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Cryptocurrency News Articles
Jeff Kauffman: Decentralized Social Will Revolutionize Marketing
May 23, 2024 at 10:03 pm
The rise of Farcaster and portable “social graphs” will change the relationship between brand marketers and end-users, says the founder of JUMP, a network for Web3 branding executives.
The rise of Farcaster and portable “social graphs” will change the relationship between brand marketers and end-users, says the founder of JUMP, a network for Web3 branding executives.
“With Web3, you now have this on-chain touchpoint relationship and experience and that’s the biggest difference, that there is this on-chain element to the end-user customer experience.”
Through each stepchange in technology, marketing has continually evolved. What started in the early days of Mesopotamia and Egypt, with merchants advertising their goods using symbols and signs on stalls, has become a complex global industry, constantly adapting to communications innovation.
This op-ed is part of CoinDesk's Web3 Marketing Week.
When it comes to Web3, the latest innovation, Jeff Kauffman knows his stuff. Starting out early in the days of Web 1.0 and Web 2.0, Kauffman built brand communities for clients like GameStop, Dr. Pepper and Chick-fil-A. He later founded JUMP, a network for branding executives curious about Web 3, which has drawn brand managers from at least 200 Fortune 500 companies.
Kauffman, a speaker at this year’s Consensus festival in Austin, Texas, believes the future direction of marketing lies in Web 3.0 social platforms, like Farcaster and portable social graphs, which offer unique experiences and put more control back into users' hands.
“Take a look at what happened with the Starbucks loyalty program,” Jeff said. “While I commend the brand and the team for the effort, ultimately, they decided to shut it down. What did they get wrong? They tried to copy/paste their Web2 program and do it in a Web3 way. They tried to make it Web3, but it just didn't work.
“Web2 is the best way to run that loyalty program. If you're going to enter Web3 and use tokens and start to interact with customers on-chain, whether it's under the umbrella of loyalty or not, you must think about a net-new experience with your customers.”"
In a recent interview, Kauffman covered how marketing is changing with Web3, where it might go next, some examples of brands pushing the envelope and what makes for good marketing strategies with brands and creators.
The following has been lightly edited for brevity and clarity.
Can you give me some examples of brands utilizing this offline to online to on-chain framework and pushing the envelope?
Kauffman: Two brands that are doing well are Coinbase and 9dcc, a fashion brand started by G-Money. 9dcc is a good example of a brand that truly understands this offline, online, and on-chain brand experience and customer experience. But I'll start with Coinbase. They've done this cool thing as a publicly traded company where they've released their earnings report as an NFT collectible for free. Anyone can mint it, and then those who did receive discounts to their merch store, and get exclusive perks, for example, access to limited edition hats that are only available to people who minted their earnings report.
This shows the connection between offline, online, and on-chain. The offline component is the merchandise (the physical goods), the online component is the shopping experience of buying or securing the goods, and the on-chain element is minting their earnings report on-chain. And with the on-chain element, what's key is that brands are putting their story on-chain.
What enabled this?
Kauffman: When Web3 became a term in 2020-2021, it was kind of all about, "Hey, we've got this collectible, and we want people to collect this thing, and we want you to buy it, and there's a limited supply." Now, the transition is less about this exclusive collectible and more about all these little components that make up a brand story, everything from an earnings report to the goods you produce. And the primary driver of this is Layer-2 blockchains.
A few years ago, this kind of on-chain marketing and relationship with customers wasn't possible because everything was on Layer-1 Ethereum, gas costs were expensive, and they only got more expensive. This was the era of the 10,000 PFP collections in NFTs. The costs were such that you couldn't have a million or half a million people mint your earnings report; that just wasn't feasible. Having 500,000 to 1 million people engage with you on-chain only made sense when L2s came around- Base being one of the best examples of an L2 lowering transaction costs and allowing more opportunities for on-chain engagement.
Why is being on-chain so important for brands to utilize?
Kauffman: The most important aspect of on-chain marketing for brands is that it gives them a
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