RIP to whoever spent $$$ on a Taco Bell NFT 🌮. Despite big promises, the NFT market is way down and crypto has crashed, leaving marketers wondering if Web3 is an area they should keep paying attention to or investing in.
- According to a recent poll Marketing Brew did, of more than 700 readers, nearly 50% said they think Web3 opportunities for marketers are overhyped, while only 23% disagreed. (The remaining respondents said they weren’t sure.)
To be clear, advertisers and brands haven’t yet given up on the metaverse or other Web3 concepts. Rather, they’re trying to make it all more approachable and, in some cases, avoiding Web3 terminology altogether.
- “Some of that big hype around the metaverse as a concept, everybody wanting to talk about the metaverse and how it was going to change everything very quickly, has really died down,” Sky Canaves, senior analyst for retail and e-commerce at Insider Intelligence, told us.
That could mean there’s less time and money for experimentation, potentially taking money away from metaverse concepts that the director of the IAB Experience Center, Derek J. Smith, called a “black box in every sense of the word” for most marketers.