Over the past few decades, the internet has completely changed how businesses operate. Many businesses are only just starting to get to grips with how the current version of the internet can be used to maximise their interests, from social media to websites.
Being informed that a new updated version of the internet – Web3 – is on the way to replace the internet as we know it will likely be a cause for alarm and potentially confusion. To clear up some of the more important points, here’s what we think business owners need to know about Web3.
What even is Web3?
Web3 won’t be a finalised product that’s produced by a single corporation and then rolled out to the customer in one go. As a result, it’s hard to say exactly what it is, seeing as it doesn’t totally exist yet.
Conceptually, it revolves around certain key ideas. These include a focus on ensuring that data is decentralised, rather than leveraged by smaller groups of investors and businesses, and a shift towards token rather than traditional currency-based economic models.
Will this version of Web3 actually happen?
The most important thing for business owners to know is whether or not Web3 is actually going to happen, and this is where people aren’t so sure. It’s been a popular idea since 2014 now, and has seen a significant rise in popularity as a concept along with the rise in cryptocurrency enthusiasm.
However, some believe that Web3 is little more than a marketing ploy or buzzword. As with all trends of this nature, it’s impossible to predict anything with absolute accuracy. All business owners can do is try to stay ahead of the curve as far as reasonably possible.
How might it change the marketing world?
As Web3 will change the way we communicate with one another, on a decentralised platform, it could potentially change the marketing world as we know it. It could allow for far more innovative approaches to communication between brands and their target audiences, potentially without having to pay a third party, whether Meta or Google.
Of course, these changes remain to be seen. Tech giants are likely going to want to keep their hand in the marketing world, and will strongly resist losing control.
What should business owners do in preparation?
At the moment, business owners basically just need to educate themselves on the basics, by reading articles like this. Keeping an eye out for both consumer and producer demands for Web3 and technologies that are likely to enable it is also important. Spotting these will enable business owners to make changes ahead of the rest of the field, allowing them to benefit from Web3 as soon as possible.
As you can see, there’s a lot to think about when it comes to Web3. At the moment, there are certainly more questions than answers – it’s a young, exciting field, and we can’t wait to see where it goes. For more information on how it’s likely to affect the way your site looks, reach out to Webheads for a professional analysis.
