As a business owner, you’ve learned to stay in touch with emerging trends in marketing technology, but have you done the same regarding web3 and the blockchain? These two technologies have been present for over a decade, but likely haven’t impacted your business much. Not yet, at least.
Although, the recent mass adoption of some trends — cryptocurrencies and NFTs, for instance — are beginning to change that. As other trends and technological innovations continue to reach more markets, business leaders need to be on the lookout for opportunities to scale their businesses, both physically and digitally.
As technological innovations will reach bigger markets, business owners must look for opportunities to scale their businesses, both physically and digitally.
What entrepreneurs need to know about web3
The internet is constantly evolving, and successful entrepreneurs keep pace. Web1 was the earliest version of the internet, one referred to as “read-only” since only experienced developers with serious HTML skills could contribute to it. Back then, websites were little more than clunky text blocks that offered almost no way to engage with visitors, but still enabled your customers to find you.
Around 2004, the next iteration of the internet emerged: Web2. For the first time, platforms such as YouTube, Facebook, Instagram, and Twitter enabled you to market your own business online. Chances are high that you’ve utilized this “read/write” version of the internet to reach thousands of customers, if not more.
Since 2010, however, you’ve likely been hearing whispers about the next change poised to hit the internet, Web3; and it is just around the corner. This generation of the web allows you to read, write, and own. While it indeed sounds promising, what will it mean in terms of growing your business?
Decentralization is at the core of the internet’s most recent evolution. Instead of centralized entities like Google and Facebook controlling large portions of the web, you and your customers will have the power. The innovations that make this possible include crypto, NFTs, smart contracts, the blockchain, and the Metaverse. Each of these innovations are rapidly becoming part of our daily lives.
Web3/Metaverse Chat With Mark Zuckerberg
The future of data ownership on the blockchain
On web2, your consumers leave trails of personal information like breadcrumbs, and this information is incredibly valuable. Companies like Google, Facebook, Apple, and Amazon use this left-behind data to market targeted advertisements to each individual customer. However, with web3, consumers will be able to control the data they release through specific functions in their digital wallets, which will act as keys to accessing web3. While these wallets currently allow users to hold, send, and receive assets like cryptocurrencies and NFTs, it’s likely that they will soon securely store your customers’ personal information, as well.
To this extent, web3 will allow your customers to decide what they want to do with their data. They may choose to withhold it and stay anonymous, but if you make it worth their while, they may choose to share it, providing further opportunities to target them with marketing initiatives and grow your business.
As a business leader, you will have the opportunity to build trust in the way you use your customers’ personal information, as customers will want proof you are following through on your promises regarding when and how they share their personal data with you. The transparency of blockchain will allow you to give them the assurance they want.
What is BLOCKCHAIN? HOW DOES BLOCKCHAIN WORK? The best explanation of blockchain technology
The blockchain offers new opportunities for branding and business growth
NFTs are, by their nature, unique digital assets. As each is minted, a digital record appears on the blockchain. Anyone can copy an NFT with a screenshot, but the public record on the blockchain technology proves whether or not an NFT is genuine or original.
Every day, businesses are discovering new ways to make NFTs useful to their customers. Your business can offer NFTs that come with utilities or perks such as personalized discounts, admission to special events, offer input regarding company decisions, elite membership, and VIP access to virtual communities. And because many NFTs are minted in limited batches, both their special privileges and their rarity make them inherently valuable. This is exactly what companies like MdDAO and Drivyn Performance are accomplishing with healthcare and high performance racing communities, respectively.
These tokens are digital souvenirs your customers will collect, trade, and display proudly, bringing their NFTs with them wherever they go online. This information will become even more crucial as you consider marketing in web3’s virtual frontier — the Metaverse.
How to grow your business in the Metaverse
The Metaverse allows people anywhere in the world to interact in real-time through online avatars, accessing 3D virtual communities via browsers and headsets. In the near future, your customers will be joining this virtual world, so it only makes sense to start planning now and get ahead of the curve. Early experiments indicate that successful marketing in this new online platform will offer your customers more fun and interactive means that previous iterations of the internet.
Why Metaverse is the Future of Work…
With a little bit of creativity, you’re bound to come up with some engaging ideas. For example, many musicians are already hosting virtual concerts in the Metaverse. Some clothing labels are even providing NFT wearables to show off their brands. While some may ask why make the leap into the Metaverse so soon, the simple answer is because marketing that enhances the user’s individual experience gets attention — especially when that experience is entirely virtual.
The Metaverse is exciting, but it is still largely under construction. The hardware and software that will transform data ownership and virtual reality into actual revenue may not be here yet, but are indeed coming soon. Though it may be early to develop a specific marketing strategy, it’s clear web3 offers business leaders everywhere massive potential.
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