Web 3.0 is a future internet technology built on public blockchains, which are well-known for processing cryptocurrency transactions. Web 3.0 is appealing because it is decentralized, which means that instead of customers using services that are mediated by businesses like Google, Apple, or Facebook, users themselves own and control portions of the internet. The future of marketing as we currently know it will shift as a result of these new consumer privacy safeguards.
In this Ad Brief, we speak with industry professionals about the transition to Web 3.0 and why it matters.
Chris Martin from JUMP is an expert on the upcoming Web 3.0. He says that while markets are down on crypto, it is a good opportunity to be building for Web 3.0. If you are investing in a company to assist your transition to Web 3.0, understand growth may be slow in this time. Instead, realize that you are teeing yourself up for success when Web 3.0 arrives. You should also expect a change in metrics. While we focus now on targeted ads and audience segments, Web 3.0 will see an increased focus on community participation and engagement. This difference goes from trying to sell a product to a consumer to trying to create value for audiences to connect with your company.
This exemplifies the overall shift in ownership in Web 3.0. “We’ve always been building and creating and then having that revenue model to kind of facilitate the operations and continued growth,” explains Martin, “Where this is more first community growth and community-driven” allowing those communities who are creating to be the ones executing those operations. This all comes back to a feeling of connectedness, belonging, safety, and being connected to something bigger than just yourself. This is taking the idea of community that we’ve seen on social media over the last decade and bringing it to the internet as a whole. The value will be in the communities.
Meanwhile, Ben Plomion from Dibbs believes that Web 3.0 will change marketing to focus on brand loyalty via the communities brands create. Plomion suggests the best way to do that is to break from the traditional ad norms and gamify it instead. As Plomion explains, if you are not innovating, gamifying, and engaging your audience in gaming platforms and new locations, “you’re dying as a marketing organization.”
On the topic of gaming and virtual spaces, Angela Solk from Blippar sees an openness to living and experiencing a virtual world with the change to Web 3.0. To Solk, Web 3.0’s value connects to the value of augmented reality. It’s unending how you are able to engage your audiences and make the consumer feel more empowered in their own environment. Web 3.0 helps break down the barriers to make this new ad space possible.
Paul Enriquez from Simpli.fi believes you will see more uses of first and second party data in the new age of Web 3.0. Advertisers are going to focus on the data they have, restructure that data to fit their new marketing channels, and find new paths to use what they have effectively. Enriquez explains there are also other players, such as retail companies, who are leveraging their data and packaging it up for advertisers to use without needing to gather it themselves. However, with the growth of communities, this data needs to be gathered with compliance. If this data is gathered against the will of the consumers, you’re opening yourself up to great risk.