Classy Cats is a non-fungible token project created through the Ethereum Blockchain, and prides itself on being “the classiest cats collection on the blockchain.”
The Ethereum blockchain hosts 9,999 artificially manufactured NFTs as part of the project. A total of 9,999 cats make up the first generation. How uncommon or common a ClassyCat is can be determined by anything of its approximately 800 unique traits.
Blockchain technology has the power to usher in a brand-new era of digital marketing responsibility and completely transform the sector.
The terms “blockchain” and “cryptocurrency” are now widely used outside of the technology and digital marketing industries. By 2025, the blockchain market, according to experts, will nearly double to $40 million. However, although it is almost impossible to avoid hearing about cryptocurrencies daily, not everyone is entirely aware of the implications of the move toward blockchain technology for businesses, consumers, and online marketers.
What is blockchain and how does it work?
Blockchains are digital databases or ledgers. They hold data in a digital format and are shared between many connections in computer networks. Because of the technology at their foundation, blockchains guarantee that records are maintained secure, setting them apart from traditional databases.
A blockchain differs from traditional databases in another way because of the way the data is organized in the ledger. Blocks of data are grouped in blockchains, as the name suggests. Imagine them as separate spaces or areas of a storage facility. When a block is full, it is closed and connected to the one before it.
A chain of blocks is made in this manner. A new block must be used to hold any data that is introduced after a block has been closed. As soon as that fresh block is finished, it is joined to the preceding chain, and so forth. Blockchain storage generates a chain in addition to a timeline of when data was added.
Blockchains weren’t exactly well-known a few years ago. With the introduction of cryptocurrencies, that changed. The use of the blockchain as a transaction ledger has increased as the popularity of cryptocurrencies like Bitcoin has increased. The fact that data in blockchain-based databases are kept by all users collectively rather than in a single centralized entity is one of the most important distinctions between them and traditional databases.
For marketing, what does blockchain mean?
One of the first sectors to accept and invest in blockchain development was the financial sector. As a result, that sector still controls the majority of the market.
The field of digital marketing is only now beginning to recognize the possibilities of this technology and develop use cases. Although marketers may be slower to adopt blockchain technology than their financial counterparts, marketing will undoubtedly benefit from blockchain applications.
At this point, technology is still evolving, and new use cases, including a number for digital marketing, are being found on a nearly daily basis. Without a question, web 3.0 applications and blockchain technology will enhance the way digital marketers manage data.
Blockchain will enable online advertisers to:
- Boost marketing and advertising transparency
- Measure the impact of marketing initiatives.
- Avoid fraud
Increased transparency for brands and consumers
Customers have always pressed their preferred brands for greater openness. They have also opposed attempts at “greenwashing” and other strategies that might win over customers.
Blockchain technology can put an end to issues like greenwashing because the ledger forever records the history of a certain product. Consumers may now look for much more in-depth information about a certain product. Building more consumer trust is advantageous for brands. For instance, with this technique, claims of organic or carbon-neutral products can be swiftly verified.
Additionally, marketers wishing to position adverts gain. Because they can more quickly verify audience claims, greater transparency makes it simpler for them to choose the best advertising for a given brand.
Calculating the results of marketing campaigns
Marketers have been monitoring keywords for years to gauge the effectiveness of their efforts. Despite the monitoring methods offered by search engine owners, it hasn’t always been simple to calculate a campaign’s success.
For instance, it might be challenging for marketers to track organic search engine optimization results. It can be difficult to differentiate between local and national search engine rankings and keyword results on various devices.
With the appropriate tracking tools, the blockchain might have a solution for some of the guesswork marketers still do. The ledger could provide precise figures for the performance of each term and track it over time. This level of accuracy in data makes it useful for more than just reporting. It serves as the foundation for genuinely data-driven efforts.
Preventing data fraud
With the use of blockchain technology, consumers would have more control over their data. Marketers need to create safer systems for obtaining and storing consumer data.
But preventing fraud on the blockchain goes beyond. Pay-per-click (PPC) advertising efforts, for instance, are today plagued by fraudulent providers engaging in click fraud, which negatively impacts digital marketing. Advertising fraud can be eliminated by monitoring clicks and granting complete transparency.
Digital marketers and clients gain from fraud prevention. It will be simpler for marketers to convince customers that their results are valid. The ability to track every encounter and better understand their actual clients benefits the client.
Digital marketing made better
Leading marketers have long stressed measurable, trackable results. One of the primary factors contributing to the field of digital marketing’s rising popularity is the ability to measure and track campaign results.
Blockchain technology has the potential to increase these benefits. Through the use of a tamper-evident ledger to record clicks and other interactions, blockchain technology makes it impossible to change the outcome of a campaign.
This advancement will improve relationships between marketers and their peers, as well as between agencies and brands. Blockchain technology’s advancement may usher in a new era of marketing. Results are now irrefutable and cannot be attributed to the incorrect action. It will be much simpler for marketers to show the worth of entire campaigns and specific activities within those efforts.
In other words, blockchain technology has the potential to usher in a new era of responsibility in digital marketing.