What is Web 3 and what can it mean to Marketing?

If you are somewhat acquainted with technology you know about Web 1 and Web 2. But there is talk about another internet phase, Web 3.

Web 3 is basically the next generation of the World Wide Web and it involves artificial intelligence and semantic web technologies. It’s the upgraded version of social connectivity of Web 2 and the informational side of Web 1.

Web 3 revolves around creating virtual spaces within the internet. This can let users experience virtual services and products, before purchasing. It can provide a more efficient strategy and advertising to its consumers. It can give you access to many different sources of information about purchasing decisions.

We are already seeing how everything is shifting to prepare us for Web 3. Facebook started by changing its name to Meta and investing in the Metaverse. In a sense, Metaverse is what Web 3 will be about, but it’s just a fraction of the whole. The creation of blockchain technology, NFT, cryptocurrency, virtual retail stores, 3D filters, and art. But the question is, how will this affect marketing strategies?

Limited user data access

It can give more privacy to end-users. Right now most companies generate income by collecting data from users with marketing efforts or by selling to third parties. Web 3 can make this job harder for marketers, as some of the insights of Web 3 is that the consumer will be more active in how its collected data will be used.

Dependence on creators

Today, creators are somewhat restricted by social media platforms on what they can create. Content creators need to follow certain guidelines for each social media platform. In Web 3, this can change, and give creators full autonomy on content creation.

Power to the consumer

Web 3 will be changing its authority to the consumer. They can have the power to decide and promote what they’re most interested in, instead of just accepting what the brands and marketers offer them. This means that marketers will have to shift their approach by creating real communities and trust with the consumer, really placing their needs and interests first.

Businesses would have to change their strategies, and be more user-centric and transparent. They would also have to adapt blockchain technology to their structures to ensure data transparency.

Investment in the Metaverse

Surely, companies will start to invest in the Metaverse because it will transform the way they conduct business. Metaverse will not be only for gamers.

Brands will have to offer consumers different experiences, focusing on the consumers happiness rather than conversions. This will mean that marketers will have to change the way they approach brand strategies. A good example of this is Heineken, and how they released their new beer formula. The company chose Metaverse to launch the new formula, and invited various public figures and experts in the field of marketing to `taste` it. They’ve created a space where every individual invited had to create an avatar for himself. This proves that Web 3 is not that far from launch as we think. And it also proves how marketing and brand strategies have to keep up with the ever-changing nature of technology.

All we can say is we can’t wait to think of new ways to communicate the brand's mission and values to the consumer. How are you preparing your marketing efforts to adapt to the evolution of technology and the launch of Web 3? Give us a DM and let us know ;)