New York University (NYU) marketing professor, author, and entrepreneur Scott Galloway was on stage at SXSW 2022 to deliver his predictions for the next three years. Touching on different topics from technology to finance and international relations, one of the subjects that Galloway emphasized the most was the metaverse, which has turned into the new playground of the marketing world.
Expressing his distrust of Meta's vision in his speech, Galloway also talked about his predictions for NFTs and the future of leading NFT marketplace OpenSea, and the crypto opportunities awaiting luxury brands.
Predicting that Facebook, which has recently changed its name to Meta, will fail to undermine the metaverse vision created by Facebook, Galloway interpreted the company's rebranding move as an effort to make people forget the problems such as loss in market value and the inability to diversify revenue items, mostly from advertising revenues.
According to Galloway, the most prominent brand in the metaverse will be Apple. This is a surprising estimate given that Apple has yet to reveal any metaverse visions, but according to the professor, this estimate is not unlikely given the ability of Apple devices to integrate with other devices and the advantage of mass adoption. AirPods can also act as a unique portal to an audio-focused metadata store.
Luxury brands can develop successful cryptocurrencies
Expressing that luxury brands can also develop their own cryptocurrencies, similar to the way Gucci and Prada offer NFT collections as a status indicator to their customers, Galloway argued that this will offer brands an opportunity to strengthen ties with their communities and increase customer loyalty. Stating that luxury brands can increase the value of their currencies by offering their customers with rare coins privileges such as access to their special products and special rights in their domains in the metaverse, Galloway stated that speculation and people's urge to own rare coins are enough to make this possible.
OpenSea's valuation will double
Galloway is optimistic about NFTs, believing that digital assets will continue to be a status indicator and will continue to gain in value as our life practices become more internet-dependent than ever before.
According to Galloway, the value of OpenSea, the NFT marketplace where 98 percent of ethereum-based NFT sales occur, will double next year. Compared to others, this estimate is realistic in that it is supported by concrete data. Because the company, which was worth 1.5 billion dollars in July, increased its valuation to 13.3 billion dollars with the investment it received at the beginning of the year. The increasing popularity of NFTs is also one of the important indicators that the company will continue to grow. Media companies and sports franchises are also among the groups that will benefit from the appreciation of NFTs, according to Galloway.