As web3 evolves, brands and artists must adapt their strategies to remain successful. There are many things to consider when planning for the future of web3, like understanding the technology and its implications and envisioning how your brand will exist on it. This article will guide you in exploring key elements to consider when preparing for web3 and what is web3 strategy. Let’s get started!
Successful entrepreneurs and creators use storytelling to connect people and build relationships. It is a powerful way to engage customers and emotionally connect with a brand. However, storytelling has become essential in the digital age to stand out in a crowded and noisy marketplace.
Web3 provides an exciting new platform for brands to tell their latest stories and connect with their customers. It focuses on user-generated content and decentralized applications. As brands look for ways to stay ahead of the curve in digital marketing or e-commerce, they should include Web3 in their strategy.
When the World Wide Web emerged in the early 1990s, it was hailed as a transformative new tool for communication and collaboration. In the years that followed, a thriving community of online pioneers began to explore the potential of this new medium. Among them were the creators of Cryptopunks, one of the earliest examples of Web3 applications. Cryptopunks was an experiment to see if people could own digital property.
The project didn’t work, but it led to other projects that did. Recently, we’ve seen new projects that use blockchain technology to create exciting experiences and grow active communities. Of course, some brands still experiment with small-scale pilot programs, but those with a good scheme already see benefits.
By studying their experiments and changing their strategy, they can stay ahead of the curve and succeed in the new decentralized web.
Make Sure To Follow These Strategies
Acknowledge the Basics of Web3
If you want to stay ahead of the curve in the coming years, it’s essential to understand the basics of Web3. This new phase of the web promises to be even more transformative than the last, and if you build a brand or strong community, you need to be prepared.
- Make Your Audience Familiar With the Technology
To develop a successful Web3 strategy, you must know how familiar your audience is with the technology. Do they know what it is? How easy is it for them to use? You’ll need to answer these questions to make a plan that works for your brand.
- Informing How Your Recent Properties Map to Web3
Your current assets must also be mapped to Web3 for your brand to make the most of this new technology. What can you transfer over? What needs to be reworked or replaced? These are essential questions that will help determine your digital strategy.
- Analyze Connected Experiences to Improve Consumer Interactions
Web3 isn’t just about transactions and data – it’s also about creating connected experiences that people will love. Brands need to explore this aspect of technology and consider how they can use it to improve consumer interactions.
- Develop a Clear Picture of Success
It’s essential to have a clear picture of success before you begin any Web3 initiative. What are your goals? How will you know when you’ve achieved them? Defining these things upfront will help keep your efforts on track and ensure you get the most out of this new technology.
- Analyze the Building or Buying Process in the Metaverse
Finally, brands must evaluate whether they should build or buy properties in the Metaverse. This decision will depend on many factors, like your budget and goals. So it is crucial to consider all your options before making a choice.
Recognize the Potential of Metaverse for Your Business Growth
The potential of the Metaverse is vast, and building an agile, interdisciplinary side is the initial step to inspecting it.
Gilbertson believes Metaverse has many interpretations, but the team makes the most effective and vital definition. Blanket definitions are an inspiration, but it’s more complicated than grasping the pieces of existing copy.
One of the essential qualities for a member of this team is their ability to think way off into established constructs while still tying everything together with business sense. Many businesses consider the strategy team to lead the way in exploring the Metaverse. However, marketing, the e-commerce industry, technology, and products are valuable contributors.
The important thing is to have a team that is open to new ideas and willing to think outside the box. With the right team in place, businesses can begin to unlock the vast potential of Metaverse.
To make a successful Metaverse strategy, it is first essential to define what the Metaverse is for your company. Your company’s definition of success should be based on its mission statement, brand ethos, and what your audience wants and needs. Once you have a clear purpose, you can begin exploring the Metaverse instances that would be most beneficial for your company.
Remember that your audience’s engagement is essential for your Metaverse strategy. Make sure to choose instances they will be engaging in and exciting. With a clear definition and a focus on community engagement, you can develop a successful Metaverse strategy that will encounter rapid growth in your business.
Buy Or Build
For starters, the Metaverse opens up a new world of possibilities for how people can interact with the Metaverse. People can now create their worlds and populate them with anything they can imagine. This shift will also create new opportunities for consumers.
It will make a more vibrant and diverse Metaverse, where users will have unprecedented control over their destinies.
In the business world, there is a lot of talk about “building your world.” But what does it mean? In short, it means creating a digital presence for your business beyond just having a website or social media accounts.
Creating an immersive, interactive environment for your customers is a great way to connect with them more profoundly. For example, the Atlanta Braves have made a practical twin of their stadium, Trust Park. It allows fans to have fun while at the game and stay connected to the Braves when they’re not there. Additionally, this gives the Braves control over an important asset: the fans’ attention. Any business that wants to stay ahead of the curve should do something similar.
When building a presence in the Metaverse, brands must decide if they want to make their world or exist in someone else’s. Investing in building a virtual world from scratch may not make sense for product-oriented brands. However, some brands are looking into virtual worlds like The Sandbox, Somnium Space, and Decentraland to connect with customers.
These platforms are more likely to be the internet from the early 2000s, but they offer access to people who use Web3. For example, Warner Music Group partnered with The Sandbox to make an example on its platform. Gilbertson said he likes the hybrid approach to create the pop-up attachments in these worlds to test and make a community before driving traffic to your existence in the Metaverse.” This way, brands can try out the Metaverse without investing significantly.
User Understanding of Web3
Adoption is the main challenge faced by blockchain and cryptocurrency. For example, the Coinbase NFT (non-fungible tokens) marketplace is coming online, but most native non-Web3 brand’s audience doesn’t have the wallet. Therefore, brands must know their audience’s understanding of Web3 to make tools and strategies that will help effectively onboard them.
According to Web3 foundation executive director Ryan Gilbertson, there are three things to consider when determining your audience’s understanding of Web3: are they familiar with Web3?
Are they curious about Web3, or do they avoid it? Once you understand this, you can develop strategies to align with your audience and help them authentically understand blockchain and cryptocurrency. Unfortunately, many people are still unaware of the dangers of phishing scams and other cyber threats. One way to deal with this problem is to build incentives into web experiences that encourage people to learn about internet security.
For example, brands could give away free NFTs in exchange for completing tasks that teach people about web security. It would not only help to educate people about the importance of internet security, but it would also encourage them to use the features of Web3. As more people become familiar with the risks of cyberspace, we can create a safer and more secure online environment for everyone.
Expansion of Brand Identity
Web3 is the next stage of the internet, where consumers control their data. To take part in Web3, the individual has to be in Web3. Brands already manage many digital assets, such as sonic identities, websites, logos, 3D models, video content, and photographs. Furthermore, they connect with their viewers through retail experiences.
Although interoperability is a never-ending community goal, it will not happen immediately, but the possibilities are incredible.” For example, consider a warehouse where brand properties live as digital objects with specific permissions and ownership.
They are called different versions of the internet. It’s possible that the assets could redesign based on the user’s needs,” Gilbertson explained. The potential for Web3 is vast, and we have only begun to understand its possibilities.
Establishing a brand’s technology philosophy is essential for two reasons. First, it will help ensure the brand can connect to Web3’s high-tech framework. Second, it will help to ensure that the brand’s goals are aligned with the company’s overall technology stack. Therefore, it’s essential to think about how your company will use the blockchain before you invest time and money into it.
For instance, if a brand wants its private ledger that can’t be easily integrated with other systems in an organization- that may never approach life. So to avoid making mistakes with technology, brands need to have a philosophy.
They need to think about what they want to achieve with technological developments and how they can be aligned with their current business model. Developing good ideas is only part of the challenge; companies must also ensure they are feasible for their industry and infrastructure.
Ideas to Finally Implementation
Web3 experiences are authentic, meaningful, and aligned with brand strategy. It is critical to balance strategy and creativity limitations to create such occasions. After you have a lot of ideas, it is time to figure out which ideas are the best. Next, you need to consider what the people who will use your product want.
Brands need to understand what they want before they start using Web3. So they show as the brand’s north star and permit you to put checkpoints throughout the experience to ensure you stay on track.” If product managers understand the brand’s goals, they can create websites and apps that are true to the brand, helpful, and aligned with the company’s strategy.
Connect With Experts
The community of Web3 is all about cooperation. That’s why finding a group of experts you can rely on is important. But it’s also essential to be ready to share your expertise with the group. After all, the more you put into the community, the more you’ll get out of it. Just ask Gilbertson, who knows a thing or two about building successful teams.
“When I used to lead the technical program for Georgia Tech’s High-Performance center for simulation and computing, I already knew that we require a group of experts to help us achieve our goals,” he said. “So I made a Think Tank with people from all different backgrounds. This group helped us broaden the limits of our experiences and form the idea of the desired result.”
By bringing together a diverse group of people and using their collective knowledge, Gilbertson and his team could achieve their goals – and you can, too. So feel free to contact the Web3 community and see what you can accomplish together.
An Evolving Plan for a Business Growth
The Web3 platform, created by Jeremy Gilbertson, is a guide for how businesses can survive and succeed in the emerging Metaverse. The Manifesto lays out a plan for how companies can work with partners, develop ideas that appeal to different types of people and quickly implement those plans. In short, the Manifesto is a tool that brands can use to ensure they succeed in the Metaverse.
The Manifesto has been well-received by the business community. Gilbertson has been interviewed by Forbes, Harvard Business Review, and Wired, among others, about the Manifesto and its implications for businesses. The response from the business community has been overwhelmingly positive, with many brands praising the Manifesto’s principles and eager to put them into practice.
So far, the Web3 Foundation has released two versions of the Manifesto: Version 1.0 and Version 2.0. Version 2.0, released in December 2020, features updated content and new sections on governance and financing. In addition, the Foundation is working on Version 3.0 of the Manifesto, which will be released later this year.
As the web evolves, so must our strategies for interacting with it. For most brands and artists looking to create work for or within the Metaverse, it’s essential to begin preparing now. In this post, we’ve outlined a few interesting ways in which you can start getting ready. We hope you found it helpful, and please do follow us for more updates as they happen.
Frequently Asked Questions
What is the Web3 ecosystem?
The Polkadot founder and co-founder of Ethereum, Gavin Wood, made the term “Web3” in 2014. The term refers to an online ecosystem that is based on blockchain technology. The idea got famous in 2021 among tech enthusiasts and developers.
The goal of Web3 is to create a decentralized internet that any single party does not control. To achieve this, Web3 developers are developing new protocols and technologies that will permit users to contact one another directly without intermediaries. In addition, they are working on ways to make data more secure and private. Ultimately, the goal of Web3 is to create a more democratic and open internet that gives power back to the people.
What does Web3 mean for marketing?
Now, we are seeing the emergence of Web 3.0, which is characterized by a move away from traditional marketing techniques and towards more personalized and interactive experiences. With Web 3.0 marketing, e-commerce businesses are beginning to focus on creating individualized customer experiences rather than simply delivering content.
This shift is driven by advanced technologies like virtual reality(VR) and artificial intelligence(AI), providing opportunities for businesses to create truly unique customer experiences. As we move into the future, it’s clear that Web 3.0 marketing is revolutionizing how we think about the internet, and it’s only just beginning.