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Overheard at the DPAA Global Summit

Oct 12, 2022
Slide from Adidas' presentation on its web3 and metaverse efforts at the DPAA Global Summit in New York on October 10, 2022.

A slide from Adidas' presentation at the DPAA Global Summit. Photo: Kerry Flynn/Axios

Metaverse and web3 expertise captivated an audience of marketers specializing in digital out-of-home ads at the DPAA Global Summit on Tuesday.

Why it matters: While metaverse has become a buzzword that's somewhat lost meaning, many marketing executives seem to have a genuine interest in investing in the business.

Details: At the event, Adidas Originals' VP of brand communications Erika Wykes-Sneyd presented on the company's NFT drops, partnership with the Bored Ape Yacht Club and other web3 work.

  • "This is not a marketing activation for us," Wykes-Sneyd said. "It can be that, but we're really going to turn it into a business driver."
  • After the 25-minute presentation, an audience member asked how companies could explore similar work and if it required hiring one person with a $1 million salary, pulling from a recent Bloomberg report.
  • Wykes-Sneyd said that Adidas' efforts began with a task force of interested individuals already at the company. This came after Elon Musk tweeted last year that Tesla will accept bitcoin payments.

The bottom line: "There's a real hopefulness and opportunity in the space," Wykes-Sneyd said. "Start to look past [the negativity] because once you do, you will be more unlocked to the opportunities this younger generation is really, really searching for. They're going to make it happen with or without us."

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