The internet has come a long way since it was first introduced to the world in the early 1990s. In the nearly three decades since then, the way we use the internet has changed dramatically.
It has been a transformative force in marketing, opening new channels and opportunities for companies to reach consumers. The advent of Web 3.0 is poised to have an even greater impact on marketing, as it changes the very nature of how we interact with the internet.
We’ve gone from Dial-Up to DSL, to Cable, and now we’re on the cusp of a new era. The World Wide Web is about to enter a new phase, one that promises to be even more transformative than the first two.
So, what is Web 3.0 in short? It’s a new way of using the internet, one that’s decentralised, secure, and private.
Its decentralised nature means it puts the users comprehensively in control of their data and all of their content instead of third party mediators or organisations. This will allow the users to be able to decide whether they would like to share their data or keep it locked and fortified. Resulting in lower data/privacy theft or eliminating it entirely.
Web3 is also being increasingly used by Big Tech like Google, Facebook, and Amazon to ease the transition for their audiences. The technology allows for a better understanding of the relationships between data points, making it possible to create more intelligent search results and recommendations.
But what does that mean for digital marketing? Well, quite a lot, actually.
1. Increased Personalisation
Web3 technologies like Blockchain and IPFS will allow for increased personalisation in digital marketing. Blockchain can be used to track customer data and preferences, while IPFS can be used to store and share large files efficiently. This combination of technologies will enable marketers to create highly personalised experiences for their customers.
The rise of Web 3.0 will result in a more immersive and interactive internet. The use of virtual reality, augmented reality, and other technologies will create new opportunities for marketers to engage with consumers.
2. Data Privacy will Change
In the web 3.0 world, thanks to the revolutionary blockchain technology, instead of a few companies collecting and controlling our data, it will be spread out across many different decentralised networks, available for the respective user to interact with at a whim. This will make it more difficult for companies to track users’ online behaviour and present them with targeted ads.
Privacy will also be more important in the web 3.0 world. Consumers are getting more aware of data breaches and leaks, (SIC- the infamous 2021 Facebook, now META, data leak involving more than 533 million users), and are concerned about how their data is being used. Since Web3 is for the people and from the people, they will be more likely to protect it. This could impact how marketers collect and store data, and it could also impact how marketing is targeted and personalised.
Privacy will become more important, and companies will need to respect consumer privacy if they want to succeed in the new web 3.0 world.
3. A Shift In Advertising
With Web 3.0, there will be a shift from traditional advertising to native advertising. Traditional advertising is interruptive, often intrusive, and not particularly effective. Native advertising, on the other hand, is non-intrusive and more effective since it’s more relevant to the user.
4. More Ethical Marketing
The decentralised web will have a profound impact on many industries, including marketing, bringing increased transparency and accountability into the play, as well as new opportunities for more personalised and ethical marketing.
Marketers will need to adapt their strategies to the new landscape, but the decentralised web will ultimately lead to more ethical and morally aligned methods.
With increased transparency and accountability, marketers will be held to a higher standard.
5. The content creator’s internet
Web3 will shift the power back to content creators. By using the decentralised nature of the web, content creators will be able to connect with their audience directly. This means that content will be less subject to the whims of platform algorithms and middlemen.
What’s more, with a direct connection to their audience, content creators will be able to better tailor their work to what their followers and networks want. And because they won’t have to go through traditional channels, they’ll be able to keep more of the earnings from their work.
This is a win-win for everyone involved. With more control over their work and more of profits, content creators will be able to produce the kind of high-quality, shareable content that audiences crave. Moreover, the latter will be able to connect with the creators they love in a more direct way.
While Web3 is still in its early stages, it has gained unprecedented momentum in recent years, thanks to the popularity of cryptocurrency and NFTs, but it still has its own set of tribulations to overcome.
The first and most glaring issue is the usability. While the technology has progressed by leaps and bounds, the user experience still lags behind. This is evident by the lack of user-friendly applications and tools. Cryptocurrencies and smart contracts, a few of the major pillars of Web3, are often complicated and can be very confusing and off-putting for an average user.
This leads to the second issue, which is adoption. While there is a lot of excitement and hype around Web3, the reality is that very few people are actually using it. This is because most of the applications and tools are still very much in the development stage and are not yet ready for prime time.
The third issue is security. While the underlying technology is very secure, the way it is being used is not. For example, there have been several high-profile hacks of cryptocurrency exchanges. This is because the exchanges are not yet using best practices when it comes to security.
Despite these challenges, Web3 has made significant progress in recent years and is slowly but surely gaining traction. It will take some time for the technology to mature and for the user experience to catch up.
With further development and increased adoption, these challenges can be conquered and Web3 can realise its full potential.