This is how Web3 will transform the marketing landscape
Web3, also known as the decentralized web, is a rapidly growing trend in the world of digital marketing. It represents a shift away from the centralized systems that dominate the internet today, towards a more decentralized and democratic web where users have more control over their data and online experiences. In this blog post, we'll explore three ways in which Web3 is expected to change the marketing landscape in 2023 and beyond, as well as discuss the new customer loyalty offers by Starbucks.
Increased Personalization and Targeting
One of the biggest changes that Web3 is expected to bring to the world of marketing is increased personalization and targeting. With the rise of decentralized technologies like blockchain, it will be possible for marketers to access a wealth of data on their customers and use it to create highly targeted and personalized campaigns.
For example, Web3-based platforms like Ocean Protocol allow for data sharing in a secure, decentralized manner, enabling brands to access user data with their consent, leading to more personalized campaigns, advertisements and offers. Similarly, platforms like The Graph allow for developers to easily access and make sense of data from decentralized applications, leading to more targeted marketing efforts.
Greater Transparency and Trust
Another key aspect of Web3 is its ability to provide greater transparency and trust in online interactions. With decentralized systems, it becomes much more difficult for bad actors to manipulate or fake data, which will lead to a more trustworthy online environment. For example, on a blockchain-based platform like Ethereum, smart contracts can be used to create transparent supply chain systems, which can be used by brands to show customers the origin and authenticity of products. Additionally, platforms like Unstoppable domains allow users to register a decentralized domain name, which can be verified and used as a trust anchor for verifying the authenticity of content and interactions.
The Emergence of New Monetization Models
Finally, Web3 is also expected to lead to the emergence of new monetization models for marketers. The use of blockchain and other decentralized technologies will make it possible for marketers to create new types of digital assets, such as tokens and cryptocurrency, which can be used as a form of payment or reward for customers. For example, platforms like Rarible allow creators to mint unique, one-of-a-kind digital collectibles as a way to monetize their content, leading to new revenue streams. Similarly, platforms like Brave browser rewards users with Basic Attention Tokens (BAT) for their attention and engagement on the platform, which can then be used to support content creators.
Odyssey - source: Starbucks
Early December Starbucks had their beta launch of a new web3 experience, Starbucks Odyssey, for its Rewards members to enhance the loyalty program. Members will be able to earn "digital assets" in the form of NFTs, which can be used to purchase items in the Starbucks app or online store, and also traded on a decentralized marketplace.
The new experience will also have a social element, allowing members to connect with one another and share rewards, creating a sense of community. Additionally, NFTs (non-fungible tokens) will be used, giving customers a way to own a unique and verifiable digital item for exclusive offers or experiences. This new feature highlights the real-world implementation of web3 technology and an exciting new era of customer engagement and rewarding loyalty.
In conclusion, Web3 represents a major shift in the way we think about the internet and digital marketing. By providing greater personalization, transparency and trust, and new monetization models, it has the potential to revolutionize the way we interact with customers and create new opportunities for marketers. As Web3 continues to evolve, we can expect to see more businesses and marketers begin to explore the possibilities of this exciting new technology.
Want to learn more how we can help to enhance your brand with digital collectibles?