AI, Web3, and ChatGPT: What it means for you and me

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This guest blog was written by Evan Rosenthal, the Business Development Manager at Setup.

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If you have gone online in the past two years, you have undoubtedly seen the rise of Artificially Intelligent (AI) generated marketing, cryptocurrencies, and chat bots with the answers to seemingly any question or problem. 

Although there was a clear shift from last year’s Web3 and cryptocurrency heyday to today’s sexy new artificial intelligence chatbots (ChatGPT and Google’s Bard being the industry leaders), Web3 veterans have made it clear that they aren’t going anywhere. 

There was a time, not long ago, when brands from all over the world were focusing a lot of attention and effort on NFTs and cryptocurrencies as the potential next marketing boom. Then one day, some of the biggest companies in that space either went completely under (FTX) or had massive layoffs (Coinbase, Crypto.com). This was the writing on the wall for some of these companies, and they realized that maybe they were TOO early.

With a looming recession, brands from all over the world have started cutting costs. Per the Wallstreet Journal - huge companies like Alphabet (Google), Meta (Facebook), Twitter, Microsoft, and Goldman Sachs have all announced layoffs so far in 2023. 

So what does this mean for marketers?

Wait and see. That’s what it comes down to for some top level marketers. AdAge said that Walmart U.S. Chief Marketing Officer William White and Clorox Co. CMO Eric Schwartz put a premium on being nimble. This recession has been forecasted by many and seems almost an inevitability at this point. However, no one seems to know exactly when it will happen. This means that giving yourself the ability to roll with the punches and react to things as they come up will allow you to navigate these trying times a bit more easily.

One way marketers are trying to remain nimble and free flowing is by leveraging the new ways that AI can help marketers. Whether that is by having AI create some images that fit the story you are trying to tell, having it write a full article with little to no instruction, or having it create a full-out marketing campaign in just a few seconds, AI can take some things off your plate and let you focus on the bigger picture.

Although I may have only touched briefly on Web3 in this article, I fully believe that the issues we are currently seeing around NFTs and Cryptocurrencies are growing pains that are brought on by necessary concerns and conversations amongst some of Web3’s staunchest supporters. I am personally excited to see where we will be in even six months from now in terms of Web3, and I recommend that you all keep your ear to the ground to figure out how you can capitalize on the next big trend that emerges.