You’ve probably heard the buzzwords “Web3”, “metaverse” and “NFT” in the past few months, but unless you’re heavily involved in the world of cryptocurrencies and artificial/virtual reality, you probably didn’t pay these words much mind. What you may not know is that as a marketer, these terms could become more relevant than ever to the success of your campaigns on social networks.
So first off, what’s “Web3”?
Elon Musk just tweeted this funny explanation:
If that’s still not clear then it will suffice to say that Web3 is the decentralized version of the internet that is owned by the users and creators of the content (visual, written, etc.) on it. In Web3, users will own their data and online presence as opposed to it being owned by major companies and corporations like Apple, Google and Facebook.
Web3 is the infrastructure that is built with blockchain technology that serves as the foundation for the metaverse and the exchange of NFTs, or non-fungible tokens. NFTs are the currency for exchanging the digital content available through Web3.
And what does this mean for marketers?
It means that almost all of the users, creators and players in the Web3 universe will become influencers. They will want to be rewarded for engaging with your product because it will represent them now. They will also expect to have a say about the product, which brands will have to heed.
If you’re a brand that’s interested in taking part in the Web3 universe (and if you see yourself being around for the next ten years, that’s every brand), then you should get yourself an ENS domain, which is an identifier on the blockchain. This will be important for your engagement with future consumers in the Web3 era.