- Phil Ohren, Founder of Intender, believes Australia could be the frontier for advertising integrating with blockchain.
- The crypto industry, with a US$2.7 trillion market cap, holds a larger market cap than silver.
- Bitcoin is now the 8th largest asset in the world.
- Privacy and transparency are two mechanisms which can allow blockchain to be uniquely suited to advertising options.
With the development and growth of the blockchain industry, the growth of associated use-cases and caveats from web2 have also increased, including advertising.
Advertising in crypto has not always been straightforward. In the last few months regulatory clarity has increased for crypto in conjunction with an increased perception of crypto’s staying power over recent years. Advertising in crypto is now something which is being taken more seriously, though not without its own challenges.
Phil Ohren, Founder and Head of Strategy at Intender, a digital media agency with a focus on advertising, details some of the challenges of marketing in crypto:
Marketing crypto is really hard. The regulation is intense; platforms like Google and Meta just shut it all down initially, and people still associate it with spam or the dark web.
Phil Ohren, Founder and Head of Strategy at Intender.Ohren predicts that retail media are most likely the early adopters of such a change to advertisement through blockchain:
They already deal in transaction data, blockchain makes it more efficient and secure.
Phil Ohren, Founder and Head of Strategy at Intender.Related: BlackRock’s Larry Fink Warns: Bitcoin Could Challenge US Dollar’s Reserve Status
How Blockchain Changes the Nature of Advertising
Principles such as privacy and transparency have always been important aspects of the decentralised nature of blockchain, which has attracted some users for the benefits it presents. However, these same features can also make blockchain a new frontier for advertising.
Blockchain has the ability to cut the middleman out of advertising, this can be achieved through the use of smart contracts to enable more efficient advertising.
Imagine if you could go to a blockchain and see what data a brand has on you, then toggle what you’re willing to share.
Phil Ohren, Founder and Head of Strategy at Intender.Ohren believes web3 provides the opportunity for more targeted advertisements with a focus on data-driven leads that suits both advertisers and users more conveniently.
Recently Metamask enabled the watching of ads to reduce the cost of gas fees on the Ethereum network.
Related: ATO Scrutiny Could Increase for Everyday Investors: Crypto Tax Exec
Why Australia?
With some Australian companies already integrating blockchain technology with first-party data strategies and retail media, the shift towards blockchain advertisement is already underway.
Ohren believes that Australia is the perfect testing ground for such a transition:
Australia is a perfect test market, small, agile, and digitally advanced. We have a real shot at leading this shift.
Phil Ohren, Founder and Head of Strategy at Intender.With an election year, the regulatory landscape for crypto in Australia is an important realm to watch, this includes its effect on blockchain advertisements.
Related: Crypto Lobbying Ramps Up Ahead of Australian Federal Election
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