Web3 has become a buzzword lately. Enthusiasts call it ‘the new internet’. It sounds the same as the start-up Pied Piper in the HBO hit TV Show ‘Silicon Valley’. Hence, Web3 is the decentralized version of the internet. We can not only read and write but also own our interactions across the networks we use daily. As per this vision, the future of the internet looks very different from the present. Web3 is about embedding properties on the internet that are the same as the real world of ours.
But why do we call it Web3? Let’s find out.
Road to Web3: Web1 and Web2
Web1 was the era of the static internet where users could ‘see’ what was on screen. Likewise, features like chat rooms were yet to become popular in this era. Researchers were more interested in building the hardware to make the internet work. They had no choice. This was the era where computers merged with telecommunications technology.. We know hardware components like routers, switches and modems, with local telephone lines.
In 1994, the Netscape Navigator became the internet browser that began the Web2 era. Companies were figuring out the potential use cases of the internet. This, for commercial purposes. Giants like Google, Amazon, Facebook, Microsoft and Apple are synonymous with this era. Companies made services and gave them for free, so that data could target individuals. Web2 also gave birth to digital marketing as we know it today.
The grand culmination of the Web2 era was the smartphone revolution. This puts the power of the internet into everyone’s pocket. We’re familiar with this today.
How did Web3 come about?
During the financial crisis of 2008, governments used public money to bail institutions. These had taken a lot of leverage to ‘play’ the market. In came an anonymous individual (or group) by the name of Satoshi Nakamoto. Hence, got deployed the Bitcoin blockchain. The blockchain automated the need for banks or any other central intermediary. It allowed participants from anywhere in the world to send money in a secure and trustworthy way.
Hence, the Bitcoin cryptocurrency from the blockchain gave birth to Web3 as we know it today. It took another few years before we saw the emergence of blockchain applications. Think, smart contracts and decentralized finance (DeFi). Think, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). When Facebook changed to Meta, it reinforced the relationship between hardware (in Web3’s case, its AR and VR devices, like how it was routers and modems for Web2) and software. Hence, Web3 is an umbrella term for the latest digital technologies based on data. This includes blockchain and artificial intelligence as well.
What is Digital Marketing?
In simple terms, marketing is about finding a person who relates to the product you offer. For instance, let’s take chocolates. At first glance, it seems as if the entire world is a customer of chocolates (except diabetic people). But, at second glance, there are different chocolates for different times.
Hence, digital marketing means to find people who relate to your product on digital. In today’s world, digital marketing means to understand where people spend most of their time. The second is to understand the type of people you think will relate to your product or service best. For instance, you want to find people who play football at least once a week for your protein product. It is logical to target them by blogging about it or to perform social media targeting.
How does Web3 change Digital Marketing?
Web3 promises to be smarter and more intelligent than the previous eras of the internet. With newer, more immersive technologies, we can expect marketing to undergo shifts. Digital marketing is the most popular way of finding audiences and customers. This is because of the prevalence of platforms that aggregate users and content.
The Metaverse will Create an Immersive Space for Consumer Brands
Imagine yourself hanging out in an alternative world. Yet feeling as if you can travel across the world. What to do when the metaverse gives us the opportunity to transcend the limitations of space? Brands will get spoilt for choice to doing something cool. They want to attract people to use their product. This is in a fun, engaging way, personalized to them.
Tokens Become the New Marketing
The holy grail for digital marketing professionals is to engage people. It feels as if their close friend or family member is talking to them. Instead of loyalty points, tokens will become the new digital marketing. People can use tokens to engage, buy, sell and also take an active part in shaping the future of the brand’s community.
NFTs will transform the marketing landscape
Blockchains are interoperable with each other. NFTs geared towards digital marketing will transform how we look at marketing. For the first time, brands can make NFTs of their products and gain direct link with their user community. Enterprises can use digital marketing to build authentic communities.
Web3 is an umbrella term for all the technologies that will shape our future. The way we live, earn and socialize is undergoing a remarkable change as we speak. It feels like the beginning of the internet era all over again. An open metaverse where anyone can enter and exit when they want is the best way. This is for everyone finds the projects and communities they are passionate about.
NFTIcally is a venture that helps brands, creators and enterprises create and launch their own NFT marketplaces.