The democratisation of the internet: how Web3.0 can correct the mistakes of Web2.0
By Corrie McBain, Account Executive
As we stand on the precipice of a Web3.0 world, it’s time to look at how the foundations of this new iteration of the internet can improve designs of the past. Much attention has been paid to how Web3.0 will democratise the internet as it allows users to harness the power of blockchain technologies and applications. Moving away from a centralised online framework to one where users can own their content and retain control could transform our online sphere, and indeed the way businesses and consumers interact.
Power to the people
Web3.0 offers the chance to redistribute power from the few tech giants (Google, Meta, and Twitter etc) that monopolised Web2.0 and award it to the users. Let’s look at the reasons behind why this is possible:
1) Web3.0 will likely improve data ownership. Having a few entities that controlled data in Web2.0 meant that companies, most notably Meta, transitioned simply from being social networks into mass distributors of their users’ information. Conversely, the ‘creator economy’ that provides the backbone of Web3.0 has seen the creators leveraging their own data. This way, users can protect and monetise their creations as they please.
2) Financial incentives for online dwellers. Make no mistake, Web2.0 invigorated entrepreneurial ambition across the world through e-commerce, drop-shipping, and many other avenues. This was, however, mostly limited the by strict control of the overlords.
Decentralised Autonomous Organisations (DAOs), which are legal structures that have no central governing body, empower members of different blockchain communities to work together on deciding the future of their respective entities. This bottom-up management approach enables a fairer, and more attractive model for investing in and selling commerce within Web3.0’s portfolio.
3) Improving transparency. The fundamental blocks of Web3.0, such as decentralised finance (DeFi) and other blockchain technologies, will be interoperable and powered by smart contracts. Essentially, this means that ledgers will have shared access for all stakeholders. This enables greater transparency of the commerce in question, consequently leading to more investment and less reliance on the big tech intermediaries.
Use cases that are enabling this revolution
DeFi in Web3.0 will involve people owning a digital wallet such as ‘MetaMask’ or ‘Coinbase Wallet’, further entrenching the notion of decentralisation in Web3.0, with people gaining full control of their finances and removing the role of the outside forces who take a cut.
Despite the volatile nature of the crypto market right now, there are plenty of cryptocurrencies that will dominate Web3.0 due their permissionless nature, transparency, and inclusivity. Aside from the frontrunners, Bitcoin and Ethereum, other networks such as Solana appear to be weathering the storm, so much so that it is expanding its portfolio by introducing Web3.0’s first mobile phone. DeFi has its sights on bigger and better things in the age of Web3.0.
NFTs can enable users to provide proof of ownership for content, including but not limited to, AI art, data and gaming. Powering NFTs is incredibly useful, and potentially misunderstood, technology that is unique and inimitable. This technology could liberate content creators from the chains of intermediaries who often exploit their ideas and creations – a dynamic that has been exacerbated in Web2.0 by the Tech giants. For example, Snoop Dogg has a highly successful NFT collection and has shown record labels that music ownership can be better managed using blockchain technology.
A fairer marketing landscape
To understand how Web3.0 fits into a wider, business context, we can look at how these new functions will impact digital marketing. A key issue of digital marketing is being able to personalise ads to hit the target audiences, with 63% of marketers still struggling with personalisation.
Given the shift in data control, Web3.0 would make it even more difficult for marketers to gather and store data. Third party cookies will be a thing of the past in Web3.0, so B2B marketers will need to be more innovative in how they reach their audiences. This isn’t necessarily a bad thing for marketers, however. This innovation required will involve embracing new blockchain applications and brands that will enable organisations to become closer to the trends of users, therefore alleviating concerns of losing that personalised touch.
As a result of this change, consumers will receive more valuable and engaging ads. In turn, this could generate better trust between consumers and businesses as the ads are more honest and truer to the users’ preferences. Ultimately, Web3.0 could enable better ROI for advertisers on account of the more precise nature of their campaigns. B2B marketing will, indeed, require a slight makeover if it is to adapt successfully to this new iteration.
Evolving with the times
‘Hype’ is an easy thing to overvalue, especially today. However, if harnessed properly, and if blockchain founders avoid the balance of power sliding in favour of a few bad actors, Web3.0 could reimagine the way the way we use the internet. From better B2B marketing, to increased personal wealth from DeFi, Web3.0 could manifest itself as an inclusive, connected, and prosperous version of our World Wide Web.
If you need support transforming your company’s B2B marketing as we enter Web3, Get in touch with our team. Our blockchain specialists are on hand to help!