As we rolled into 2022 it seemed that many in the Glacierverse were having conversations around web3 and what exactly it was, what it promised and what to think about it. As a team, the developers here at GMD have put our heads together to answer three simple questions that keep coming up. What is web3, Why should I care about web3 and why should our clients care about web3.
What is Web3?
Web3 refers to the next iteration of the internet. In this next phase of the web, technologies like Blockchain (Cryptocurrencies and NFTs), Artificial Intelligence (AI), Augmented Reality(AR) and Virtual Reality(VR) will be harnessed to build applications that force the web out of the browser and into new tech like AR/VR gear, smart cars, wearable tech and smart appliances. Some analysts have equated Web3.0 with the emergence of a spatial web.
In addition the building blocks that will allow Web3 to serve more engaging and nuanced experiences also allow for a greater emphasis on user data and should foster the ability for users to take back control of their data in meaningful ways. In this sense Web3 promises to bring on the “Read, Write, Own” era of the internet where rather than just using free tech platforms in exchange for our data, users will participate in the governance and operation of the protocols themselves. This means consumers will become participants and shareholders, not just customers or products. With this change it has been predicted that people will be able to actively participate in deciding how the Internet operates, instead of leaving decision making in the hands of a small number of companies.
Why should I care about Web3?
In short the architects of Web3 are promising that it will allow the internet to become a more democratic entity. Web3 will shift the power dynamic from giant tech entities back to the users—or at least that’s the theory.
With the emergence of blockchain technology and its focus on the ability to authenticate and decentralize information, it is theorized that this could remove the power that large tech platform owners have over individual users. Technologies such as cryptocurrencies and NFTs will act as the currencies of this new decentralized internet and challenge existing notions of economics and the value of intellectual property.
In addition the open-source architecture of Web3 should encourage greater accountability from companies operating on an internet where our data and how it is used is under our own control. In turn this should help to prevent the widespread misuse of personal data seen on today’s web.
Why should our clients care about Web3
Aside from putting more of our information in our own hands there should also be a number of new investment opportunities that present themselves in the world of Web3. For a start Web3 will spark new opportunities to improve efficiency, communication, and entertainment. These improvements could change the way that consumers expect to interact with products and information. In particular for our digital marketing customers new digital marketing opportunities and techniques will be implemented with the growing popularity of VR and AR technologies. In addition to the unique opportunities that will arise out of the adoption of immersive technology, Web3 will improve consumer privacy, making it more comfortable for them to purchase from or share information with client websites.
As these technologies and concepts scale, there will be a growing need to build current projects with the future in mind, giving your business a pathway to enable web3 technologies. For example, 3D product models could be used for a variety of purposes within the AR/VR universe.
Conclusions
While some of the changes that web3 promises may be a long time coming many of the building blocks of this change such as NFT’s and cryptocurrency are here now. As web3 evolves so will the business opportunities associated with it, including many new avenues to explore in digital marketing.