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