Definition: Web3 is a more decentralized vision of the World Wide Web built on blockchain technology and cryptocurrencies to make the Internet more accessible, secure, and private for users.
Have you ever thought about the future of the Internet? In our world of never-ending technology, you might have heard the buzz about a new era of the World Wide Web: Web3.
So, what is Web3, and why does it matter to marketers? We’ll answer those questions and more on this page. Get a brief overview of everything we’ll cover below:
Keep reading to have everything about Web3 explained!
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Web3 explained: What is Web3?
Web3, also called Web Three or Web 3.0, is essentially the third generation of the Internet. Since it’s not yet been released, Web Three is a vision of a new, better Internet that puts more power and control into the user’s hands instead of big tech companies.
To get a better idea of what Web3 means, let’s take a look at the history of the Internet and Web 3.0’s core features below:
Breakdown of the history of the Internet
Contrary to popular belief, the Internet wasn’t simply invented and has existed ever since. The World Wide Web we’ve come to know and love today is the product of evolving technology and is entirely different today than when it first came to life.
Let’s explore how the Internet’s evolved by looking at Web1 and Web2.
Web1, also called Web One or Web 1.0, was the first version of the Internet and was introduced to the world in the 1990s. The first generation of the World Wide Web was very basic and not nearly as complex as it is today.
It mainly consisted of basic fonts, blue hyperlinks, and grey buttons. Web 1.0 was primarily full of static websites owned by large companies. As a result, there was very little interaction between users and hardly any user-generated content (UGC).
Web2, also referred to as Web Two or Web 2.0, came into existence in 2004. It’s the current generation of the Internet today. Instead of only companies creating websites and sharing content, users can also create content and interact with other users.
Web2 also saw the emergence of social media platforms, user data tracking, and new methods of advertising products and services to users.
Core ideas of Web3
As the Internet continues evolving, more businesses have leveraged consumer data and information to better promote their products and services.
Consumer data tracking has led to growing privacy concerns about how user information is collected and used on the Internet. This evolution has led to many large tech companies phasing out third-party data collection altogether.
That’s where Web 3.0 comes in. Web3’s goal is to provide users with the ability to own and operate tech platforms instead of trusting large companies to use their data responsibly.
Let’s take a look at the core ideas of Web3:
- Web3 is decentralized: Ownership will get distributed between builders and users instead of just centralized entities.
- Web3 has equal access: Everyone will have equal access to Web 3.0, and no one will get excluded from accessing content.
- Web3 uses cryptocurrency: Web3 uses cryptocurrency to send and spend money online instead of relying on banks to process payments.
- Web3 gives users ownership: Web3 gives users the power to determine how their data and information is used online. It also operates using economic incentives instead of relying on other third parties.
But how does that work? Web3 will operate using cryptocurrencies. When you own cryptocurrency, you’ll own a piece of the network. The more cryptocurrency you have, the more ownership you’ll have over the network and the direction it’s heading in.
When will Web3 launch?
So, now that you know the answer to your main question, “what is Web3,” you might ask another question, “when will Web3 launch?”
Currently, there is no launch date for Web3, and no one truly knows when we might see the third generation of the World Wide Web.
A lot of infrastructures still need to be built before Web3 is introduced to the world, and currently, there is no timeline for when we can expect it to be completed.
However, that doesn’t mean you can’t start preparing your marketing operations for its arrival so you can stay one step ahead of your competitors when that day finally comes.
Why is Web3 important for marketers?
So, why is Web3 important for marketers? If you’re wondering how the introduction of Web 3.0 can impact your marketing strategies, we’ve got you covered.
Let’s dive into how Web3 can impact the future of marketing below:
1. Web3 limits access to user data
One of Web Three’s main goals is to give users more control over who they share their data with and how companies can use their data.
When Web3 finally launches, it might be tricky for marketers to collect and leverage data from their audience. It also means that companies will likely need to be more transparent about how they collect and use consumer data.
As a result, you might need to implement creative strategies to reach your target audience.
2. Web3 relies on content creators
Today, many large platforms restrict content creators and what they post, with the host platform earning a majority of profits from the content.
Web3 aims to give full ownership to the content creators so they have complete control over their content and its profits.
As a result, marketers will likely need to shift how they advertise products and services on popular platforms like YouTube, Spotify, and more.
For example, instead of paying the platform directly for advertising space, you will likely need to reach out to the creators to promote your brand.
3. Web3 gives consumers more power
Another goal of Web 3.0 is to give consumers more power over the Internet and its content. That means consumers decide what content they want to see and promote the ideas they like most.
As a result, your brand will need to focus on creating a strong community with your audience to learn about their interests and the types of content they want to see. This information will become crucial to ensure you implement marketing messages that resonate with your audience.
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Get ready for Web3 with WebFX
So, how can you start preparing for the launch of Web3? Even though there is no official launch date for Web 3.0, it’s never too early to ensure your marketing strategies will drive revenue for your business in a more consumer-focused world.
That’s where WebFX can help. WebFX is an award-winning digital marketing agency with more than 25 years of experience crafting marketing campaigns that help our clients achieve incredible results.
Our team of over 500 experts stays up to date with the latest marketing trends and updates, so you don’t have to.
We’ve already helped businesses like yours drive over $3 billion in revenue over the past few years. And we can help your business drive more revenue too!
Chat with us today by calling 888-601-5359 or contact us online to learn more about how our digital marketing services can help grow your business.
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