What is “Web 3.0”?
Since its inception, the internet has rapidly evolved – who remembers waiting on the AOL log-in screen, just to surf the web?
While many of these changes have been incremental over the last 25 years, they are considered a part of two distinct generations: Web 1.0 and 2.0.
In the days of Web 1.0, websites were built primarily using HTML ,with desktop based tools like Adobe’s Dreamweaver, and were almost exclusively read-only, or plain text.
The shift to Web 2.0 put more power in the hands of average internet users in more ways than one. Rather than just being passive viewers of information, users could now actively participate and contribute to the internet. Interactive platforms like Google and Facebook came onto the scene and organized large amounts of data. Managing the data made it easier to search, interact, and connect.
We also saw the implementation of What You See Is What You Get (WYSIWYG) email and website builders. Platforms like Google’s Blogspot and Wix became popular for fledgling content creators and business owners.
Opening Door Number 3
Now we are shifting toward Web 3.0 (Web3) – a more evolved and open way of experiencing the internet.
According to the computer scientist who helped create the internet, Tim Berners-Lee, openness, decentralization, and greater user utility will be core aspects of Web3.
Marketers, communicators, and business leaders need to ask themselves: Where are the opportunities in this new landscape, and how can we start thinking differently about our digital properties?
In the age of Blockchain technology, Web3 presents a unique opportunity for individuals to take control of their own data. This means a more anonymous customer in some respects, but it also means there is new opportunities for companies to create more intimate relationships with their customers, getting data directly from them.
In short, building community will continue to be crucial in a world where brands are already questioned for their data use.
The shift to Web3 will also allow people to trade value directly among themselves, which will give power back to content creators. The blockchain will play a critical role in this paradigm shift, as it is used to create non-fungible tokens (NFTs) – digital assets similar to cryptocurrency, like Bitcoin, Ethereum, and others, only these NFTs are unique digital properties, like owning the deed to an original work of art or being a member of a private club, in a purely digital sense.
NFTs and Brick-and-Mortar Brands
NFT collections are already getting launched by brick-and-mortar companies and luxury brands alike. So far, brands that have entered this arena have taken advantage of the excitement surrounding NFTs to raise funds. For example, Vacation®, a sunscreen brand created as a brilliant product spin-off from internet radio company Poolsuite FM, raised over $2 million by selling NFTs that allowed buyers to attend in-person events and access new products.
Other brands, including Pepsi, Autograph x ESPN, and Asics, have taken notice of this kind of success and have started to offer customers similar opportunities.
It's exciting that NFTs are becoming more mainstream and accessible to conventional and small businesses, but its certainly an area we would categorize as experimental. But what is most exciting is the democratization of data and expriences Web3 is reintroducing to the internet. The proprietary tech that these NFTs run on has the potential to bypass Web2's platform-centric environment; this will allow businesses of all sizes to regain direct control of their digital relationships with consumers.
The shift to Web3 will continue to be gradual, but this period could spark rapid growth for companies and organizations who take chances in the next digital frontier.