Welcome to our series of articles on the recent Web Summit 2022, a premier event in the tech industry. In this series, we will be highlighting some of the most exciting and interesting presentations, panels, and events that took place at the conference. From keynotes by industry leaders to breakout sessions covering the latest trends and developments in technology, there was no shortage of thought-provoking content at this year's conference. We hope you enjoy reading about the Web Summit 2022 as much as we enjoyed attending it!
TO INFINITY AND BEYOND: BEST USE CASES IN WEB3
The Web summit 2022, held in Lisbon between November 1 and November 4 gathered many corporates, startups and influencers specialized in the Internet. It was also the occasion to explore the possibilities of Web3 in various fields, especially in marketing strategy.
On the 2nd of November, Marty Swant gave the opportunity to Sandy Carter (Unstoppable Domains), Amanda Cassatt (Serotonin) and Jeremiah Owyang (RLY Network Association) to share their views on marketing and Web3.
Web1, Web2, Web3: what are the main differences?
To better understand the new marketing strategies to be used in Web3, it is important to briefly reconsider the evolution of World wide web.
Web1, the origins of the Internet
Web1 was the first version of the Internet. It was a confidential and complicated system, only used by those who were able to code. At this time, the general public was not able to see the use cases of it and to measure its impact in their daily life.
Web2, the democratization of the Internet
Web2 is the Internet we know today. Way more user-friendly than the previous one, its adoption rate has been tremendous. Web2 has changed our everyday life, and companies heavily rely on it for selling their products. Every user can generate and gain access to content.
Web3, a broad new paradigm
Web3 is still in its early days, and will definitely reshape our usage of social media and the Internet. With Web3, every user become the owner of its own content, and can control it. Instead of relying on CEO of large technology companies such as Twitter, Web3 allows us to create communities and have ownership over the Internet. Web3 produces decentralized autonomous organizations and redefine our use of online services.
Compared to current internet, Web3 adoption growth rate is impressive. Today, around 40% of South Asia has already adopted it, and 15% in the US. To make another comparison, the NFT trading volumes grow by 21000% in 2021, a way bigger growth than Web2’s one when Bezos launched Amazon.
Why do traditional companies struggle to adapt to decentralized web?
Companies need to change their marketing strategy in order to adapt to Web3. Decentralized blockchains, cryptocurrencies, NFT and metaverse are new game changers in the marketing field.
Companies need to change their marketing paradigm
Traditionally, companies have a short-term view on the return of a digital marketing campaign. In Web2, marketing efforts are all about reducing Customer Acquisition Cost (with the cost of targeted ads for instance) while maximizing Customer Lifetime Value (CLV).
In a Web3 paradigm, we shift to a user generated content model. Marketing is all about building a strong decentralized community that will use Web 3.0 to make content about the brand.
If traditional social media platforms are still used to discuss about Web 3.0, we will see in the near future new Web3 native social media platforms.
What should companies do to enter in web 3.0?
Start now
The common view between our panel specialists is that every company should start to create their web3 strategy today, because time will be needed to reap the benefits of it.
The best way to start, according to Sandy Carter, is to think deeply about its Web 3.0 identity, by showing to its community the desire to integrate web3.
Focus on what does the customer want
Web3 is not a magic solution and is useful only if it really helps customers. A company needs to have a very user-centric approach to provide services that are really useful to the next generation, and not only to be part of the decentralized internet race. So many products are built on a nonexistent customer demand!
Incentivize customers smartly
In Web 3.0, users are owners of their data. To gain access to this precious data, companies need to incentivized people correctly. It is the only way to build a real community where user generates content and help your brand to grow.
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Minh Q. Tran, minh@mandalorepartners.com