Can you think of how the world of the web was when you access the Internet using Netscape Navigator or Internet explorer way back in the middle of the 1990s using your Windows 95 operating system on your bulky desktop computer with CRT screens? The end has evolved a long way from the period today, we think about accessing the Internet red hand held devices that it is more of user generated content than centrally generated content.
However, this version of the web has its own set of misgivings and shortcomings. To make the web better, the newest version of the web is already here although not widespread in its use… Yet! This new version of the web is very fittingly addressed as Web3.
The first version of the web was all about marking a presentence. The second version of the web was all about content and communication. The third version of the web is about communication, community, and collaboration.
The Web3 ecosystem has a lot to offer for both users and brands/celebrities. It opens avenues for people to connect with their favorite brands and celebrities in a way it was never observed before!
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What makes Web3 special?
Come to think of it, the web was always evolving towards making it more accessible, affordable, and democratic. Let us take a simple example! In the first version of the web, you had only one option to consume information. You could only read news from websites and you had no option to express your opinion.
The second version of the web, however, was a bit different. The introduction of blogging, journaling, and video creation and hosting ensure that your voices were not only heard but amplified in the right places.
Web3 takes it a notch higher and lets you participate in key decision making. In addition, another new dimension that Web3 introduces is the capability to monetize your creation. In Web 2.0, your earning possibilities were heavily compromised because of the presence of intermediaries. However, in the Web3 ecosystem, the intermediaries are completely done away with, thanks to the presence of smart contracts that effectively take care of automating the processes involving decision-making and mediation… And establishing trust.
NFTs… The key element
One of the problems that the early version of the web phased was the problem of computing a creation to a creator. While web 2.0 facilitated easy transfer of information across the Internet, somewhere down the line, the information was lost. This led to a lot of discrepancies involving copyrights and creations. In Web3, however, establishing the authenticity of a creation and attributing it to a creator is taken care of by nonfungible tokens, commonly abbreviated NFTs.
To understand NFTs, we need to digress a bit to understand fungibility. Fungibility is the virtue of an asset by which it can easily be exchanged or broken down. The best example of a fungible asset is your $100 bill. It can easily be exchanged for another $100 bill and it can easily be broken down into 10 bills of $10 each without any change in value.
A non-fungible asset, however, is unique and cannot easily be replaced. The best example for this would be the original Mona Lisa by Leonardo da Vinci. You might have a replica hanging in your living room but it does not in anyway become or change the value of the original painting.
How do NFTs enable engagement?
Another important element of Web3 is the metaverse. The metaverse is a completely virtual ecosystem enabled or rather powered by real-world influences. Although digital avatars have always been a part of the Internet, the metaverse avatar is likely to be a real-world reflection of your own self… And it holds true for larger than life figures like brands, brand ambassadors, and celebrities.
The combination of NFTs, Web3, and the metaverse is what is required to create the magic of New Age interaction. A lot of NFT platforms have been actively engaged in creating an ecosystem that will enable fans of celebrities and brands to connect better with each other.
Unlike video conferences or even real-world meet-ups where you could only see the celebrity or the brand representation from a distance, the metaverse allows you to have a close interaction with them, establishing a closeness like never before. In fact, this is probably the closest virtual interaction can be to real interaction.
The ways in which brands and celebrities can connect with their fans in the Web3 world is not limited to just interactions. You can also give your audience some exclusive goodies, offerings, and disability/publicity opportunities using an NFT platform. It needs to be understood that we are no longer living in a space where advertisements can happen through one way communication. The viewing world is community centric and the community centricity is so intense that even certain organizations are all set to be completely decentralized.
Given this new realm of brand communication, it is imperative that you will need to have your own NFT platform that will enable your audience interact with you in a closer encounter to ensure that you have a competitive edge.
Marking a presence in Web3 today is as imperative as marking your presence on the web with a website sometime in the early 2000s. Companies that invested on our website at that point in time might have been considered to be a bit too ambitious but it is to be remembered that they had a better edge when it comes to acquiring customers when the weather started to mature as a proper, organized, accountable, and measurable business platform.
Maybe today, it might seem like an overkill but only when you have your own NFT platform and your own Web3 ecosystem will you understand that your business is ready for the future!
We are not standing in front of a mirror climbing of a staircase when it comes to consumer/community interaction but rather in front of a quantum leap. A lot of businesses have already been envisioning customer support systems and experience platforms that are completely powered by NFTs in the metaverse, adopting Web3 at scales witnessed never before.
It is highly imperative for your business that you do not miss out on this awesome opportunity and float your own NFT platform to engage with your users in Web3.