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Overheard at the DPAA Global Summit

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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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