How Web3 is changing the marketing landscape
Learning and emerging as an extension of Web1 and Web2, Web3 is empowering users to immerse themselves in a virtual world. Let’s understand what’s in store for the marketing landscape in the Web3 era.
Web1 was nothing but our introduction to the internet. Web2 era is popularly known as the time of booming ecommerce. Internet is dynamic and changes with the arrival of novel ideas.
Not stopping at Web2, virtual reality and augmented reality has picked traction, paving way for the new Web3. An immersive technology, Web3 strives to enable users to network with brands and experience their services first-hand. As Web3 is here to stay for a while, let’s dive deeper into understanding how it is changing the marketing landscape.
So, what are the key features of Digital Marketing in Web3?
- Personalisation with AI: Working on Natural Language Processing (NLP), Web3 is more efficient in decoding data precisely. With increased reliability on the collected and inferred data sets presenting details about visitor journeys, artificial intelligence (AI) is central to Web3, empowering digital marketing campaigns to be targeted to individuals while considering their digital behavior.
- Not one firm holds the data: As Web3 provides a more democratic environment in terms of data availability and is not controlled by one central entity, digital marketing increasingly becomes simple in targeting customised marketing campaigns with user data in the public domain available to them.
- Transparent communication between users and brands: Unlike the Web2 era which seldom gave control to individuals about their data from being collected and shared across companies, Web3 allows everyone to control their data. This is a value-addition to avert misinformation and sensitive information from falling prey to online frauds. It presents users with data ownership hence paving a path to their absolute freedom on the internet. Digital marketers can target the patrons by understanding and learning about their preferences directly instead of following the long route.
- Eradicating third-party authorization: Not requiring any user to submit to third-party authorisations, Web3 keeps the user data pure and safe from falling prey to being manipulated by many third-party data collecting firms, hence increasing user data security and privacy. Reaching the target audience’s clean and protected data through themselves directly without being meddled by third-party firms is all that digital marketers desire and hence Web3 will be more transparent for digital marketers.
Marketing in the times of the Metaverse
As we know that the world is increasingly seeing the potential in the Metaverse – the digital world which has real-life-like immersive experiences for the users, marketing in this sphere is going to be a different ball game as the platform has immense growth potential.
With no boundaries restricting anyone from moving in the virtual world freely and witnessing new-age futuristic products, the Metaverse is a great space to be for brands to target individuals in the most personalised manner through the form of avatars in real-time.
To cite an example, if you have a pop-up shop of your apparel brand in a Metaverse space, say a music artist is scheduling their show on the same platform, then you can tie up with the artist to provide free t-shirts for visitors to the Metaverse event. This will allow you to collect data on visitors who opted to wear your t-shirt to be targeted later for your other products.
You can converse with these users’ avatars while they are at your pop-up shop, providing real-time business prospects. And the users can cite what they desire and select from your products accordingly.
Hence taking away from the single-way of communication from brands to the customers, Web3 takes the marketing experience a notch higher by empowering the user with control over engagement and parameters leading to buying or not-buying the products in the virtual world.
In a nutshell
While Web3 is still in the early stage of adoption, marketing in this space will take some time to inform the masses and normalise marketing on this platform.
There’s no doubt that Metaverse will soon become popular like cryptocurrencies and NFTs with the increasing trust by the masses the world over in owning digital assets in the virtual world.
Marketing in Web3 is an aspirational model for many but to achieve success in it, the brands need to delve deeper into understanding the tech better and starting with a trial-and-error method of marketing to attract the users in this space while providing them with an immersive experience to your products/ services.
Edited by Affirunisa Kankudti
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)