Web3: Turning Data Graveyards to Thriving Communities
Vincent Kovar
Hands-on, omni-channel Marketing leader in blockchain (native), gaming, AI and other emerging tech. Focus on growing high-performing team cultures |Open to Global Relocation
The digital marketing landscape I navigate today feels like a tectonic shift compared to the early days of webpages. Back then, it was all about building connections, which is a stark contrast to the current data overload where we overvalue blind growth. To paraphrase Reed Hoffman, "unchecked growth is called cancer." That's one more reason why I continue to be excited about Web3: the decentralized iteration of the internet. Decentralization offers us a way to move beyond the data glut (cookies, big data, and endless tracking) to usher in a new era of community-driven value creation.
From Cookies to Community: Owning Your Data
Remember the scramble when third-party cookies crumbled? Digital winter we called it. Web3 offers a solution: self-sovereign identity. Users control their data through digital wallets, empowering us and fostering more transparent brand relationships. Imagine a world where we actually choose to share our preferences with companies we trust, receiving personalized experiences without feeling constantly tracked.
Recent data shows that 78% of consumers are more likely to trust brands that give them control over their personal information. I think that number may be low. Some of us tend to say, "I don't mind Facebook or Google or Amazon knowing everything from what I like to where I go but ...sometimes, just sometimes, absolutely all of us get tired of "recommendations" and ads based on half a thought we had in the shower. This shift is driving rapid adoption of Web3 tech, with the number of active Web3 wallets growing by 25% in the past month alone. There term "wallets" is actually a misnomer. They are actually more like a browser that allows you to interact with blockchains like Chrome does with the Internet. Remember Netscape? Anyone? Just me. Onwards.
Shifting Focus: From Individuals to Communities
Marketing has shifted from mass messaging "broadcasting" was by definition, broad. Cookies created narrowcasting and automation but true communities weren't actually communal at all. Twitter or Facebook or other massive entities are in total control. Conversely, Web3 actually thrives on decentralization and participation. Companies that then actually engage with communities see a boost in brand advocacy and organic reach even (and maybe especially) when those communities are not owned by the brand. Look at Coca-Cola's recent campaign, it saw a 40% increase in engagement through their Web3 community initiatives. Try doing that on an owned blog.
The past week has seen a surge in these Web3 community-building efforts, with a 15% increase in active DAOs (Decentralized Autonomous Organizations) and a 30% rise in NFT community memberships. Boom go the double digits.
Open Innovation and Value Co-Creation
Walled gardens are giving way to truly democratized open forums, enabling collaboration and value co-creation between users and the brands we choose. I'm particularly interested in co-creating marketing campaigns through tokenized communities or rewarding loyalty with exclusive NFT collections.
Just in the last ten days, we've seen a 50% increase in brands launching co-creation initiatives on Web3 platforms, resulting in an average 35% boost in customer loyalty metrics. Those kind of numbers just don't happen in Web2 anymore.
"Mint" vs. "Buy": A New Language for a New Era
If you've read my other articles, you know I hate "marketing mouth" where we "distrupt world-class optimization of excellence through robustness." However, so far, Web3 vocabulary is reflecting a deeper ownership mindset. Actions like "minting" and "collecting" are replacing the traditional "buy" button and abstraction is making these things easier and easier to do. Nobody needs a step by step on the "add to cart" or "1-click buying" button and we are FINALLY getting to where users can just click "mint" to make it happen. This shift connects consumers and brands on a whole 'nother level, as seen in Gucci's recent NFT launch, which sold out in minutes and increased brand engagement by 60%. Where luxury goods and banks go, others with follow.
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As per usual, the young are leading the way. Consumer insights from the past week show that 65% of Gen Z and Millennial consumers prefer "minting" or "collecting" digital assets over traditional purchasing, indicating a significant shift in not just in language but behavior. Remember all those articles about "learning how to talk to millennia's? It's like that but with a "buy now" button.
Adapting for Success: The Future of Digital Marketing
These changes require marketers and businesses to adapt their strategies. By embracing Web3 technologies and concepts, we can connect with consumers and build trust in innovative ways. Automation and AI have flooded the internet with untrustworthy crapola and we don't like the smell. The future is collaborative, transparent, and community-driven. Boiled down, cut the crapola and get real. We can do this by embracing Web3 and moving beyond the one-sided data monetization and create shared value with our audiences.The idea of "shared value" is not so hippy socialist wokeness. Shared value is the foundation of corporations with multiple shareholders. Only in Web3, the shareholders actually contribute to the productive value of the whole.
As we navigate this exciting new frontier, I'm committed to sharing insights and strategies to help brands thrive in the Web3 era. It's here. It's not going away and no we are not going to turn off our ad-blockers.
Instead, join this revolution-collaboration and help create a more engaging, transparent, and value-driven digital ecosystem.
#Web3 #DigitalMarketing #BrandStrategy #NFTs #BlockchainMarketing