The Evolution of Marketing in the Metaverse with Prakash Somosundram, Enjinstarter’s CEO

In general, metaverse is known to be a virtual-reality space that allows users to not only interact with a computer-generated environment but also with other users.

Nowadays, marketers have jumped on the bandwagon when it comes to using metaverse to connect with their customers as it is known to be the current fad. In simple words, Brands can develop unique connections with audiences through metaverse marketing.

With the existence of metaverse, marketers have access to a wide range of innovative concepts in the metaverse, a novel and exciting ecosystem.

When it comes to metaverse, there is no limit at all as the saying goes “The sky is not even the limit”.

Based on the conversation that I’m about to have with CEO & Co-founder of Enjinstarter, Prakash Somosundram might enlighten you on the evolution of metaverse in marketing nowadays.

Prakash Somosundram is the CEO & Co-founder of  Enjinstarter with the expertise when it comes to Business Consulting, Marketing Consulting, and Public Relations. Also, Prakash is known as a Singaporean Serial Entrepreneur.

What are the differences between Web2 and Web3 in the marketing context?

Web2 marketing is predicated on getting people into funnels, then implementing strategies to convert them. It’s an approach centred around the product and its value proposition.

Web3, in stark contrast, takes a community-first approach. Marketers need to prioritise the value of long-term community engagement over that of the product.

What is the new Web3 marketing paradigm of community building and experiential messaging?

Web3 is about transparency, decentralisation, and the return of data ownership to the user. Out of this came the desire for community-led projects and ideas, as opposed to the typical centralised, top-down approach. In Web3, it’s not enough to simply market a product. 

The proliferation of metaverses and NFTs has expanded the possibilities of experiential messaging. 

Brands can now deliver digital experiences to anyone across the globe, while unlocking a near-infinite number of cross-promotional opportunities. 

What is the value of Web2 marketing skills in Web3?

Many of the core concepts remain similar, it’s the tools that have changed: Discord for two-way communication between brands and their communities; metaverses for a new brand engagement interface; and NFTs for enabling new value chains. 

Web2 marketers can bring their depth of experience to these new tools and develop opportunities to leverage them in ways not yet seen. 

What are the actionable insights into how Web2 marketers can take advantage of the opportunities Web3 has to offer?

The first insight is that the Web3 space is in need of professional marketers who have adopted the new tools of the trade. 

Startups are scaling quickly and would benefit from the expertise, both in terms of strategy and implementation. 

The second is that because Web2 companies are increasingly jumping aboard the Web3 train, there exists a golden opportunity for marketing agencies and in-house teams to begin building Web3 capabilities. 

Web3 initiatives can then become part of a larger pitch.