Web3, NFTs, Advertising & Public Relations: The Rise of AI and Allfluence, the Decline of Scarcity and ∩

Abstract

The collection of technologies related to Web3 will have dramatic effects on advertising and public relations research, theory, and practice. NFTs and cryptocurrencies are exemplar technologies that are already being used in innovative marketing efforts. This paper discusses Web3 from an advertising-centric point of view. We predict several effects, including a rise in scarcity appeals (but declining effectiveness), an exponential increase in word-of-mouth marketing, and the fading importance of overlapping groups of consumers. We also provide two case studies to contextualize our predictions. Implications for the future of advertising theory and research are discussed throughout.