As we begin to move towards Web 3.0 (also known as Web3), new technologies are opening opportunities for marketing. But what is Web 3.0? This is the next generation of the internet, where websites and apps will be able to process information in an intelligent way through technologies such as machine learning. Vitally, Web 3.0 will be decentralised through blockchain which will enable a fairer internet where individual users will have sovereignty over their own time and data, as well as granting additional privacy and security. To the typical user, Web 3.0 will look and feel largely like Web 2.0 (the way we currently access data and the internet), however the building blocks and back-end are fundamentally different.
The main impact for marketers and brands will be the increasing capabilities of the Metaverse; a virtual world that can grant access to digital concerts, virtual shopping, and provide a digital gaming and socialising platform that can be used for both work and play. Web3 also allows for the ownership of non-fungible items, otherwise known as NFTs. These are digital assets that can be used in the place of concert tickets or club membership, but have become known in the current mindset for being an investment that may gain value over time.
44% of people (WARC) expect the Metaverse to significantly impact digital marketing within the next five years, and some brands are starting to get on board. Degree Deodorant has partnered with Decentraland to host the world’s first marathon in the Metaverse, aimed at improving inclusivity and representation in the virtual world. New avatars feature running blades and a wheelchair, with more accessible architecture across the running course. There is opportunity for beauty brands too; Japanese brand Tatcha utilised popular Nintendo Switch game to promote awareness of their new Rice Wash, a facial cleanser. Animal Crossing is a social simulation game where players move to a new town and build a life on a paradise island. Within this, Tatcha created Tatchaland, part of the Animal Crossing Metaverse, a virtual pop-up island where players avatars can relax, indulge in some virtual self-care and sample their new facial cleanser.
As brands begin to navigate this space, they must ensure that measurement is in place to understand effectiveness, and operate with a test and learn mindset to find a successful way of utilising these new technologies.