working with influencers also, in some form or fashion, operate eCommerce stores, such as merchandise and branded products. These numbers are partly why 68% of our marketers plan to increase their influencer marketing spend in 2022

But the content creator market is booming, with more than 50 million people calling themselves a content creator around the world, and the Creator Economy Market Size is estimated to reach $104 Billion in 2022.

This is related to all platforms collectively, with Instagram and TikTok among the leaders. On Tiktok specifically, Large TikTok influencers have the highest engagement rate, and in regards to YouTube influencers those with larger YouTube channels having higher engagement rates than smaller channels. With Instagram taking a dip in this market during 2021, it is worth noting that it was still higher than 2019.

Now, we have to ask if Web3 influencers have a spot in this place, and can they be trusted? Can they convert? Is the market even respectably viable to even commit a marketing budget to a web3 influencer marketing campaign?

Furthermore, where does live-streaming factor in? A lot of crossover exists with the Amazon platform Twitch, which houses a lot of different streamers who focus on a variety of content across the globe.

It’s hard to imagine that Twitch influencers simply do not factor in, or cannot offer a value within the influencer marketing space. But, to date, we have seen no indication that Twitch streamers have a big place in the influencer marketing spectrum solely off of content creation on Twitch, or by using live-streams.

However, despite that Twitch has seen growth in social popularity, and finding the right kind of streamer, can help lend to the success of any Twitch influencer marketing campaign.

 

Regardless of where your interest lie, this new market, and the industries that are born from it, offer completely different variable for consideration. From the shopping aspect, and the marketing aspect, they are all, in one way or another, tied to one another, and help one another fuel success, prosperity, and longevity.

Stay tuned for more on these topics and others.