Web 3.0 – A Game Changer for Advertisers

Advertising has been evolving by leaps and bounds over the last few decades. As a result of technological advancements, we are now witnessing the shift of advertising from traditional forms to digital avenues. While advertisers seek to increase conversions, consumers demand data ownership and transparent information usage. Web 3.0 and the metaverse have provided a solution to this long-standing demand, and they have the potential to be game changers for both advertisers and consumers.

Revolutionary Web3

The current system, web 2.0, has many major flaws, such as the big tech controlling the internet with an iron fist, a lack of transparency, and the involvement of a plethora of intermediaries. The transition to Web3, the most recent version of the internet, will provide enormous benefits, with advertisers playing a significant role. Blockchain, the underlying technology of web 3.0, helps advertisers improve data transparency, eliminate intermediaries, and directly connect brands to their consumers while saving millions of dollars.

International brands have already begun to adopt web3 and complementary technologies such as the metaverse by hosting events, sponsoring, and creating unique user experiences. In web3, the focus will shift from improved visibility to enhanced user experience and relevant messaging by giving advertisers complete control over their data and providing meaningful value to their users

Advertising – Changing Dimensions

1. Role of interoperability – Interoperability is an important concept in Web 3.0. The initial prototype of Web 3.0 is based on shared platform experiences. Users can carry their avatars and digital profiles across multiple applications and websites while maintaining a unified experience. With interoperability, advertisers would have unprecedented freedom to engage with potential customers.
2. Metaverse real estates – Since its inception, metaverse real estates have experienced rapid growth. Platforms such as Decentraland and Sandbox have grown exponentially in months. As this trend continues, businesses will need to consider metaverse real estates essential to their advertising strategy. Soon, advertisers’ primary metric of campaign success will be metaverse traffic.
3. Cross-platform collaborations – The ownership of digital rights has changed how consumers interact with segments such as gaming, entertainment, etc. Data is the next stage in this transformation. Customers can finally take control of their data and decide how it will be shared and used on the internet with Web3.
4. A shift in digital tools – With Web 3.0 and metaverse, the tools used for advertisements are expected to evolve.
   • 1. Advertisements in virtual reality – VR has primarily remained a secluded medium for advertising. However, as users move away from text and video-based interactions, businesses should increase their focus on VR advertisements.
     2. In-game advertisements – The play-to-earn economy is an important part of the metaverse. Companies should explore 3D rendered advertisements within games by determining how to work on in-game ads without interfering with the customer experience.
     3. User-driven advertising – Because of the transparency of blockchain, a significant shift toward ethical marketing is required by obtaining explicit consent from users before using their data. This will allow users to receive a portion of ad revenue. User-driven sharing will enable businesses to reach their target audience without relying heavily on previous data collection models.

Looking Ahead

Though Web3 is still in its infancy, advertisers have already begun to see the metaverse as a profitable channel for engaging with audiences and marketing. Decentralization is fast emerging as the internet’s future. With the aggressive growth expected in Web3, advertisers are expected to explore newer ways to engage with modern audiences and capitalize on the opportunities in the Web 3.0 era.