Web3 faces a considerable knowledge gap: only 24% of global respondents say they are familiar, according to a recent survey. While interest in Web 3.0 wanes, there is a growing fascination with AI technology among marketers and consumers alike. Despite the challenges, there is potential for Web 3.0 adoption to improve data ownership, profit sharing, and control over online identities.
Marketing in the Web 3.0 era presents its own unique challenges, the most important being awareness. Even though the concept of Web 3.0 has been a buzzword in the digital marketing space for some time, there appears to be a substantial gap in public understanding of it.
Web 3.0, 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 cryptocurrencies.
Web3 Lacks Awareness
According to a new survey, only 24% of people say they are familiar with Web 3.0. Comparatively, related technologies such as the metaverse and NFTs had a slightly higher recognition rate, at 36% and 34%, respectively.
When it comes to cryptocurrencies, it enjoys significantly greater awareness, with a global recognition of 92%. This knowledge gap poses a considerable challenge for marketers leveraging Web 3.0 in their campaigns.
Just a year ago, Web 3.0 was touted as the new frontier of digital advertising, and brands ventured into creating virtual worlds and NFT wearables.
Crypto-native companies like Crypto.com and traditional brands like Adidas made significant contributions to propagating the concept of Web 3.0. However, the survey results suggest that their efforts may not have had the desired impact.
AI Steals the Spotlight
A correlation has been observed between the declining interest in Web 3.0 and the growing fascination with AI. Brands like Coca-Cola have changed course, prioritizing new AI technologies over previous Web 3.0 efforts.
The decline in Web 3.0 popularity can also be seen in large companies, with Disney shutting down its entire metaverse team and Meta ending NFT integrations on its largest platforms.
While this data paints a seemingly bleak picture, the survey revealed promising signs of potential interest in Web 3.0.
Most of the respondents believe in the ideas that Web 3.0 technologies embody. About 70% of global respondents agree that they should share in the profits a company makes from their data.
This concept, along with the belief that individuals should own their online creations, a sentiment held by 67% of respondents, is part of the philosophy driving Web 3.0 technologies.
Communicating the Benefits
Privacy, a cornerstone of Web 3.0 technology, is also important to consumers. About 81% of American respondents affirmed the importance of data privacy. In fact, 79% of them expressed a desire to have more control over their online identity.
These statistics indicate the potential of Web 3.0 and the challenge for marketers is to make it more accessible and understandable. They need to educate consumers about the value of decentralized technology. Plus, how Web 3.0 can offer better control over your data, revenue sharing from your data, and greater involvement in your online creations.
Marketers must remember that they are not only creating customers, but also a new generation of “builders.”
The rise of AI technology shows that consumers are willing to adopt and understand complex technologies when the benefits are clear. Therefore, the challenge for Web 3.0 marketing lies not only in raising awareness but also in effectively communicating the benefits and transformative potential of Web 3.0 technologies.
By Leonardo Pérez