To Web3, or not to Web3, that is the question.
ChatGPT. Metaverse. NFTs. Crypto. OpenAi.
The world of tech is constantly changing, and with these changes comes new buzzwords. We’re sure you’ve heard the buzzwords above more and more, especially in recent months.
Every few years, something revolutionary appears and shakes up how the internet frontier is explored. While some of these are fleeting trends or fads, many will stick around and change the way we use the internet forever, be it personally or professionally.
Web3 is one of these revolutions, and for a good reason.
Web3 holds serious weight, and is getting more and more attention. However, many are still unsure about what it is, if it’s worth any interest, and how it will affect business and brands alike.
Let’s go back a few years to the days when Bitcoin and cryptocurrencies were all the rage. It seemed like everyone online was jumping on the digital currency bandwagon, waiting for their internet payday.
Unfortunately, that wasn’t the case. As time passed and more people got involved, it became clear that crypto wasn’t quite the exclusive, get-rich-quick scheme it seemed to be. Today, millions of people invest in such digital currencies as part of a diversified portfolio. Web3 ties to crypto heavily because it will play a major role in facilitating transactions in it.
Whether you’re a digital marketer, cybersecurity expert, or brand manager, here’s what you need to know about Web3 and how you can use it to your advantage.
What exactly is Web3?
Let’s go back to 2014. Gavin Wood, the founder of blockchain company Parity Technologies, coined the term ‘Web 3.0’ to describe his vision for the future of the internet. Eventually shortened to Web3, this concept envisioned a decentralized version of the internet that isn’t dominated by a handful of major companies like Microsoft, Google, Facebook, etc. (hard to picture, isn’t it?)
Decentralization is at the heart of Web3, whose goal is to create a more democratic internet by cutting out the influence of major companies. Services that we use on Web3 won’t be hosted by a single provider, such as Google, but they’d be algorithmic creations that are hosted by participants in Web3.
Web3 is the next version of the internet. It’s coming, and it will be better than Web2 (the version we’re using now) because it’s built on blockchain technology. With Web3, everyone will get an equal opportunity to succeed, because no one will have an advantage over anyone else.
How Will Web3 Transform Online Marketing?
Web3 will need online marketers to evolve. Data privacy is at the heart of this decentralized version of the internet, and data is the bread and butter of online marketers (seems a little counter-intuitive, no?)
Because of this, Web3 will fundamentally change online marketing as we know it. Marketers will have to focus more on community building as users take the driver’s seat. These users will be able to promote their own interests and ideas, while brands must create communities that drive those conversations for more effective messaging.
How You Can Elevate Your Brand with Web3
Keep Your Focus on Decentralized Apps
Let’s paint you a picture: Facebook and Instagram are the reigning monarchs of social media. They’ve built their empires by controlling everything–from their APIs, to your data. This isn’t news, whether we like it or not. You’re here because you’ve heard about Web3 alternatives, and decentralization is at the core of Web3 products. Let’s ask the question we’re all curious about: how will decentralization influence social media?
These apps won’t have a central authority that controls your data, and will leave most of the control up to you. Cybersecurity is at the core of Web3. Decentralized apps (dApps) create a unique opportunity for new ways to connect brands with customers and build meaningful, mutually beneficial relationships.
Start Thinking About NFTs
An NFT (non-fungible token) is an intellectual property asset that exists on the blockchain. By creating these assets, businesses can leverage them to boost sales, awareness, or engagement. These were first seen as being “trendy” (and honestly sometimes a bit silly),, but NFTs are moving in a much more focused direction than their former hype would lead you to believe.
Some of the world’s biggest brands have created these tokens to drive brand awareness and reach. It’s also a way for them to deliver new and interesting digital experiences to their customers, in addition to linking the NFTs with real-world experiences. Using NFTs for use cases or “utility NFTs” will be the path for NFTs in 2023.
If you haven’t gotten your feet wet with NFTs yet, there’s still time, and find new ways to cultivate their customer base.
Find Meaning in Digital Discovery By Balancing Real and Virtual Worlds
Experiential marketing is a key component of Web3. As users demand more personalized online experiences, brands must dynamically re-evaluate their marketing strategies. Hybrid marketing between real and virtual worlds is vital in an environment where consumers seek to discover innovative ways of interacting with brands.
By delivering a consistent voice through both physical and digital worlds, and through the development of new consumer-focused touchpoints, brands are able to deliver experiences that connect with consumers while continuing to drive relevant communication across channels and platforms.
Ready to Embrace Web3?
The adoption of Web3 is going to take time, particularly as usability/accessibility issues are still a hurdle for many, (ex: the price of headsets to access the virtual world is a major barrier to entry). With that being said, the pace at which Web3 is evolving makes it clear that the time to embrace this monumental change is now.
Brands must promote themselves and their websites in the digital world to be competitive for the coming years. To get to grips with the digital age, many businesses are starting to use blockchain technology. While this may seem risky at the moment it will help create a new, more transparent world and will change how we see value exchange forever.
Interested in learning more about Web3 and how it can be applied to your digital marketing strategy? Get in touch with any of the experts at UMW, or check out where your marketing strategy currently stands with our FREE digital marketing audit.