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Over the past year or so, Web3 appears to have been the subject of many a debate. The term has certainly received some hype in recent times. But are you, and more importantly, your brand, ready?
Here we explore whether Web3 represents the profound restructuring and reimagining of the Internet as sold as in recent quarters, or whether it’s essentially just a rebranding project for crypto.
What is Web3?
Web3 or Web 3.0 represents the next generation of the Internet, following on from Web 1.0 and Web 2.0. Web3 is a decentralised Internet built on the blockchain, bringing into play related blockchain technology such as cryptocurrency and non-fungible tokens (NFTs).
The promise is an Internet infrastructure that moves the power back to the consumer and away from the big tech companies and government institutions. Hence, no more having to place your trust in organisations that provide little governance for accountability.
For context, if you were online back in the 1990s as the first publicly available version of the Internet became popularised, it’s worth reminding yourself of what Internet infrastructure consisted of back then - simply static webpages connected by hyperlinks. Otherwise known as the World Wide Web or Web 1.0.
It took until the arrival of the Web 2.0 era for the Internet to become a platform for content creators. Such Internet today includes ecommerce platforms such as Shopify and Magento, and social networks like Facebook, Twitter and Instagram. This form of the Internet has been far much more interactive for regular users, offering the ability to easily publish one’s own content, including via smartphones and tablets.
Web 3.0 or Web3 promises to drastically change the game again. As far back as 2014, the term was coined by one of the Ethereum cryptocurrency’s co-founders, Gavin Wood. Instead of us having to hand over our personal information to tech giants such as Google and Apple in order to have the right to use their services, proponents of Web3 claim that this newly decentralised version of the Internet would be underpinned by blockchain technology and artificial intelligence (AI), with all information being published on the blockchain’s public ledger.
Web3 For Luxury, Lifestyle and Fashion Brands
This new wave all sounds rather exciting, but what could it mean for your brand? At the time of typing, much about Web3 remains more theoretical than a practical reality. Yet, a great deal has already been observed about the potential implications of such decentralisation for high-end brands.
Within this Web3 era, we expect the metaverse, for example, could be central to how users interact with brands, including the fashion industry. This could manifest in virtual worlds in which users enjoy true ownership of digital items, reputations and tools, such as ownership being registered with steadfast decentralised ledger technologies.
Perhaps for your own premium brand, Web3 could mean using augmented virtual reality to allow shoppers to try on your latest designs in a virtual space. Alternatively, it could mean the likes of virtual reality showrooms and trade shows, or using NFTs to offer admirers of your brand personalised experiences and one-off special editions that your rivals don’t?
Indeed, with NFTs having been a particular point of mass enthusiasm over the past year or so, applications such as gaming and digital art are already seeing an emergence in Web3 infrastructure. We recommend brands engage with this immediately in order to become better accustomed to the technology and its possibilities before this new version of the Internet starts to enter the mainstream.
Web3 Digital Marketing Agency
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