Every marketer needs to know what Web3 is all about, not only to stay ahead of the competition, but also to know how to strategize their campaigns and bring brands closer to their customers. For this we must understand what Web3 is, what it represents and how we can benefit from it.
Although different experts have varied definitions of what it is, there is a global consensus that it is a new variant of the internet empowered and driven by blockchain technology and supported by the token-based economy.
As if that were not enough, Web3 has three key features that make it stand out from its previous iterations.
1 – Transparency: Thanks to blockchain technology, users who connect peer to peer and use decentralized apps can share self-verifiable databases.
2 – Added to this is decentralization. In web2, the big companies own the platforms that they offer to the public, however in web3 there is a decentralization of the same, so that the content is controlled by the users.
3 – Finally, the autonomy that users can control what information they share and is collected by third parties is key to generating web autonomy in the ecosystem.
Different studies have already shown that the majority of Internet users do not trust advertisements and advertisers, so it is an excellent time for brands to migrate to Web3 and start working on getting customers from there in a clearer way.
NFTs and the Metaverse
These are the two big ones within web3. NFTs are blockchain-based non-fungible tokens that allow users to be the sole owners of a digital asset. From a trading card to clothing in a game it can be an NFT. They can be traded on the open market and generate collectible content for brands like the NFL or NBA.
On the other hand, the Metaverse is a virtual ecosystem where brands and users generate their counterparts and can interact in a new digital world.
Crypto as Incentives
Web3 is already a reality and it is making its way among the world’s users. It is not surprising that in the near future users will demand revenue from brands generated by the information they create.
To support this type of action, using crypto is the safest and most modern mechanism to generate these incentives. By offering rewards in the form of tokens (of all varieties) advertisers can take advantage of the hype of web3 to gain customer trust and loyalty.
Using this type of tokens and relying on blockchain technology we can take advantage of certain benefits:
Validation: users can verify for themselves the veracity of the transaction
Security: thanks to decentralization and cryptography
Transfer: facility to receive and send tokens
Remove the middle man: there are no barriers between the brand and the client
Incentives in crypto can be applied in different ways. The simplest is to offer those rewards when they share personal information or watch brand videos. In this way, users are more willing to form a relationship with the brand that is honest in its intentions and also provides rewards for engaging with it.
The numbers don’t lie, 27 million Americans own crypto. It is only a matter of time before this type of economy reaches the rest of the population, making it more viable to offer as an incentive.
With a smart and focused approach, brands can enter the world of web3 with a new mindset that will help them create a loyal and strong community thanks to blockchain technology that guarantees success for both parties.
Those brands that do not accept this new change will find themselves facing a public that is much more reluctant to share valuable information, lose the trust of their consumers and be left behind as the competition evolves along with technology.