Patrick Biddiscombe explains Web3 as a decentralized internet built on blockchain, where users own their data instead of platforms. Marketers can run NFT campaigns and reward communities with tokens, but lose access to the free user data they collect now. Crypto investment surged in 2021, with early examples like OpenSea and Reddit already moving toward Web3.
Chapters
Today we're going to dive into Web3, what it is and how it could affect the Future of Marketing. Web3 is a name some technologists have given the next proposed phase of the World Wide Web. At its simplest is a blockchain integrated Internet, a space where Things like cryptocurrencies, NFTs, and a plethora of other applications are built into the platforms we use. At its not so simplest, it's an Internet owned by the users. The overall idea, decentralization. What is that and why would people be interested in it? Okay, so imagine the current web as a field overseen by giants who collect, use and store your information through their city centralized servers. With a decentralized web, the giant's grip on that info would vanish. Gone are the middlemen, and users could have full control over what happens to their data and interactions, and even profit off of it if they choose. A very hypothetical Web3 version of Facebook, for example, could look something like this.
Instead of having an initial public offering, this version of Facebook would create a cryptocurrency token and airdrop it to early adopters. Users would be rewarded for going viral and could earn tokens based on engagement.
Another big part of web3 and decentralization is voting rights, giving people the power to decide on things like content moderation, which was previously dictated by the platform. Web3 is not just about earning crypto. When it comes to marketing, the positive possibilities for Web3 are pretty cool. For example, pay to play. This is gamified NFT marketing, where brands are creating their own custom high value NFTs and then allowing customers to win them by playing the game. Web3 is, among other things, a reaction to companies not keeping user data secure and sometimes selling it for their own profit. With that in mind, while the positives sound really, really awes, Web3 may also create some new difficulties for marketers. Okay, so right now, companies make money based on the data they collect from their users, either by using it to inform their marketing strategies or by selling it to third parties. Web3 advocates believe that consumers should play a more active role in how their data is used, who they share it with, and if they want to sell it, instead of companies collecting it for free, since it is clearly very profitable. Given this, collecting user data to inform campaigns may be a little bit harder in a web3world. The reason we're talking about this now is because blockchain technology and more importantly, cryptocurrency are the hottest and possibly most mainstream they've ever been. Venture capital firms put more than $27 billion into crypto related projects in 2021 alone, more than the previous 10 years combined. And with companies like Reddit already making moves to get a head start on developing Web3 services and platforms, the timing is perfect. But that perfect timing also brings us to the other side of the gossip. Some feel this whole next level of the Internet thing is actually just a front as a clever rebrand attempting to build the need for CRYP cryptocurrency, perhaps by disassociating it from the perception of being a novelty for rich folks and moving it closer to the we'll need this technology in order to naturally evolve our use of the Internet. The implied hope could be to wipe the currency clean of its current social and political baggage, which there is a lot of taking it from undesirable splurge to undeniable need so when can you see web3 fully up in action? We don't completely know, but the Metaverse, decentralized apps like OpenSea, Edge Computing, and Pay to Play NFT Marketing are all examples of the early stages of Web3 already out there. While a lot of predictions on Web3 out there are definitely more theory than practice, and we're still a while away from it becoming a household name, it's definitely a topic that will continue to develop. Remember, if you want to continue to understand the changing role technology plays for you as a marketer, click the link down in the description for HubSpot's emerging tech guide. It'll help you stay on top of trends and apply new technologies to your marketing strategy. If you like what you heard and you want to hear more, subscribe, comment and like to hear more, adios.
Our software is the worst. Have you heard of HubSpot? See, most CRMs are a cobble together mess, but HubSpot is easy to adopt and actually looks gorgeous. I think I Love our new CRM. Our software is the best. HubSpot grow better.
