Honestly, Web3 hasn’t fully been defined yet. The buzz word surrounding this third generation of the Internet is certainly “decentralised”. Based on conversations throughout all Web3 active platforms (namely Twitter and Discord) this paradigm shift is all about giving people – artists and creators especially – power over platforms; the independent music artist over Spotify, the photographer power over Instagram etc…

From bitcoin to blockchain and NFT to cryptocurrency, this next generation of the web is also seeing faster adoption rates with many brands buying in. Industries like retail and healthcare are already making connections, and even the music industry is throwing their tokens into the ring, according to Michael del Castillo at Forbes’.

But when is the move from Web2 to Web3 actually happening! It feels like boomer parents asking their Gen Z post uni child when they’re planning on moving out at a time of high inflation – it’s an indefinite answer. For many, an unknowable answer is what makes the move exciting and allows for experimentation. 

While we are still in this unconcrete phase, however, it is a good time for marketers to start the critical conversations to deliver in Web3 and prepare for whatever comes tomorrow.

Data Ownership

One of the defining properties about the decentralisation of Web3 is that your data is open and can be moved to any application. Essentially, no one can cut off access to that data, and no one can censor or control it.

We can therefore expect to see centralised entities, such as companies or organisations, create products that interact with that data source, but they will not control it themselves. 

Innovate

With new core capabilities added to the Internet comes huge business opportunities for companies. Many fear the move to Web3 out of fear that keeping up will feel impossible when in fact, Web3 massibly complements Web2 which is why Web2 are able to leverage Web3. 

This innovation phase isn’t just piquing the interest of brands, gamers and artists either. Investors want in on the action too. A Forbes survey found that over half of high-net-worth investors indicated that themed investments in disruptive technologies (such as blockchain) are of great interest.

We are living in a very exciting time, on the brink of how the internet will define the next century. Innovation, naturally, sits at the centre of positive change. 

Differentiation

There likely won’t be one go-to metaverse, but a variety of different metaverses, verticals and even cities. As a marketer, you may wonder where you should be looking? But this may be the wrong question to ask.

Many of its creators see the metaverse as a way to connect societies – it’s almost like nation-building. For this reason, the real question marketers need to ask is how can you add value to any metaverse—and impact its society.

Adoption

The first iteration of the web, Web 1.0, was “defined by simple static websites, and the next stage, otherwise known as Web 2.0, dominated by user-generated content and social media. It took brands a while to find their voice on Web2 – massive companies like Primark didn’t even have a website until the mid to late 2010s – a decade later than the birth of Web1 in 2005! But with Web3? Everyone wants to have their voice heard, and 41% of CxOs say their organisations’ investments in blockchain will increase over the next two years, according to the Forbes Growth Survey 2.0.

So the conversation starter for Web3 marketers remains the core focus in all forms of marketing; how can you start a meaningful conversation, just in the metaverse?

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