From Metaverse to blockchain – new learnings for brands at Goafest

Even as creativity was celebrated in a big way, with awards given out to the best and brightest in the ad and marketing world at Goafest2022, there were plenty of takeaways for brands on negotiating new paradigms like the Metaverse.

From a retailer in Texas to a lipstick-maker in India, what emerged at the event was that brands around the globe are already on the road to the Metaverse, virtual spaces that users can create and explore with others. It is not just a buzzword for the future, but something brands have to transition too fast.

Pointing out that consumers are increasingly interested in ever-evolving tech, Sandeep Bhushan, Director and Head of India GMS for Meta, said that people’s interest in the virtual economy grew by as much as 85 per cent from July-September 2020. In the same period, interest in the Metaverse grew by nearly seven times.

Bhushan, who was addressing a knowledge session on the third day of Goafest 2022, pointed out that the tools for the Metaverse already exist today. Consumers are already digitally engaged, whether through rising video usage or accelerated adoption of online shopping.

Whether it is workplaces, gaming, online shopping, hospitality or retail spaces, Metaverse is expected to make all these experiences more immersive, and marketers will need to play a key role in simplifying the user journey from discovery to purchase with interactive tools in the Metaverse. .

Blockchain solution

Addressing a session at the Goafest 2022, Gowthaman Ragothaman, CEO, Aqilliz and Co-Founder, Web3 Marketing Association, said while consumers have growing concerns around how their private data is used, platforms want to be able to offer relevant personalization of content to keep. their users engaged.

He pointed out that blockchain is emerging as the solution for some of these emerging problems.

Decentralised clean rooms (that store consumer data in a manner that they do not leave the server premises) are now being used as a methodology for safe and secure use of customer data. Recently, we have partnered with Airtel to work on this initiative, ”he explained.

Leo Burnett scores

At the much-awaited ABBY Awards 2022, which saw record entries, the Leo Burnett Group (TLG) emerged as the ‘Creative Agency of the Year’. Earlier, Mindshare bagged the ‘Agency of the Year’ title, while Sony Pictures Network India won the ‘Broadcaster of the Year’ honor.

Mindshare also got the ‘Tech Agency of the Year’. Mindshare opened the ABBYs, winning eight gold medals on the first day.

TLG emerged at the top due to its strong performance in seven categories of the creative ABBYs.

On the final day, ABBYs were given out in various categories, including Branded Content and Entertainment, Video Craft, Diversity Equality and Inclusion, and many others. In the Branded Content & Entertainment category, gold award winners included Enormous Brands LLP, Mindshare, GRAY Group and FCB Group India.

The eclectic mix of media agencies that won the honors at the Media ABBYs included Initiative Media India Pvt Ltd, which picked up several awards for its work for brands such as MPL Sports Foundation and Amazon.

Published on

May 08, 2022


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