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View | Web 3.0 and the shifting dynamics of digital marketing

View | Web 3.0 and the shifting dynamics of digital marketing
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By CNBCTV18.com Contributor Nov 24, 2022 3:33 PM IST (Published)

With Web 3.0 at the forefront, the internet is set to embrace a revolutionary evolution that will connect humans and computers in ways that we never thought were possible before. As lines between online and offline experiences continue to blur, modern-day brands, with the rise of Web 3.0, can now reach new consumers and connect with them on the back of new, emerging technologies including the likes of AI/ML, IoT, and Blockchain.

Technology has had a massive impact on the way businesses perform or are conducted. If we look at marketing, we will realise that the domain has transformed considerably since the inception and gradual technological advancements—especially the World Wide Web.

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Web 1.0 and Web 2.0
The first version of the web, that is Web 1.0 — also referred to as Syntactic web or read-only web — is the era (1990–2000) where the role of a user was limited to reading the information provided by the content producers. There was no option given for the user or consumer to communicate with the content producers. Examples of Web 1.0 are static websites and personal sites.
Web 2.0, also referred to as Social Web or read-write web, is the era (2000–2010-present) that facilitates interaction between web users and sites which in turn allow users to communicate with other users. A significant characteristic of Web 2.0 is the possibility for the end customer to interact and engage with the brand’s content.
Web 3.0 — A Quick Look
Web 3.0, also referred to as read-write-execute, is the era (2010 and beyond) that refers to the future of the web. Computers can interpret information like humans via Artificial Intelligence and Machine Learning in this era. Web 3.0 is the third wave of the internet that is more transparent where technologies like AI, IoT, and blockchain are combined to create a more secure, private, and interactive user experiences.
Web 3.0 will be the next frontier of web development. It will be the decentralised web, which will directly interact with users, devices, and systems with smart vehicles, smart homes, and workplaces. With decentralised technologies, the focus is more on creating user experiences by offering rich and interactive marketing opportunities.
Impact of Web 3.0 on Digital Marketing
The three major pillars of Web 3.0 happen to be—the Semantic Web, Artificial Intelligence, and Natural Language Processing. And it’s these technological processes that are going to change or disrupt the world of digital marketing.
However, in what manner will Web 3.0 disrupt digital marketing? Let’s take a look:
1. Substantially Changed User Data Collection and Privacy
It’s a fact that many companies make money based on the data they collect from their users. This data is thereafter either utilised for their marketing strategies or sold to third parties. Mostly, because of the decentralised nature of Web 3.0, it may possibly make it more difficult for marketers to gather the right information and right consumer data. Marketers might need to become more transparent about their overall data collection as well.
2. Marketing Strategies To Become More Creative
Marketing professionals need to become more creative in their strategies. They need to update their strategies to meet new challenges and grab new opportunities. Since the classic ways of gathering data will no longer be in demand, like the death of third-party cookies, marketers will need to implement more innovative ideas in terms of designing new marketing strategies. They need to utilie a variety of other user data sources in order to create more personalized and targeted content.
3. Content Creators To Become More Autonomous
Currently, many content creators are somehow muffled by the platforms that they publish on since they have to abide by strict guidelines. However, with Web 3.0, they will have full autonomy over their content. Currently, content creators receive only a fraction of the total revenue and the lion’s share is taken by the host. But, now the situation will change with autonomy being granted to content creators. They will receive a substantial amount of the revenue, just like the host. The best part is that content creators will now be allowed to partner with marketers thereby expanding their reach to their target audience.
4. NFTs Will Reshape the Marketing Experience
NFTs stand for non-fungible tokens. These are digital assets that can be purchased and sold just like any other property. Every NFT is tokenised, implying that it has digital certificate ownership thus making it unique. There’s a strong connection between Web 3.0 and NFTs. While there exist certain controversial issues regarding an NFT's impact on the environment, nonetheless, NFTs are growing in popularity. Globally renowned brands like Gucci and Nike have already ventured into the domain and are in the process of creating their own branded NFTs.
5. Community-focussed Approaches Will Become Important
In Web 3.0, power is being distributed to the consumer to a great extent. Because of this, marketers will have to focus on building a strong community. With consumers now deciding themselves and promoting their interests, markets will have to foster genuine relationships and trust with the target audience base.
In Conclusion
With Web 3.0 at the forefront, the internet is set to embrace a revolutionary evolution that will connect humans and computers in ways that we never thought were possible before. As lines between online and offline experiences continue to blur, modern-day brands, with the rise of Web 3.0, can now reach new consumers and connect with them on the back of new, emerging technologies including the likes of AI/ML, IoT, and Blockchain.
As brands brace for the disruption being caused by Web 3.0, the digital marketing industry, too, faces a major paradigm shift with the evolution of the internet as a whole. From making static advertisements on Instagram to creating digital artworks or NFTs, the new-age marketers will be seen breaking away from archaic practices and leveraging new, improved methods to successfully showcase the brands' latest offerings.
At the behest of the evolving internet ecosystem, companies adapting to the change are already rolling out hyper-personalised experiences as digital spaces become key to capturing the ideal target market.
With everyone gearing up to ride the new internet wave, marketers, too, will need to be wary of the emerging trends to understand, prepare and eventually capitalize on the new digital consumer landscape.
— The author, Akhil Nair, is CEO, Big Trunk Communications — a Mumbai-based digital marketing agency. Views expressed are personal.
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