In order to effectively market your Web3 project, you need to clearly define your purpose, value, & target market at the very least.
As technology advances, there will be changes in marketing and advertisements, generally affecting brand owners and internet users. Previously, there was web 1.0 and 2.0, and no one expected another advancement yet, but there is one now - Web3 Marketing.
Despite these developments, there are still some issues certain brands face when launching a Web3 brand. They include cost-inefficiency, accessibility, scalability, and user experience. However, there are many ways to strategically leverage the system to make it work for your brand.
Web3 Marketing consists of effectively communicating the purpose and value of your project in the new and evolving space of Web3 to acquire early adopters. In order to effectively market your Web3 project, you need to clearly define your purpose, value, & target market at the very least.
What Is Web3 Marketing?
Web3, also known as the third phase of internet advancement, is a concept for decentralization. The term “Web3” was brought about by someone in the Ethereum startup team, Gavin Wood, in 2014.
So far, the Web3 idea has gained a lot of interest, especially in the crypto markets, venture capital firms, and large tech companies.
It gives users absolute control instead of normalcy where Google and other tech companies control everything. As mentioned earlier, business methods changed with the growth of the internet, making customers desire their privacy more.
Although this process seems impossible, it isn't, as we can achieve all this through blockchain technology.
Web3 affects all marketing techniques and extends beyond using websites and SEO. Also, It allows for improvement in customer experience through its interactive publicity stunts, enabling marketers to provide targeted advertisements.
Well listed, the Web3 marketing strategy is changing the marketing landscape by:
- Creating limited access to the users' data, otherwise known as, User data privacy.
- Redistributing power to average customers.
- Promoting better reliance on content creators.
Unlimited access to plenty of different sources of information.
Fundamental Elements of a Web3 Marketing Strategy
We all understand ubiquity to mean very common, which implies no limit to using this marketing style. Hence, for Web3 to be ubiquitous means that everyone can access it through any device from any application. However, it doesn't matter if the volume of internet users grows daily.
The logic here is that: there is no restriction to using the Web3 marketing strategy, regardless of time, place, and device-at-hand.
Web3 marketing focuses on decentralization. It implies that no company will have central power over data as it will be accessible in different places at once. What's more, intermediaries won't exist anymore, minimizing the chances of server collapse and information theft.
If you can recall, there was a global shutdown of all Facebook-controlled servers and apps sometime in 2021. The failure resulted in substantial losses for many businesses, this problem will never happen with web3.
Web3 and AI technology are growing synergistically, the Web3 platform will provide an opportunity for many advancements in the AI industry. Thanks to blockchain’s distributed ledger technology, AIs will be able to crawl accurate data instantly enabling them to drastically improve their learning process.
Virtual reality is undoubtedly a pivotal part of Web3. Metaverses have been extremely hot in recent years with many brands including Nike, Facebook (Meta), and others already starting to build their virtual brand empires. These virtual worlds are bringing a whole new opportunity to the marketing industry. Now marketers have the ability to leverage digital real estate that previously didn’t exist.
Web3 gives users absolute control.Quote:
Benefits of Web3 Marketing
Elimination of Intermediaries
Data Centralization is common to the previous webs, 1.0 and 2.0. High-tech companies like Google & Facebook control immeasurable amounts of personal data, making them prone to data manipulation and violations. Web3 technology eliminates this challenge through the transparency and accuracy of blockchain technology.
Zero Chance of Server Collapse
As common with previous eras of the web, server failures resulted in the shutdown of platforms creating an immense loss for brands and businesses. Undoubtedly, this problem is not news to Facebook and Google suite as they work on centralization. Leveraging a distributed network to support a Web3 system prevents the possibility of platform crashes due to centralized server failures. The support of the distributed network will still carry on computing even if one node or network of nodes is offline.
Reduction of Data Theft
In truth, there would be no need for web3 if the previous web performed well. Sadly, it wasn't so, as the web2 exposed user data to theft vulnerability. Fortunately, decentralization of the web3 project is here to save the day.
No External Access
Reducing users' data exposure and access to their information maximizes security. Also, since users won't need an intermediator, reliability is guaranteed. This is achieved through the use of Blockchain.
Blockchain creates stronger data privacy. This is made possible because Blockchain confirms and documents pseudonymous ownership of transactions. It is done in a sustainable and verifiable way that keeps your data private and restricted.
Blockchain data cannot be altered as transactions are chronologically ordered. The creation of Bitcoin brought the initial application of Blockchain to the limelight and since then, it has been adopted by many tech startups.
The growth of web3 allows using several applications in a three-dimensional layout like virtual reality, augmented reality, etc. It is an easier way of comprehension and helps users more than the two-dimension settings.
Web3 Marketing Tactics
Some trends that will enable users to flow with the web3 wave include:
NFTs are common after becoming prevalent in 2021. A majority is joining this trend as no one wants to be left behind. NFTs refer to digital assets ranging from art to games documented in Smart contracts. In addition, NFT designs are uncommon, and it is rare to buy a fake.
NFTs are now so wide that communities are built for holders of these tokens all over the world to come together. These communities are mostly virtual but they're now plans for them to come together in real-life meetups. Think of the number of people holding valuable NFTs, buying and selling, and think of them in one place.
Most recently, the CEO of Starbucks Howard Schultz, and his executive vice Brandy Brewer made known their intentions of going into branded NTFs. Their plan is to create Web3 and Blockchain technology that will be a sort of digital-based community for the customers. The logic of this whole idea is to let their customers enjoy exclusive advantages while they create new engagement opportunities.
Starbucks' NFTs, will be more based on Coffee, storytelling, and art to complement their brand. All these are innovative ideas and are all going to be using the Web3 marketing tactics to come into play.
3D Virtual Space
Virtual reality is a big deal for various apps and online services entering the Metaverse. You may not know this, but we expect Metaverse to clone the internet we all know today. It will have all features allowing for communication and marketing, but this time with an online and offline enticing approach.
The various social media platforms we know, including Facebook, Instagram, and the rest, are prevalent due to the constant change in communication and marketing techniques.
Yet, they face privacy infringement allegations that aren't false as there is proof of them selling user information for advertisements. This breach is the reason for decentralization, as clients want their data private. Besides, memes are the kings of social media today and a concise but productive method of publicly disseminating the intricacy of Web3.
Need Web3 Marketing Help?
Effectively marketing your web3 project is essential to ensure its adoption and success. However, the traditional marketing strategies won’t cut it in this ever-changing space. In order to build a purpose-driven community around your project requires new strategies that take into account the newly developed blockchain technology.
Want to speak with the Web3 Marketing Experts before launching your next project? Contact ThoughtLab today.