Web3 and the Metaverse: How Decentralized Technologies are Revolutionizing Marketing

Marketers and “Web 3”

Marketers are not giving up on the Metaverse as we head into 2023, despite the dismal and dismaying performance of the entire Web 3 in 2022. The crypto winter, a name that refers to the serious downturn of crypto in 2022, created a small black hole in investors’ portfolios, causing a huge decline in trust in the sector.

However, marketers are not ready not to give up despite this and are moving forward with marketing experiments in the “web 3” ecosystems. In addition, companies like Starbucks are moving on with ambitious projects in the “web 3” ecosystem.

They are doing more than just creating collectibles; but by building attractive loyalty programs and using crypto-gated commerce in the ecosystem to get more first-hand data and interact with customers directly.

Due to low technology adoption, the “Web 3” advertising space is still small. Traditional “Web 2” companies have an advantage, given that traditional browsing is still the most used technology worldwide. However, this may change soon, with research companies like Gartner predicting more than 40% of people will be using “Web 3” by 2027.

In addition, the company believes that in the coming years, organizations worldwide will use augmented reality, virtual reality, and all other metaverse aspects in their projects. These developments will likely raise revenue for the organizations as more people understand and adopt the Metaverse.

The End of Browser Cookies

“Web 3,” also known as the “Web of Data,” is a vision for the future of the internet that seeks to make it easier for computers to understand and process the vast amount of data available online. In addition, it aims to use more structured and standardized data formats, such as RDF and OWL.

These tech advancements will help incorporate decentralized technologies, such as blockchain, allowing users more control over their data. For example, according to experts, third-party cookies are becoming less prevalent, and Web3 technologies, such as decentralized networks and blockchain, may offer new opportunities for marketers to gain access to first-hand data.

As a result, analysts predict that 2023 will see an increase in the users of the metaverse experience built on Web2 technologies rather than fully decentralized Web3 platforms. One way that Web 3 marketers may move forward from cookies is by providing new alternatives for marketers to gain access to user data.

For example, decentralized networks like Ethereum allow users to control and share their data through smart contracts, which users can use to specify the terms that third parties can access and use. This method could provide a way for marketers to gain access to first-hand data about users without relying on cookies or other tracking technologies.

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