Marketing Revolution with Web3
In recent years, the marketing world has been in a period of evolution. Social media platforms have expanded, AI tools have been developed to assist the strategy, and marketers have learned the value of content as search engines recognize the intent of users. Now, we’re entering a new revolution with Web3 and metaverses at the helm.
What’s Web3?
Is this a browser? A new advertising platform? Not exactly. Experts describe Web3 (sometimes called Web 3.0) as the next iteration of the World Wide Web. In the early stages of the internet, we had Web1 where websites were static, and everything was primitive. Soon after the millennium, we transitioned to Web2 where the user experience improved and anybody with the right resources could launch a website.
During this longer second phase, the way in which people shared and consumed content online changed. As social media grew, people had small mobile devices in their pockets that could access data wherever they were in the world.
As we get comfortable with 2022, some believe that the upcoming changes to the internet mark a revolution, and therefore a switch to Web3, rather than just another evolution. With the informational features of Web1 and the socially connected nature of Web2 as the foundation, Web3 will build on the virtual elements of the internet. This includes the following:
- Semantic web
- Personalization
- Virtual shopping malls
- Metaverses
The Impact of Web3 on Business
How does this change affect businesses? More specifically, the marketing team. Ultimately, this concept is changing the way that everybody uses the internet. As a business, you’ll have a marketing strategy that optimizes websites and focuses on SEO. It’s important to note that these foundations won’t disappear, but you’ll need to go further to boost the consumer experience.
While marketers will panic when they hear about Web3, you should be relishing the opportunity because you can reach out to your audience with targeted content. With access to greater information, consumers receive relevant content and make more informed purchasing decisions.
With this in mind, we urge you to continue reading through our detailed guide rather than clicking away in panic. If you embrace this new iteration of the internet, your brand can benefit as you build genuine connections with consumers.
Key Features of Web3
What would Web3 look like in practice? Here are some of the biggest features:
Decentralization
When reading about Web3, you’ll see people latching onto the decentralization aspect and this is because it’s integral to the success of Web3. According to many, the current iteration of the internet is too reliant upon the Big Tech companies — this includes Google, Facebook, Apple, and other technological giants.
At first, the fact that these gathered data was a by-product of the services they offered. Now, they actively encourage users to enter their information so that they can sell this data to third parties. The bigger that this problem has grown, the more unsettled end-users have become. Consequently, consumers have sought to regain control of their data through App Tracking Transparency and other features.
Web3 proposes a decentralized system using blockchain technology. In this new system, individuals have control over their own data so the need for a middle party is removed because people exchange data with their chosen recipients. With a decentralized system, the risk of data theft reduces because data isn’t held in centralized locations. For instance, those who hold their data in a data cloud currently live in constant fear of getting hacked.
Additionally, decentralization removes our dependency on central servers. If these central servers were to fail right now, the whole world would descend into chaos (we’ve seen many examples of it over the years). Without having to rely on Facebook, Google Docs, and other central servers, the risk of failure and interruption is limited.
Next, there’s further good news for users because they can view their data without having to worry about external authorization. With no third parties holding their data, this leads to better privacy and security.
As you can see, decentralization is an attractive proposition, and it doesn’t need to cause problems for marketers. Even in this new environment, marketers can connect with people and reach out to the target market. Suddenly, marketing goes back to basics in building relationships with the people that matter. In other words, we don’t ‘target leads’ endlessly.
Semantic Web
Though much of the focus is on decentralization, we shouldn’t ignore the smaller features. As an example, the semantic web is designed to improve communication between humans and computers. Using metadata, the semantic web can describe content for machines to read and understand.
After embracing artificial intelligence, you don’t have to worry about going in a different direction because this will be ubiquitous with Web3. NLP (Natural Language Processing) is making great progress in helping computers not only understand but interpret human language. As this technology continues to grow, computers become more human-like. Ultimately, this means faster solutions and more accurate responses.
The Importance of Blockchain
At the very mention of blockchain, marketers and consumers alike share nerves since this term is often related to cryptocurrencies and similar technology. Since blockchain is often considered as big and expansive as the internet itself, these are formative years in the blockchain adventure. As well as many questions, you’re likely to have concerns and misconceptions in your head.
Why is blockchain at the forefront of Web3? Essentially, it plays an important role in accommodating a decentralized, open system. Blockchain technology improves data security and lays the foundation for other technologies in the ecosystem. All in all, it will provide the transparency and efficiency that proponents of this technology desire.
Preparing for the Revolution
Words like ‘revolution’ can make you want to turn off your device and wish for simpler times. Unfortunately, those who ignore this important change will be left behind. If you’re searching for evidence that the revolution is coming, you only need to look at the might of Facebook changing its name to Meta. Every month, Meta seems to invest more in the metaverse as it moves into this developing field.
The best way to prepare for the incoming revolution is to focus on positive user experiences and transparency. As the decentralized system takes hold, the business will be inherently transparent, and users will take control of their privacy and data. As a business owner, you need to be ready for the addition of blockchain technologies. By adapting to this change, you can ensure that data is open for all.
In the coming months, keep yourself up to date with all the latest news and trends in the industry. It’s not enough to read this one (amazing!) article and then switch off for several months — the market is moving too quickly for this. When making business decisions, remember Web3 and the longevity of new strategies.
If you’re currently putting your resources into genuinely valuable content, keep on this path for the foreseeable future because this is key. Furthermore, the community for NFTs (non-fungible tokens) is growing, so bear this in mind too.
Social Media
If this is a revolution, you can assume that every part of the digital marketing strategy will be affected to some degree. What does this mean for social media? Currently, YouTube and Facebook still sit atop the list in terms of overall users and popularity. In such a short space of time, they have completely changed the way that people in society communicate. Well, it could be an exciting time for the social media niche.
If plans come to fruition, the most exciting detail for users is that they would have control. Imagine a world where life wasn’t dictated by Facebook and other large social media platforms. With ‘dApps’, the data of users never belongs to one single entity. Users can enjoy social media in the traditional way.
Summary
This is a lot of information to take in, especially if you were preparing your business for a typical, standard, not-many-changes kind of year. Suddenly, you’re learning that everything is about to change and the monopoly that technology giants have held over the world could disappear.
Of course, these giants won’t give up without a fight. Likewise, consumers will need some convincing of the benefits. Yet, we don’t think that this will cause many issues considering the control that consumers will get in the new system.
From a business perspective, you need to prepare for the change and focus on providing value to consumers. In the coming months, you have an opportunity to create genuine connections with people. Get ahead of the curve and start now, even if Web3 isn’t anywhere near its final form just yet.
As well as Web3, keep an eye on the growing metaverse trend. This is a virtual world where users have a digital representation of themselves. Businesses can use these metaverses for in-universe advertising, product placement, and events.
