HARNESSING THE POWER OF WEB 3.0 FOR YOUR BRAND
WHAT IS WEB3?
WEB3.0 is a vague term that means a lot to different people, but the significant word you pick is its decentralized nature. It promises a big break from the major tech companies’ stronghold on the internet and returns it to ordinary people.
To fully understand WEB3.0, understanding the semantic wave that brackets the three stages of internet growth is required. Web 1.0, the initial phase, was all about connecting information and entering the internet, forming a ‘read-only’ era.
With the “I” in the user interface and the “we” in a web of social involvement, Web 2.0 is about connecting people, taking a step further, and forming the ‘read-write’ era. Web 3.0, the next phase, has just begun. It is about providing meanings, connecting knowledge, and putting it to use in ways that improve the relevance, utility, and enjoyment of our internet experience.
HOW DOES WEB3.0 WORK?
True to its nature, the WEB3,0 assumes a three-sided shape, employing the concepts of Blockchain technology, Cryptocurrency, and NFTs.
Blockchain is somewhat a new way of storing data online. The data accumulated through this means is encrypted in that it can only be accessed by users with access- even if the data is stored and accessed on a different computer or a different network.
The native payment of the WEB3.0, the Cryptocurrency is how WEB3 does away with antique methods of spending and sending money and dodging the outdated and tedious methods of banks and other payment processors.
NFTs, Non-Fungible Tokens, represent a unique type of asset traded in WEB3.0. They complete the circle by describing what we’re using Cryptocurrency to trade and what is built on the blockchain.
NFTs are one-of-a-kind and impossible to duplicate or counterfeit. They are therefore perfect in situations where source and authenticity are valued, such as in the collectibles industry. Platforms built on the Web 3.0 standard offer a safe and effective way to trade NFTs and other kinds of digital assets.
When all of these are complete, the WEB3.0 requires an environment or an interface where users can interact with the online world, communicate with other users, and manipulate data- the Metaverse.
The gist of the Metaverse is that it will be a much more interactive, social and persistent version of the internet as we know it. Technologies like virtual and augmented realities come into play to enable interaction with the digital world as naturally as ours.
The Metaverse is more concerned with how users will engage with it than Web 3.0, primarily concerned with who will reign (tech giants or individuals) and manage the internet in the future. The common ground is the main focus on the Users and the Content, which they both synergize to create a space where the owner is not monopolized.
WHAT ARE BRANDS?
A brand is an abstract idea used in marketing or business that makes it easier for customers to recognize a particular industry, item, or person. The Brand conveys a promise about the qualities that make the good or service special. A strong brand is a tool for informing the public about the company’s mission and product offerings.
The four critical components of an enterprise—customers, employees, management, and shareholders—are connected by a brand. Brands thrive on the silent promises made between the sellers to continually offer the customers or buyers a distinctive range of qualities, benefits, and services. Consumers, as long as they believe and understand implicitly that a brand will continue to live up to their expectations and continuously deliver the desired results, will remain loyal to it.
There is a lot of confusion about what a brand stands for - mostly mistaken with logos, slogans, or other recognizable marks, which are just the marketing tools and brand identity. Branding and creating a brand involves understanding the attributes and personality, positioning and awareness, loyalty, association, promise, values, Brand and customer equity, and overall, the brand extension.
Brands vary in magnitude and do not necessarily have to be a big, notable company before you use the word to describe your service. Branding is also never a finished process. There will always be new ways to brand yourself and your benefit, ultimately to the general audience.
HARNESSING THE POWER OF WEB3.0 AND THE METAVERSE ON YOUR BRAND.
The WEB3.0 and the Metaverse concept is to merge the virtual world with our real one. So, there is little to no difference in how your Brand speaks in both. After going through the motions of creating a brand and branding, the employment of the use of the various applications tailored to the WEB3.0 is the only other thing required. Beyond NFTs, Web3 will give businesses strategic chances to advance growth, boost earnings, and raise their profile. Here’s how;
The decentralized database gives brands real-time access to a massive number of users over social media.
Users and business owners both seek value. Brands can therefore use crypto tokens or NFTs to provide value to their audience. With Web 3, advertising becomes very transparent and user-centric.
Authenticity and transparency, Data security and combating fraud in advertising are some of the advantages of adopting blockchain technology.
Once Brands do significant research on the strategies to be implemented in this major lifestyle change, develop a secure and well-designed website, channel marketing efforts and resources to relevant channels, and understand the trends, they have taken steps to retain significant market shares and stay ahead of competitors in the industry, creating something timeless.