What is Web 3.0?
Estimated Read Time: 4 minutes
Intended Audience: Business Owners, B2B Marketers, Business Strategists, Microsoft Partners
Web 3.0 AKA the Semantic Web
How Does Web 3.0 Work?
With both Web 1.0 and Web 2.0, HTML defines the layout and delivery of webpages. HTML will continue to be the foundation of Web 3.0, but how it connects to data sources and where those data sources reside will be different than earlier generations of the web.
In Web 2.0, nearly all websites and applications rely on some form of a centralized database to deliver data and help enable functionality. With Web 3.0, instead of a centralized database, apps and services will make use of a decentralized blockchain. That means that there won’t be an arbitrary central authority, but instead a form of distributed consensus.
Web 3.0 will also work with cryptocurrency. The ability to pay for products and services with a decentralized form of payment is enabled across Web 3.0 with the use of cryptocurrencies, which are all built and enabled on top of blockchain technology.
When to Expect Web 3.0
There is no known date for Web 3.0. However, the move from Web 2.0 and Web 3.0 is already in progress, slowly behind the scenes. And so far, these changes have gone unnoticed by the general public. While Web 3.0 applications have the same look and feel as Web 2.0 apps, the back end is significantly different. Hence, the public has not noticed any change at this point.
The transition from Web 1.0 to Web 2.0 took 10 years. It is expected to take the same amount of time to fully transition to Web 3.0.
The Key Changes in Web 3.0 and Why They Were Made
Web 3.0 is being constructed with AI, a semantic web created with ubiquitous properties in mind. The number of devices connected to the Internet increases every day, thanks to the Internet of Things (IoT), which enables the ubiquitous web. The reason behind using AI is to provide faster, more relevant data to end users. How this works is a website using AI will be able to filter through and provide the data it thinks a specific user will find useful.
Some of the key features of Web 3.0 are that it is:
- Decentralized and Autonomous
- Cryptocurrency-enabled
- Blockchain-based
- Artificially intelligent
- Ubiquitous
What Web 3.0 Means for Digital Marketing and B2B Organizations
With the development of Web 2.0, the web has evolved to be consumer-first, data-driven, and mobile-first, giving rise to various digital marketing tactics including influencer marketing, mobile ads, and improved SEO strategy. However, with the focus on front-end improvements in Web 2.0, corporations are able to collect an unprecedented influx of data from their target audiences.
With Web 3.0’s focus on back-end improvements, data will not be owned by private entities but be stored in a distributed network owned by no one, giving users the control to decide when and how to share it. One noteworthy change is that third-party cookies will soon be removed from browsers, making it more difficult for B2B marketers to collect data about people’s online behaviors and target specific audiences.
Some of the benefits of decentralization include:
- Reduce risk of servers failing
- Reduce risk of data being stolen
- Increase in personal data ownership
Opportunities for B2B Marketers on Web 3.0
- Following Web 3.0 trends to improve user experience: The more you keep up with Web 3.0 trends, such as VR, AI, blockchain, or 3D assets, the easier it will be to incorporate them when necessary.
- Increasing the role of content creators: The use of content creators and creative artists to promote brands will likely continue to rise, as creators can easily reach and connect with target audiences.
- Using NFTs as part of the content creation strategy: NFTs live on the blockchain and drive digital scarcity, so they can be used to increase brand awareness, brand loyalty, and exclusive access.
- Leveraging social media channels to build meaningful connections: Social media is a huge aspect of Web 2.0 and will continue to dominate with Web 3.0. Ensuring that you form a strong community with your intended audience is imperative to cement customer relationships with your brand.
- Creating new Web 3.0 KPIs: Some key metrics you can continue to focus on in Web 3.0 include activity, engagement, and size of community across channels. Additional KPIs that are much more specific to Web 3.0 include NFT floor price and sell-out time, which will give you an indication as to what customers believe about the NFT project.
How Your Organization Should Prepare for Web 3.0
- Accept cryptocurrency payment
- Get acquainted with blockchain technology
- Add token gated commerce
- Issue a native asset
- Include payment tokens and burn tokens
The New Internet Era
While there aren’t a ton of details about Web 3.0 available, what we can confirm is that it is definitely coming, and businesses can (and should) begin to prepare. This new era of the internet is extremely exciting, and we can’t wait to see what this new change will bring. For help and guidance preparing your organization for today’s reality and tomorrow’s innovations , reach out to the expert Maven team! We’re here and happy to help.
