BRiDG3 | The Next Internet Revolution: Web3 and Why It Should Matter To You
Column 30.05.2023
The buzzword ‘Web3’ is gathering steam as the next potential disruption of everything we know about online life and who controls it. But, as with any rapidly developing technology, it can be challenging to sift through the hype. If you’re struggling to wrap your head around what Web3 is and why it should matter to you, you’re at the right place.
1. What Exactly is Web3?
In the simplest terms, Web3, or web 3.0, is the forthcoming iteration of the Internet. It follows the previous two phases of the Internet evolution: Web1 (or web 1.0), which marked the birth of the Internet, and Web2 (or web 2.0), characterized by an interactive, user-generated, and social media-driven web that we have been experiencing for the last decade or so.
Web3 is expected to make the next big leap forward for the Internet, propelled by technologies like blockchain, The Metaverse, NFTs (Non-Fungible Tokens), and cryptocurrency. The defining feature of Web3, however, is decentralization, which brings us to the first reason why you should care about Web3.
2. Web3 will enable new immersive experiences – in the Metaverse
Paul McCartney has a concert lined up at MetLife Stadium in East Rutherford, New Jersey, set to take place on June 16. Picture this – you’re a Beatles enthusiast residing in Dubai. Currently, your options are pretty limited: either shell out $1,000 for airfare and tickets to attend the concert in person, or settle for watching pixelated videos on YouTube once they’re uploaded.
Web3 presents an exciting new alternative: Purchase a virtual ticket (likely an NFT), enjoy the concert from the comfort of your own home via the metaverse, and save a hefty sum as well as avoid the hassles of travel. There’s also the chance that your NFT might appreciate over time, potentially enabling you to earn from the experience.
We’ve already witnessed how digital spaces have gained popularity in the world of gaming with platforms like Fortnite and live multiplayer games. Marketers have started to tap into these platforms too. As technology evolves, we’re not far from experiencing more immersive digital events, opening up limitless possibilities.
3. More Control for Internet Users – Changing The Digital Marketing Landcape
Web3’s key feature is its decentralized nature, providing users with full control over their data and content. Along with cutting-edge blockchain technology, this makes Web3 a safer space for users. Yet, for marketers who rely on data to identify target audiences, this presents a challenge. As third-party cookies phase out and data becomes more personalized, marketers must develop innovative strategies for data collection. They’ll need to offer more personalized and pinpointed marketing to engage Web3 audiences.
Web3 will also drastically transform user experiences, urging businesses to adapt to changing consumer demand, new platforms and audiences. Technologies like augmented reality, virtual reality, and blockchain will become instrumental in shaping these new digital marketing strategies.
4. Real-World Uses for NFTs – Solving Real Problems
NFTs (Non-Fungible Tokens) are breaking new ground with their real-world applications, for example in the realms of the industrial metaverse, real estate, and environmental, social, and governance (ESG) initiatives.
In the industrial metaverse, NFTs can represent unique assets or machinery parts, facilitating their traceability, ownership, and performance data tracking. In real estate, properties can be tokenized into NFTs, enabling fractional ownership and easy transferability, potentially revolutionizing the property market by making it more accessible and liquid.
Moreover, NFTs are playing a pivotal role in ESG initiatives, where they can provide immutable proof of authenticity for carbon credits or certify that certain sustainability standards have been met. This broad spectrum of practical uses illustrates the potential of NFTs to transform various industry sectors.
5. Blockchain Will Revolutionize Business Operations – Bringing Security and Transparency
Web3, and specifically blockchain, will have a profound influence on business operations. From enhancing supply chain security to ensuring greater transparency, blockchain is primed to reinvent several sectors. For instance, in the food industry, Walmart is already utilizing blockchain to track products from farm to store. This ensures quality control, provides instant traceability in case of contamination, and enhances customer confidence. Such examples demonstrate that Web3 isn’t just a fleeting tech trend, but an imminent revolution applicable and beneficial to businesses across the board.
Learn More At BRIDG3 Summit
As we stand on the brink of the Web3 revolution, there is a pressing need for everyone to understand and leverage the new opportunities and challenges it presents. The BRIDG3 Summit, an official side event of The Summit for Change, Equity, and Conscious Evolution (TSCEC), aims to fulfill this need by making expert knowledge and insights about Web3 easily accessible. Featuring thought leaders such as Amanda Cassatt, this event promises to be a vital resource for those wanting to stay ahead of the curve. Let’s journey together into this new era of the Internet, embracing the transformative potential of Web3. Join us at the BRIDG3 Summit, where we will bridge the gap between understanding and action, helping to shape a more inclusive, transparent, and decentralized digital future.
Get ticket to BRIDG3 Summit at https://bridg3.co/summit