What is web3 Marketing?

What is web3?

An alternative use for, or rather the infrastructure behind cryptocurrency, Web3 is what happens when you utilize blockchain in novel ways to achieve novel goals.

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The amount of tokens in a wallet, the conditions of a self-executing contract, or the source code for a decentralised program can all be stored on a blockchain (dApp).

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Although not all blockchains operate in the same way, in general, currencies are given to miners as rewards for processing transactions. Solving the difficult arithmetic problems required to execute transactions is energy-intensive by design on "proof of work" chains like Bitcoin. Processing transactions on a "proof of stake" chain, which is more recent but becoming more widespread, just needs the consensus of the chain's stakeholder verifiers; this procedure is far more effective. Although users' wallets are only uniquely identified by a cryptographically generated address in both circumstances, transaction data is public in both, and because blockchains are "write only," you can only add data to them; you cannot remove it.

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What's different between web2 and web3 marketing?

Web3 marketing is the process of attracting, engaging and tracking customers who use various digital channels to access your brand and products. If you have an e-commerce business, or a B2B company, you need to understand how people will find you online and how they will be able to interact with your brand. In other words, this is the process of marketing your company through the use of digital channels. Read on for more information about it, including why you should adopt this strategy if you’re looking to grow your business.

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One of the main objectives of any business is to grow and thrive. As the market becomes more competitive, it’s more important than ever to stay ahead of the competition and attract new potential customers. This is where web3 marketing comes in. Web3 marketing is important for a few reasons. First, it helps your business stand out in the crowd. This is especially important in a fast-moving market where your competitors are constantly trying to outpace you. If you want to ensure that your business remains top of mind, then you need to make sure that you’re always at the forefront of consumer trends and technology. If they see your ads, they’ll think of your brand more often and be more likely to buy your products.

What are the advantages of web3 marketing? 

- Easier to track

With web3 marketing, you’re able to track your customers and how they interact with your brands. This can help you prioritize your work, so you can spend your time on channels that are creating the most value for your customers.

- More insightful

Using digital marketing, you’re able to see what works best for your customers and build a strategy around that data. This is a level of insight that you may not be able to get from other channels.

- Builds community 

When you publish content or run campaigns through social media, you’re creating content that can be accessed by a larger audience. As a result, you have the opportunity to build a community around your brand and products. This can help you establish yourself as an authority.

- More cost-effective

Unlike traditional marketing channels like television or radio, web3 marketing doesn’t come with a hefty price tag. This means that you can use these channels more often, which can result in significant growth for your business.

- Creates a deeper connection

When you create content for your customers, you give them something to interact with. This content can be anything from blog posts to videos to polls. It can also be something as simple as sending a customer-specific gift, such as a t-shirt, mug, or keychain.

(c) iStock, 2022.

Decentralized Storage and Content Delivery 

Data is encrypted and stored across several locations, or nodes, that are managed by people or organisations who charge a fee to share their spare disc space. The private encryption key is only accessible by the data's owner; storage providers cannot access the data. Another layer of storage security is often added by sharding the files and dispersing them across other sites.

Blockchain is frequently used in decentralised data storage devices to track storage transactions. A distributed ledger technology called blockchain can automatically synchronise and confirm storage transactions between dispersed nodes. Shard hashes, data locations, rental costs, and other transaction-specific data may be recorded in the blockchain ledger. Blockchain can also connect hosts that provide storage with users that are looking for it.

This opens the door to equally new ways and new harnesses for content delivery. With the advent of web3, content will be distributed more democratically among millions of users globally rather than eventually being at the whim of a small number of powerful corporations.

New Interactive Advertising Formats 

Consumers are expressly requested for and compensated for their valuable information in web3, which presents a great opportunity but also a cautionary story for web3. According to reports, users are eager to disclose their data if they are offered something in return.

A permission-based advertising strategy is required, in which brands and advertisers ask audiences for permission before collecting any data from them. This shift in behaviour, the death of the third-party cookie, and the subsequent increase in demand by brands themselves for first-party data all contribute to this need.

Consumers are already reported to be 79% eager to provide their personal information in exchange for a reward.

Consumer Protection & Transparency 

Transparency is frequently 'baked in' to web3 models due to distributed ledger technology's ability to provide shared access to everyone on the network.

Instead of depending on a middleman or an aggregator to give them access to this information, all stakeholders are always aware of the value and trade they are partaking in. An immutable distributed ledger that enables everyone to examine every transaction is what a blockchain is by definition.

This technology has the potential to bring about a new era of financial openness and reward good conduct.

Since it optimises asset pricing and makes the public aware of the calibre of goods and services (as well as a service's administration), transparency is by far the finest regulatory agent. Communities might be given a voice, for instance, through the use of governance tokens, which are digital assets that grant us the ability to vote on a project's rules and choices. Imagine a YouTube where every creator votes on any changes to content policies, revenue sharing with creators, etc. on a blockchain network. Through the network, everyone would be able to observe how the votes were counted, eliminating any uncertainty that would breed mistrust.

Final Words: Web 3 Marketing Checklist

☐ build your website (in web2 and web3 compatibility)

☐ account for accessibility and transparency

☐ find your niche and community voice

☐ ensure data collection corresponds to local privacy laws and best practices

☐ beta test your app (and dApp) for web2, wbe3, and mobile compatibility (both iOS and Android)

☐ form strategic partnerships with web3 creators, developers, and experts in your field

☐ find a knowledgeable web3 marketing team to guide your brand vision and product execution

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