Aahan Dogra, Co-founder and CEO of NoCap Meta, a two-year-old Web3 organisation focusing on immersive web technologies, shared insights on metaverse marketing and how Web3 is accelerating and transforming businesses in India.
NoCap Meta has worked with clients across 5 countries, including exclusive partnerships with Times Group for their web3 properties. They have collaborated with Femina Miss India, and Tom's Shoes, a global sustainable footwear brand.
Accelerating Web3 in India
Explaining the role of NoCap Meta in accelerating Web3, Aahan shared, “With NoCap Meta, you primarily work on making your experiences online which are now very two-dimensional, taking them into the third dimension, whether this might be retail shopping experiences, virtual distance learning, entertainment experiences for music and the arts.”
He added that “Web3 is divided into two distinct parts, where one part depends on blockchain, and another one on web-immersive technologies. In this part, blockchain basically is an immutable ledger, where one can write to it but cannot erase the information already existing in it. Hence, trust and accountability become crucial in these fields. For example, Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) factors, which a corporation funds, need to be known if the money is going to the right cause. Or in an industry like a supply chain, where a consumer needs to know the source of the product and the behaviour analysis required to reach them. Therefore, any conventional business with potential and accountability can be completely transformed by relying on blockchain-based immersive technologies.”
Overall, Web3, with its integration of blockchain and immersive technologies, has the potential to shape the future of various industries. The education sector can benefit from immersive learning experiences, while the retail sector can leverage immersive environments to enhance marketing strategies and data analytics capabilities.
Metaverse marketing transforming customer engagement and brand experience
Aahan described the role of Metaverse marketing in enhancing the customer experience by stating, “Currently, there are three key aspects of marketing to consider. Firstly, the amount of ad spend invested by a company forms the basis of marketing efforts. For example, a company allocates 100 rupees per ad spend, the first metric they evaluate is the ROI. Thereafter, the metric measures responses from the targeted audience reaching the product’s landing page. Notably, ROI is expected to be 25% higher in comparison to conventional ads due to their novelty factor, while the metaverse presents a fresh avenue for engagement.
The next factor to analyse is the targeted audience’s engagement with the product, which is approximately 4 times longer in immersive environments. Users spend an average of 3.5 minutes compared to just 52 seconds on a conventional 2D webpage. This extended engagement duration signifies the immersive nature of the metaverse and its ability to captivate and retain users' attention.
Additionally, users interacting with products within the metaverse indicate a 30-40% higher recall rate (long-lasting impression of the product), reinforcing the effectiveness of metaverse marketing. In summary, embracing the metaverse provides an incremental approach to bridge the gap and maximise marketing outcomes.”
Recently, NoCap Meta raised INR 2 Crores from Sunicon Ventures for enhancing immersive technology and metaverse. Commenting on the same, Aahan said, “Since Sunicon Ventures is not an angel investor, it was a challenging experience. Because, while we are technically capable, great efforts go into running a business. For example, ensuring a healthy work culture to making it an investment-worthy environment. We started the fundraising process in about March or April 2022, and we could close it by December 2022 only. It was a great learning experience as a first-time founder. Focusing on tech products is just half of the picture, and an even greater ordeal is fundraising.
Talking about awareness of metaverse marketing in India, Aahan said, “Fortunately, we are operating in a time when decision-makers at top firms and brands are already familiar with concepts like the metaverse. Presenting them with concrete data and numbers, we demonstrate how incorporating immersive technologies can lead to benefits such as a 4% decrease in supply chain costs or an 8-10% increase in return on ad spend. India, in particular, is emerging as a leader in this field, with significant contributions from Indians globally. Our economy's growth and early adoption of future technologies provide us with a competitive edge. The future looks bright as we continue to embrace and leverage these advancements.”