What is Web 3.0 and why should marketers care? After we spent so many years talking CPC, LTV and CAC, the new ones on the block are blockchain, Web 3.0, Metaverse and NTFs. Mooketing will build a series of why these new technologies are at the cusp of mainstream explosion and why as a marketer, we need to up-skill to get on the fast running train.
What is there a need for Web 3.0?
The internet has evolved since so many years. It first took hard copy paper online where you could read the news in a static way. Then came the era where we could interact with people, not just in a static world but in a world full of videos and comments.
With the boom of the digital marketing industry which was driven by smarter targeting and personalisation of ads and understanding ROI, there was also a dark side – User privacy. Although this data was anonymised and aggregated perhaps that machine learning became so powerful that people started feeling that ‘someone was listening’ and then ‘targeting them with ads’. Privacy has now become front and centre of the concerns that people have and there is a huge market gap of building a privacy first ecosystem.
What is Web 3.0?
Think about Web 3.0 as a revolution that aims to give back power to the people. No tracking, no cookies. Everything is in a decentralised ecosystem. Also, it means that what you do in a digital ecosystem doesn’t correlate to your real identity (Read: no more smart targeting).
Is that scary for marketers?
I think for a marketer, that is scary because digital marketing as an industry was built on the premise that you can target people more accurately than broader, more expensive strokes of TV and Billboards. Yet, we might come back full circle to not knowing anything about the user and find a way to showcase appropriate brand related content. Also, in a way because it is decentralised, no one central person really owns anything. The blockchain technology that powers Web 3.0 is built on the idea that content cannot be moderated or shut down. It exists forever.
What doe that mean for marketers?
Marketers need to remove their old hats, and gear up for new ones. In a lot of ways, Web 3.0 will completely disrupt Digital marketing driven thinking and the way of the world as we know it. Same as how digital marketing disrupted what we now call ‘traditional Radio advertising’.
The most important thing for everyone is to become a sponge, understand the core of blockchain technology and by principle, follow the user. Becoming customer centric was the mantra decades ago, and the principles will largely be the same. Will you convert your social media creative to NFT? Maybe. Will there be new decentralised apps to be on? Sure! Will we eat our cookies and give users a lot more power? 100%. I would say, buckle up because we are going to be on a ride of a lifetime.