Incent, the Australian company that pioneered cryptocurrency-based for-profit (V2E) marketing, has partnered with market-leading blockchain technology company ConsenSys to build the Decentralized Sharing Protocol (DEP). Using Web3 technologies to attribute and reward consumer actions to claims embedded in digital content, DEP targets the $220 billion digital advertising industry. In addition, Incent has partnered with Run the Chain to promote its go-to-market strategy.
Internet Marketing: The Failure of Web 2.0
In the digital landscape, the exponential growth of online content is competing with the growing desperation of consumer interest. The sector is dominated by massive content publishing networks, which monetize consumers by spamming them with ads targeting algorithms. In an environment where the statistical probability of a consumer clicking on an image ad is as likely as that consumer to be struck by lightning, volume prevails and the user experience correspondingly poor.
Marketers have long known that influencer marketing is a more effective way to stimulate consumer engagement than this one-size-fits-all approach, as influencers (particularly those with smaller audiences) tend to have loyal followers who value their authenticity and trust their recommendations. However, Web 2.0 marketing technology has failed to organize and synthesize this talent in such a way that commerce can access and utilize it efficiently and on a large scale.
“Decentralized marketing is a game-changing example of how Web3 can transform inefficient and ineffective Web 2.0 solutions,” said Claudio Lesko, Director of Strategic Initiatives at ConsenSys. “Online advertising is clearly no longer fit for purpose, and the opportunity is to build technology that enables commerce to reach key influencers, at scale, across all media and reward all parties fairly and automatically for their contribution to the value creation process.”
Successful proof of concept
Incent piloted its V2E technology in early 2020 using a Web 2.0 app that provided digital streaming devices with Plug’n’Play to reward viewers with calls to action (CTAs) within their content. When a consumer engages with this CTA, their attention is shifted away from the content to a digital property, where the commercial sponsor can secure their authorized participation. Each time this happens, the commercial payee automatically funds a small batch (of tokens) for both the consumer and the creator.
This beta product grew to 330,000 users in the first nine months as viewers enjoyed a reward for their attention and streamers watched viewership stats and wallet balances soar on the back of V2E-triggered business interactions. Throughout the trial period, V2E secured click rates 10x higher than those of Facebook.
DEP expands on this concept with its fully decentralized Web3 protocol that rewards not only content creators and their viewers, but every party involved in the digital marketing process.
“The attention economy is broken and Web2.0 doesn’t have the tools to fix it,” said Rob Wilson, founder and CEO of Incent. Advertisers are looking for more effective solutions and there is a growing army of content creators looking for better ways to grow their audience and monetize their business. Working with ConsenSys will secure the technology mix to deliver an in-content marketing solution that works for everyone, including the massive MetaMask community of more than 21 million User per month. DEP will be qualitatively better, fairer, and more effective in motivating and rewarding marketing results, with no fraud, data or privacy risks for users.”
Based on ConsenSys’ Metamask wallet, DEP will automatically track, assign, reward, and share content-triggered links from click to purchase. The effect will be to bring Decentralized Finance (DeFi) into Decentralized Marketing – or DeMa.
“We are excited to collaborate with Incent on implementing an innovative decentralized sharing protocol for the Ethereum ecosystem. By leveraging our products and services, we will enable Incent to handle a wide range of DeFi protocols and efficient Layer 2 scalability solutions,” said Charles d’Haussy, Managing Director for the Asia Pacific region at ConsenSys.
When a marketing stimulus is detected, such as a MetaMask connection or purchase, DEP distributes the combined budget units of commercial sponsors to all stakeholders who contribute to that marketing outcome: sponsors, themselves, content creators, content consumers, publishers, liquidity, service providers (including vault protocol) and the DEP staking community.
Simply put, DeMa will allow anyone, anywhere to monetize any digital content, regardless of media type or distribution platform; commerce to engage consumers in a more effective manner, with fuller attribution than is possible with Web 2.0 and no fraud risk; Publishers have to open up a guaranteed revenue stream ready for delivery, as there is none at the moment; funders to generate a value-generating return in the attention economy and for humans, in general, to monetize their attention—with no data or privacy risks.
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