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The hottest emerging field in 2022, Web3, promises to transform businesses by deconstructing current power structures. Blurring the lines between company and consumer, physical and digital, real and unreal, Web3 will irrevocably alter the relationship between brands and customers. So what does this mean for the future of data ownership and digital identities? Will customer journeys, information-sharing, and user behaviors ever be the same again?

Origins

In Web1, we were passive consumers of information, reading off static HTML web pages on a browser. In Web2, we created information and interacted with each other through blogs and social media. In Web3, we will own this information and interact with both humans and machines leveraging several advanced technologies including:

• The Semantic web: Organizes data so that machines comprehend it just like humans do
• Artificial Intelligence: Enables machines to analyse data and make decisions
• Natural Language Processing: Extracts accurate meaning from text

What it all boils down to

Web3 is here and open for business. The early movers that are riding the Metaverse wave are already leveraging:

• Improved Privacy from Decentralization - Web3 gives control back to the users. It allows them to read-write-own their data, resulting in greater customer involvement and loyalty.
• Blockchain Technology - With end-to-end encryption, Blockchain allows transparent online transactions and smart contracts. According to Globe Newswire, revenues from the global Web3 Blockchain market is expected to touch $23.3 billion in 2028.
• Enhanced Customer Experiences – Brands can unlock new possibilities for customer experience using spatial technologies like AR/VR, holographics, and 3D. The real opportunity is for brands to rethink customer interactions without the constraints of the Physical and, in so doing, redefine immersive storytelling.
• Operational Efficiency – Businesses can explore causal relationships in the Physical and streamline operations by building digital twins of their real-world assets.
• Non-Fungible Tokens (NFTs) – These unique cryptographic tokens that exist on a Blockchain cannot be replicated, and will play a major role in digital asset transaction. The market for NFTs was worth a staggering $41 billion in 2021 alone, according to Forbes.

Several global movers & shakers have broken out of the traditional patterns of retailing and transacting and have debuted digital asset marketplaces with NFT trading platforms, digital identities, and even virtual cities. Trendsetting artists like Snoop Dogg, King of Leon, and Grimes have already experienced success with their music NFT sales.

What next?

While Web3 provides elegant solutions to existing privacy, centralization, and financial exclusion concerns, the transition from Web2 to Web3 will not happen overnight. Organizations must put in place processes to adopt these technologies and drive cultural change to ease the shift to decentralization and community-centricity. Whatever their reason for migration, one thing is for sure - Web3 is the future reality and businesses need to start preparing.