You’ve probably heard some version of this saying before: Whenever there’s a big transition in a market or society, there are many new opportunities for businesses, and much new wealth is created.
The digital world’s move from Web1 (a thing of the past) to Web2 (where we mainly are now) and into Web3 (where we’re going) presents an exciting Web3 opportunity.
And WSI’s job is to help businesses navigate into and through the Web3 world.
What Is Web3?
This topic could have its own post, but for simplicity’s sake, Web3 is essentially the next iteration of the Internet or the digital world.
Web1 began in the 90s and was mostly “read-only.” Websites put out content, and people use the Internet to consume it. That was it.
Web2, where we still primarily operate now, is the conversational, user-generated content world where we digitally communicate and collaborate with both companies and each other (Facebook, Wikipedia, Google).
Web3 is very much where we’re going, but the concept and everything it entails is still in its infancy and can be difficult for mainstream users and audiences to digest.
Web3 is the dawn of a new digital world of blockchain technology highlighted by decentralization and token-based economics. It has been popularized by cryptocurrency, NFTs, and the metaverse over the past year or two.
Why Web3 Matters
In a marketing context, Web3 matters for the same reason many other social media platforms and other corners of the Internet matter: because that’s where your audience and customers are going to hang out and engage in the future.
Never heard of NFTs and think you don’t care about them? If you have any notion of targeting younger generations with your products and services, you better change your mind quickly. It doesn’t mean you have to buy or even like NFTs. But it does mean you need to understand why your target market likes them and be willing to dive in if it looks like a necessary part of engaging with your audience.
How Will Brands and Companies Do Marketing in Web3?
Good question. There are a number of potential ways brands can and will market their products and services in a Web3 world, though at this point, it’s not entirely clear which of those avenues will work the best.
Some brands will create a digital currency or “coin” as a way of marketing their brand and engaging Web3 users.
Others will look at launching NFTs (digital collectibles) to facilitate and encourage ongoing interaction with their brand.
Perhaps the easiest example for envisioning how marketing fits into Web3 is the fact that some brands will launch their own metaverses or blockchain games/worlds in which they - or even users, as owners of digital real estate - could sell advertising to other brands and businesses who want to pay to reach the audiences hanging out in those worlds.
Key Business Opportunities in Web3
Redefining Customer Loyalty Programs
Web3 offers businesses innovative tools to build and sustain customer loyalty. Companies can use blockchain-based loyalty programs to offer customers tokenized rewards, NFTs, or exclusive access to products and events. Unlike traditional loyalty points, users can own, trade, or transfer digital assets.
Why It Matters
- Ownership: Customers truly own their rewards, which can be traded or sold.
- Interoperability: NFTs and tokens can be used across different platforms.
- Personalization: Brands can offer highly personalized experiences.
Decentralized Finance (DeFi) Services
DeFi is revolutionizing the financial sector, allowing businesses to align with a principle of decentralization and operate without intermediaries like banks.
Benefits for Businesses
- Lower Transaction Costs: No need for traditional banks or payment processors.
- 24/7 Access: Transactions are processed instantly, regardless of location or banking hours.
- Greater Security: DeFi reduces the risks associated with centralized data breaches.
How Businesses Can Leverage DeFi
- Accept Cryptocurrency Payments: Allow customers to pay using crypto assets.
- Tokenized Investments: Businesses can tokenize assets and offer fractional ownership to investors.
- Peer-to-Peer Lending: Companies can access loans directly from lenders via smart contracts.
Transforming Healthcare with Decentralized Data Control
The healthcare sector stands to gain from Web3’s decentralized data storage and enhanced security. Patient data can be stored on the blockchain, giving individuals full control over who accesses their records.
How It Works
Patients own and control their health records, allowing them to share data with healthcare providers when needed. Blockchain technology ensures data privacy and security, reducing the chances of breaches.
Business Benefits
- Patient Empowerment: Patients manage their own data, enhancing trust.
- Security and Privacy: Blockchain’s decentralized structure reduces data breach risks.
- Operational Efficiency: Easier data sharing between healthcare providers and insurers.
Gaming and Tokenized Digital Assets
Gaming has emerged as one of the most valuable insights into Web3’s potential. Through tokenization, players can truly own their in-game assets and even monetize them.
Why Tokenization Matters
- Player Ownership: Gamers can trade or sell assets on secondary markets.
- Interoperability: Items can be used across multiple games and platforms.
- Revenue Streams: Developers can create new revenue models through marketplace fees and royalties.
Example: Axie Infinity
This blockchain-based game allows players to earn real money by trading Axies (in-game creatures) as NFTs. By owning their Axies, players have a financial stake in the game’s ecosystem.
Web3 Job Market and Remote Work Opportunities
The job market in Web3 is borderless, offering remote positions that transcend traditional geographical limits. Companies are actively hiring for roles like blockchain developers, smart contract engineers, community managers, and crypto analysts.
In-Demand Roles
- Blockchain Developers: Build and maintain decentralized applications (dApps) and smart contracts.
- Crypto Analysts: Analyze tokenomics, market trends, and project viability.
- UI/UX Designers: Improve user experiences for blockchain-based applications.
- Community Managers: Foster relationships within online communities.
Why Remote Work Fits the Web3 Model
- Global Talent Access: Businesses can hire talent from any location.
- Cost Savings: Companies save on office costs and operational expenses.
- Cultural Diversity: Remote teams bring together people from different backgrounds, enhancing creativity.
Okay...But Web3 Still Seems Confusing!
The essence of Web3 is its complexity. There is a learning curve, and it’s understandable why businesses might hesitate. However, the goal is not perfection—it’s to begin. By catering to the growing demand for Web3 and experimenting with communication tools, companies can position themselves strategically in this inclusive, diverse, and borderless ecosystem.
How can you get involved? There are a number of ways, but the best and most effective way will always be joining yourself and becoming a Web3 user.
Reading some articles about cryptocurrencies and the metaverse is a great start, but it’ll only get you so far.
What you need to do is buy some Ethereum (ETH), get a digital wallet, and purchase your first NFT. You don’t have to break the bank or invest money that you don’t have to do it - all of this can be accomplished for less than $100.
The point isn’t to try to make money (although you can certainly explore that once you’re through the learning curve) but to experience blockchain technology directly. Learn how to use it and get comfortable thinking and talking about it. Begin to see it as a tool and a space your business can leverage, and then start brainstorming how you can do those things.
If you put yourself through all of this now - the pain of the learning curve, the frustration of making a mistake with a cryptocurrency transfer, or the agony of missing out on an NFT drop that achieves 10x value in 24 hours - you’ll be much better positioned to expertly lead your business into the Web3 world when it truly arrives.
Start Your Web3 Journey Today
At WSI, we’re dedicated to Web3 and helping businesses navigate this revolutionary digital space. Whether you're looking to boost audience engagement, build a strong network, or explore innovative opportunities within the Web3 ecosystem, we’re here to guide you every step of the way. From creating blockchain-based marketing strategies to leveraging dynamic tools like NFTs and tokenized rewards, our team will help you align your business goals with the potential of Web3. Don’t miss out on the Web3 opportunity—connect with us today to turn your vision into reality.
