Web3 is here. Ok, it’s not actually here but it’s coming! Most people are familiar with web2.0, which saw the evolution of social media platforms, smartphones, HTML5 standards, and more. The next version of the internet is being called Web3. The intention of Web3 is to use the fundamentals of blockchain technology to power information exchange, decentralize information, and empower consumers. Big tech, which is comprised of companies like Alphabet, Meta, and Amazon, controls the bulk of internet transactions and traffic despite there still being millions of other websites. Blockchain is being used initially as a disrupter in the financial sector thanks to CryptoCurrency, but it is not going to end there.
So how is this going to impact you?
As a consumer you’re probably going to get more privacy since blockchain has been creating anonymity with crypto. You may even get more ease of use when it comes to logging in to websites! This is because, in theory, you could use one universal login. You would have more control over your data since it’s decentralized, meaning Alphabet doesn’t own your profile or your footprint on the internet.
How will this impact marketing?
Ah, that’s the million-dollar question as they say. If Alphabet and Meta don’t fully control your profiles, and properties become decentralized but simultaneously allow a universal login, more websites could pop up offering consumers different choices for discussions. Maybe this means you don’t spend as much time exploring groups on Facebook and as a result less time on Facebook. How you see ads could be limited to the site you are on and your experience on that site. We’ve already seen this trend pre-web3 rollout with Apple’s privacy enhancements and how it impacts Facebook tracking pixels.
As an agency, we will probably be spending less on Google and Facebook than in years past. We will see more on various other platforms, similar to how it was in Web 1.0. For our customers, you might see more sales on your direct website than on Amazon. At the end of the day, this is probably a good thing.
Will this really happen?
So you’re asking the question what is web3 0, but maybe the real question is will web3.0 even happen? We don’t know. Something is happening and the internet is going to change. As a company, we are committed to evolving and staying ahead of trends so that we can best serve our customers. For example, we’ve previously implemented cryptocurrency checkout on various websites. We’ve built exchange tools with blockchain underpinnings. We’ve deployed machine learning for complex algorithms, and we’re actively building a website for NFTs (nonfungible tokens). If you have a great idea for Web3 and need a partner to help make it a reality, give us a call. We would love to discuss it with you.