The Internet has grown beyond 3 billion+ people in the world today. A major change in the internet’s usage has emerged in recent years: smartphones, social media, and cloud storage. These three innovations have impacted how people use the internet all over the world – not just for consuming content but for an interactive experience.
How has the internet progressed over time?
Websites in Web 1.0 mainly contained static pages that were updated once or twice per day. To save bandwidth, media such as photographs and videos were discouraged in Web 1.0.
Fortunately, the Internet is evolving just as rapidly as we are. Web 1.0 gave way to Web 2.0 as sites became more user-driven and less cluttered. Now, it’s time for Web 3.0–an even smarter and more interactive web fueled by the latest advances in artificial intelligence.
Web 3.0 is a complicated topic, but here’s what you need to know!
With the next generation internet, Web 3.0, VR, AR, 5G, artificial intelligence and machine learning will have a lot of emphasis. The decentralized internet structure means that nobody needs permission to participate or share content without losing security and privacy. This return back to how the original web was structured is beneficial and will create a more fair and transparent way of living online.
Web 3.0, also known as the Web of Value, is a major step in the evolution of the internet. Chris Dixon, an entrepreneur and general partner at crypto venture a16z, provides insight into how we arrived at this point and what it will mean for all members of society.
With Web 3.0, every industry that relies on the internet will experience a ripple effect that will vary depending on their needs and systems. The most significant positive effects of these changes for advertising and marketing will include increased conversion rates and a higher accuracy of the targeting algorithms.
What will digital marketing look like in web3?
This is the question of the day for major marketers and business leaders alike. As digital marketing evolves, there is concern of how the traditional methods will change in web3. web1 had already adopted digital marketing when banners were found on websites around the mid-1990s. Then came web2 and social media began to take over. However, this also has some disadvantages like the large corporations owning the entire internet, middlemen in between processes, lack of transparency, and access to the internet only while using screens (like phones).
In the third version of the internet, marketing strategies have been re-shuffled. There is increased data transparency as well as fraud prevention through blockchain technology.
Web3 is a game changer. The emphasis has shifted to connecting brands with consumers as well as matching messaging and experiences. Brands can now rebuild trust by providing users with control over their data without exploiting it.
The advent of the web3 is a positive turn for digital marketing, as businesses can use NFTs to transfer their visions to an ever more creative marketing landscape. Brands are using the web3 to connect with consumers; Nike turned to NFTs (non-fungible tokens) for its latest digital marketing strategies, and Budweiser paid 30 ETH to release their NFT on Ethereum. Facebook has made connecting even easier for brands, as they recently changed its name to Meta to move away from the fogginess of old web software.
How metaverse is making accessible new advertising avenues for advertising
Facebook’s rebranding is one indicator that brands must act quickly to capitalize on the new market paradigms of interacting with people in parallel space. Digital marketing is at a turning point with the release of the Metaverse.
Brands are embracing this new reality instead of resisting it and will reap huge rewards. For example, Framestore’s 1999 company motto is “Widening Your View” and their recent tagline is “Expanding Reality.” The future of digital marketing features event sound, AR, and VR possibilities which provides endless opportunities for marketers to explore and explore.
Tokens as new currency in web3
The current web3 revolution is just at its inception. This new economic and technological framework enables blockchain to share and transact across platforms and on public and private networks. As we enter the era of multichain, interoperability will be the key determiner in which system becomes the frontrunner for day to day transactions.
Rewards are traded for tokens on web3. These tokens can be used not only as payment but also to vote on changes within an environment. Loyalty points or vouchers will no longer be necessary, with the use of new technology that is able to provide relevant reward programs, sensitive data protection, and more. These opportunities would give people and businesses more accessibility to the web’s value creation at a greater interoperability between these entities.
Changing the shape of Marketing
The link between web3 and NFTs is important as well. NFTs, or Non-Fungible Tokens, are a method of assigning permanent custody of a digital asset. You may have heard about them as a way to create certificates for works of art that range from music to doodles. These digital assets hold much potential.
Other businesses have begun to dabble in digital collectibles as a result of NFT technology. McDonald’s and Taco Bell, for example, were among the first to start NFT-related promotions, offering digital Big Mac and Taco Art to its consumers. NFTs may be considered as a means to interact directly with your audience: ownership is a powerful concept that creates a stronger bond between your consumer and your business. NFTs, for example, allow musicians to sell their music to fans directly rather than through streaming services.
Web 3.0 provides advertisers with an opportunity to have more meaningful collaborations with potential customers. web3 is the next-generation of the web, using blockchain and decentralized services to offer a whole new way for exchanging information online. The current transition period has its issues, but this transition period has also had many benefits that are worth looking at more closely.
You might host virtual marketing events on a portal like Decentraland and wow your consumers with a completely new experience.
So, while some of these suggestions may not be appropriate for your organisation at this time, the objective is to not do everything at once (even though some brands like Nike, Reddit and Sothebys are).
The goal is to learn as much as you can about web3.0 and the new things it allows you to do, and then to think about how you might use these new abilities to accomplish things better.
The crucial distinction to understand is that web2 and web3 goals, growth, and success measures are frequently not the same. Builders should start with a clear goal, build a community around it, and match their development tactics and community incentives — and, with them, their go-to-market actions — to that purpose. We’ll see a number of models develop, and we’re excited to watch and learn more about them here.