In less than 30 years, Technology for the masses evolved from a newspaper to a tweet. The dependence and control of information, communication, and messaging have gone through different hands. With Web 3.0, the third generation of internet services for websites and applications a new era is taking shape where the control and distribution of content is in one’s own hands. Web 3 brings decentralisation and empowerment in a true sense. The core principle of Web 3.0 is ownership of content and monetisation rather than being controlled by governments, institutions, and corporations as it has been in Web 1.0 and Web 2.0.
Owing to its genesis from Blockchain Technology (which enables data storage online, encryption, and distributed computing), the owner will always have the sole power and control over the content. The Web 3.0 concept is built on the libertarian ideology and maybe even considered anarchistic. This is why Governments across the World are aiming to create legislation that will allow them to retain a level of regulation on communications and information flow on Web 3.0.
DAO: A Web 3.0 Wolf pack
One of the first ideologies to emerge in action from the Web3 concepts is of the Decentralised Autonomous Organisation (DAO). It is a group, a company, or a collective that stands together by rules and regulations coded into a blockchain. A simple example is a DAO-based shop, where the price of all of the items and the distribution of profit are created and codified by the shareholders themselves. They may not follow the existing, traditional models of business and even choose to sell what is not conventionally regulated. Read critically, the DAOs eliminate the need for the “men-in-the-middle” such as gate-keepers, dog-watchers, bankers, accountants, lawyers, regulators, and landlords.
Decentralisation: Brewing a new world order
Web 3.0 is getting adapted at a real fast speed and bringing the advocates and enthusiasts across the globe together. The boundaries where independent thought persists are breaking and are rather protected with the technology. Consumerism is gradually breaking the old dogmas and forming new rules. Marketing will have to evolve and imbibe new standards as the psyche of sellers and buyers will change as the effect of Web 3.0 seeps into our lives.
We are already experiencing that the credibility of mass media being associated with certain ideologies is questioned. With Web 3.0 the importance of the ‘individual’ will rise immensely. The creator of the content will be supreme and be benefitted from independent wealth creation. Media will take a shift to become a creator’s economy.
NFTs: Empowering Content Creators
Non Fungible Tokens (NFTs) have shifted the current economic models under which most creators operate. Non-fungible tokens record the proof of the uniqueness of any artwork on the blockchain, making them codified and undisputable, and therein lies the bankable value. Musicians, celebrities, sportspersons, artists are all a part of this wave and are minting money from their digital assets. NFTs will soon be a part of the marketing curriculum. Our profession will soon go through a radical transformation as Content Creators will become more prominent. It is the brands that will adapt to the creators and not the other way round for their niche and personality. The consumers will be hooked on to personalisation of influencers and mass media will likely be limited to the awareness stage in the marketing funnel. Unlike broadcast media or social networks, some individuals will build businesses from a limited set of fans.
Metaverse: A pull marketing strategy at work
The metaverse, a virtual world, is a place where users can interact with fellow meta-humans or avatars and have an immersive engagement with apps and services. For marketers, it is going to be a Disneyland. It’s like entering a stimulating digital parallel universe (powered by crypto-currency, blockchain, and Web 3.0) to hang out with friends as avatars, explore unchartered worlds, join parties and attend events, play games, and win or mint NFTs. Brands that resonate with the pulse of the consumer are going to create avenues of monetisation here and lure tech-savvy consumers.
Embracing Web 3.0 is going to be highly profitable for us marketers. It gives us the flexibility of reaching directly to the consumers, wherever they are. Yet, it comes with the catch of acquiring new skills ourselves to build a consumer-first more than a brand-first mindset. Technology is an evolving accelerating train with Information and Communication aboard. The speed is only increasing by the moment and we can’t afford to miss it in our business.
The views and opinions published here belong to the author and do not necessarily reflect the views and opinions of the publisher.