Web3 encompasses several web3 marketing trends that comprise what is frequently referred to as the "decentralized internet." The goal is to establish an internet not dominated by large firms like GoogleGOOG -1.1% and Facebook, which currently dictate most online restrictions.
Web3 is based on the premise that technologies such as blockchain, cryptocurrencies, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs) provide us with the tools necessary to establish online spaces we genuinely own to implement digital democracies.
Why Web3? To briefly cover the history of the Internet: Web1 was the first version of the World Wide Web, which consisted primarily of read-only, static websites. Web2 (or web 2.0, as it was more generally known) refers to the user-generated web that emerged with the advent of social networking sites such as MySpace and, later, Facebook, which gets us to Web3 – the decentralized web!
Decentralized Metaverse is one of the growing Web3 marketing trends on the internet. Everyone from Facebook to Microsoft MSFT +0.2% are collaborating on ideas for the "next level" of the internet, making the Metaverse a widespread phenomenon. However, proponents of the Web3 future have their opinions, which do not entail platforms controlled by Silicon Valley's major corporations.
Decentraland MANA +3.5% and The Sandbox are likely the most prominent decentralized metaverse platforms. The data that constitutes these digital worlds are kept on a blockchain, specifically the EthereumETH +3.5% blockchain. This means that (theoretically) only those with authority can make changes or add or remove items. The server that hosts the world's data does not have a single owner who can censor content that contradicts their political beliefs or shut it down if they decide to eliminate it. Facebook is an exception to this rule, as the company that owns the servers will always have the last say!
Decentralized virtual environments are a fundamental component of the vision for where Web3 will lead us over the next decade, and in 2023 we can anticipate the pioneers to continue laying the groundwork that will eventually make it a reality.
Non-fungible tokens are unique, blockchain-based tokens, a recently famous web3 marketing trend. Anyone who knows about blockchain and cryptocurrency might know about this web3 marketing trend and NFTs. In contrast to cryptocurrencies, where millions of identical tokens may exist on the blockchain, an NFT can be used to represent anything unique.
Most people would have likely heard of NFTs as computer art that frequently sells for hundreds of millions of dollars (or did, at least, before the market partially crashed this year!)
The tokenization of goods, data, and even concepts in the digital and physical worlds will constitute their true value, according to those who believe in the future of a decentralized web3.
A primary objective of the Web3 marketing trends and its movement is developing a decentralized social network. If this becomes a reality in 2023, it may be due to the efforts of none other than Elon Musk.
To prevent trolling and spambots, the CEO of Tesla has expressed a desire to develop a social network where members would pay a small bit of cryptocurrency each time they wrote a message. These concepts came to light due to legal procedures concerning Musk's on-again, off-again attempts to acquire Twitter.
A fundamental advantage of a decentralized social network, according to proponents of Web3, would be its resistance to censorship. Corporations like Meta (the owner of Facebook, WhatsApp, and Instagram) and Twitter choose what may and cannot be stated. If this means that Web3 users will eventually be able to say whatever they want without censorship, wider society (including governments and legislators) will eventually ask whether or not this is a positive development.
Even the most ardent Web3 proponents must acknowledge that the technology's environmental credentials are problematic. At its peak, it was estimated that the BitcoinBTC +1% blockchain network consumed as much energy as Argentina (130 terawatts per hour), and a single Bitcoin transaction generated 772 kilogrammes of CO2 emissions. This is not sustainable, and Tesla CEO Elon Musk cited this enormous energy consumption as a reason for his company's withdrawal from the technology.
Since then, there have been concentrated efforts to lower the energy consumption of blockchain and related Web3 technologies while maintaining their use. Possibly most impressively, the Ethereum network has transitioned from a proof-of-work to a proof-of-stake algorithm, resulting in a reported 98% decrease in the network's overall energy consumption.
In addition to reducing the amount of energy directly utilized by Web3 activities, more attempts will be made to use the technology to achieve green goals by 2023. The World Economic Forum has emphasized the technology's potential to enable organizations to cooperate and build collaborative technologies to speed climate change mitigation. "regenerative finance" (ReFi), which tries to encourage financial incentives for projects that repair or conserve "resources important for planetary well-being," is now being investigated.
As Meta's recent corporate struggles have demonstrated, the future of virtual reality (VR) is uncertain; Meta is marketing its new Quest Pro VR headset primarily as a workplace tool, but it remains to be seen whether large numbers of working professionals will be eager to use the device in their jobs, let alone pay the $1,499 price tag.
Some feel augmented reality will be more practical and popular than virtual reality (AR). Apple, the world's wealthiest technology corporation, will unveil its highly awaited AR glasses over the next few years. Tim Cook, the chief executive officer of Apple, recently stated in an interview that augmented reality is "a profound technology that will affect everything," and Evan Spiegel, the founder and chief executive officer of Snap, recently stated that the technology is "more immersive" than virtual reality.
If VR continues to have a public relations crisis, many IT businesses may begin to place their bets on augmented reality.