FAIL! What Happened to Web3, Crypto and the Metaverse? – Little Black Book – LBBonline

Now that CES has wrapped up and we’re seeing what’s anticipated in new tech for the future plus direction of company investments, it’s clear that the themes of 2022 – both at CES and in general – have gone by the wayside. This time last year, web3, the metaverse, blockchain, crypto, and NFTs were all the rage. Visions associated with a future where the blockchain was the key to everything seemed to permeate through the starry eyes regarding visionaries, futurists, and corporate CEOs. While it’s normal for trends to come and go, the question is why these ‘certainties’ for future years involving technology now suddenly seem altogether uncertain?

I don’t like to be cynical, but I never fully embraced that these platforms were unequivocally the particular ‘future connected with technology’. Because I work with technology all typically the time in my day in order to day – admittedly, in between old-school emails, meetings, in addition to Zoom calls – there was something lacking in these visions. Whether it was trying to be able to leverage new tools over old infrastructure, or companies adopting brand new technologies without thinking via how they could best be used and even integrated with existing structures and business plans, or simply new ideas that may be slightly ahead with their period, visions for what the future could bring exposed those unclear areas in implementation where all those visions failed. But so many resources were being thrown at these new concepts that it almost felt like we can crest more than the technologies gaps and actually make it happen.

In hindsight, obviously, those thoughts have not yet become a functioning reality. Cryptowinter soon settled in together with the cracks in this foundation about what many had touted as the future of the financial markets started to appear. Today, we are talking about the billions of dollars lost in the crypto-exchanges, doubts that some of the surviving ones can make it by means of, and often the lowest levels that crypto-currencies like bitcoin and eth have seen within years.  

We also saw your start in the problems around NFTs and additionally the crypto wallets where they are kept. Problems arose along with NFT investment scams, privacy issues, not to mention crypto wallets containing NFTs the owner in no way purchased (including, sometimes, obscene images). NFTs lacked the exact simplicity from buying and also selling art the ‘traditional’ way, so many NFTs did not trade as much or incentivise artists to move more into using this as a part of their digital strategy.  

DAOs (distributed autonomous organisations) furthermore lost their own way or maybe never ever had the full capacity (as of today) to become what numerous hoped would be more democratically managed groups of people working for a common good. Instead, many associated with them fell into scam territory as they issued requests for funds in exchange for voting tokens that will did nothing at almost all.  

The metaverse has been probably the most successful emerging technological innovation of last year, especially with the funding of which Meta (the company) had announced in the end of 2021. Operating without the web3 (blockchain) technology, the concept of the metaverse brought online gaming to the forefront (it recognised the fact that virtual worlds already existed).   It developed places to proceed to within the metaverse that didn’t require specialised virtual reality equipment (which, it turns out, is still too heavy on your head and can trigger motion sickness in some people). The idea that there could become other places outside social media exactly where people may congregate was an idea that will took hold inside 2022. Social media companies are going for you to have to figure out what is next for them in 2023, because gamers and others in the metaverse want more than to just scroll by way of images or even get in to fights together with perfect strangers.

The dark horse regarding the emerging technology trends was probably the least celebrated: artificial intelligence. While AI technology has been simmering for a while in technology companies (you can read my earlier reports on AI here), the second half of 2022 seemed to help bring out more ‘discoveries’ as well as announcements involving what AJE could do for the masses. The concept we could render an image within the style of a famous painter or possess it write our mid-term history paper was amazing. This was artificial intelligence becoming much more accessible than ever before. With this, however , we continue to see its limitations (AI is not perfect, after all) and the ethical questions surrounding its use continue to rage.  

For the advertising industry, we’ve already seen many of our creatives starting to use Dall-E 2 and Midjourney to help them render quick images as prototypes connected with a final product. ChatGPT and other products like it are usually helping copywriters come up with first drafts with ideas or perhaps roughing out a brief that someone can then take and polish. AI is increasingly becoming the tool in our arsenal and the more that learns regarding advertising, the more valuable it will become. For example , the latest innovation will be a tool that is taking just about all the Cannes and Effie winning campaigns and learning how to build plus suggest function based upon those high-quality, award-winning ads.

By revisiting and realigning visions for the long term for more pragmatic applications throughout the coming year, the particular technologies showcased at CES 2023 demonstrate that a few of the hype around the emerging technologies is turning into feasible options for companies.   This might be the year that AJAI becomes a new mainstream tool and creative agencies use AI tools to supplement their creativity. 2023 may possibly herald some sort of more integrated approach in order to using the metaverse as in marketing, rather than as an attention-getter with little follow-through. Even blockchain, through NFTs or maybe web3 and the like will have got to find a way to turn out to be more reliable, to become a lot more relevant.

This will end up being interesting to be able to see if these technologies can really help inspire and promote better creativeness and better solutions for marketers, as well as if we will see another winter about discontent in the climate change of engineering.  

Veronica Millan is usually global chief information officer at MullenLowe Group. She writes a regular column about the metaverse with regard to Little Black Book – check away the rest of the series here .