Marketing in the age of Web3 comes with its own unique challenges, the most significant being awareness. Despite the concept of Web3 having been a buzzword in the digital marketing space for some time, there appears to be a substantial gap in public understanding of it.
Web3, the decentralized version of the internet based on blockchain technology, is not yet a widely recognized term, even among those familiar with related concepts such as NFTs, the metaverse, and cryptocurrency.
Web3 Lacks Awareness
According to a new survey, only 24% of people claim familiarity with Web3. Comparatively, related technologies such as the metaverse and NFTs had a slightly higher recognition rate, with 36% and 34%, respectively.
When it comes to cryptocurrency, it enjoys a significantly higher awareness, boasting a global recognition of 92%.
This awareness gap poses a considerable challenge for marketers leveraging Web3 in their campaigns. Just a year ago, Web3 was touted as the new frontier in digital advertising, with brands venturing into creating virtual worlds and NFT wearables.
Crypto-native companies like Crypto.com and traditional brands like Adidas made significant contributions to propagate the concept of Web3. However, the survey results suggest their efforts may not have had the desired impact.
AI Steals the Spotlight
A correlation between dwindling interest in Web3 and the rising fascination with artificial intelligence (AI) has been observed.
Brands like Coca-Cola have switched gears, prioritizing new AI technologies over previous Web3 endeavors. The decrease in Web3’s popularity can also be seen in large companies, with Disney closing its entire Metaverse team and Meta ending NFT integrations on its biggest platforms.
While these data points paint a seemingly grim picture, the survey revealed promising signs of potential interest in Web3.
A majority of the respondents believe in the ideas that Web3 technologies embody. About 70% of global respondents agree that they should share in the profits a company makes from its data.
This concept, coupled with the belief that individuals should own their online creations, a sentiment held by 67% of respondents, is part of the philosophy driving Web3 technologies.
Communicating the Benefits
Privacy, a cornerstone of Web3 technology, is also important to consumers. About 81% of US respondents stated the significance of data privacy. Indeed, 79% of them expressed a desire to have more control over their online identity.
These statistics indicate the potential for Web3, and the challenge for marketers is to make it more accessible and comprehensible. They need to educate consumers about the value of decentralized technology. Additionally, how Web3 can offer better control over their data, a share in profits from their data, and a greater stake in their online creations.
Marketers need to remember that they are not just creating customers but building a new generation of “builders.”
The rise of AI technology shows consumers are willing to adopt and understand complex technologies when the benefits are clear. Therefore, the challenge for Web3 marketing lies not just in spreading awareness but in effectively communicating the benefits and transformative potential of Web3 technologies.
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