We have been living in the web 2 era. It fueled growth in digital advertising and expanded possibilities for marketers. We can get the right message, to the right person, in the right place and share our products and brands with them.
But web 2 hasn’t come without its drawbacks. Marketers now navigate a complex ecosystem that is crowded with middlemen and has led to a soaring cost of advertising. Google’s programmatic display CPM (cost per thousand) has increased 75% year over year. Price hikes like this cannot be reasonably maintained by businesses.
Fortunately, the web 3 shift is already underway. Advertising will be just as crucial in web3 as it was in other iterations of the web. But new technologies such as the blockchain are going to make advertising a fairer and more transparent world to navigate.
In this blog, we are going to explain why blockchain-based advertising platforms are starting to appear, and share three examples that you can start using today.
Blockchain marketing platforms are not another tech trend or only for those in the NFT, crypto and web 3 space.
As web 3 evolves, blockchain ad platforms will become a critical component to bringing quality traffic and a relevant audience to the website and community of all businesses.
Web3 blockchain-based advertising marketplaces allow you to run advertising campaigns using traditional ad formats like banners and native ads. But they also allow you to use advanced ad formats to promote your brand on new platforms such as metaverse worlds like Decentraland or Sandbox.
These ads will be more cost-effective than using web 2 platforms. Through the blockchain, publishers and advertisers alike can connect more efficiently. The cost for intermediation is much lower than with non-blockchain solutions and there are fewer parties involved, along with greater transparency in advertising data.
Here are three examples of blockchain-based marketing platforms:
ClearCoin is a start-up that focuses on reducing ad fraud. Their media buying platform is for buyers and sellers of all sizes and uses smart contracts on the blockchain to create greater efficiency and trust in digital advertising.
If your business has ever run native ads, you have probably come across the double-spending problem in which digital resources are sold more than once.
The blockchain ledger eliminates this problem as the ad unit can only be allotted to one buyer. The ledger is visible to all participants in the market so your organization can quickly see that no one else has purchased the ad space.
Adshares is a blockchain advertising platform that aims to provide “Ultra-fast, secure, direct and real-time ad settlements.”
Adshares is backed by its own blockchain and is building a complete programmatic advertising ecosystem on web2, web3 and the metaverse. When these guys say that they deliver ultrafast ad settlements they mean it. Their blockchain can handle over 1.4 million transactions per second, giving you lightning fast placements.
Optimised ad delivery along with the decentralised network reduce the likelihood of censorship and ad blocking. Currently, Adshares delivers 165 million impressions and 156K clicks per month.
These may be pale in comparison to Google and Facebook but show a clear demand for decentralised ad networks. Adshare is meeting that demand and meeting it well.
Adshares offer several ad formats that include everything from traditional banner ads to metaverse ads.
Lucidity is a California-based blockchain platform that verifies and stores every marketing event to increase transparency and trust in advertising.
Lucidity creates smart contracts to give advertisers real-time data for their ongoing marketing campaigns. Publishers can use the blockchain to track payments and highlight unauthentic bot views to reduce fraud.
Lucidity is seeing great success and major car brand Toyota have been using their platform for some years. In 2018, Toyota saw a 21% growth in ad campaign performance when they switched to the platform. The company shifted its strategy to higher performing sites and removed needless spending by blacklisting apps and websites that Lucidity highlighted as having high levels of discrepancies.
The blockchain is emerging in numerous areas of business so it should come as no surprise that advertising is its next target. Forward-thinking brands will already be reviewing strategies for the future of advertising by looking at new formats such as in-game ads and metaverse ads. The blockchain will be a part of this future and give advertisers greater transparency when purchasing ad settlements, saving them money on their campaigns.
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