Web3 has been causing quite the buzz in the ad tech space. Dubbed “the next chapter of the internet overall” by Mark Zuckerberg, some see decentralization as the cure for big tech’s monopoly, while others remain skeptical. But as the CEO of ExchangeWire, Rachel Smith, stated in a recent MadTech podcast, 2023 might bring a more practical approach to Web3, as the focus shifts towards tangible results.
At CES 2023, brands were lining up to jump on the Web3 bandwagon, showcasing more practical offerings such as advisory services. So, what does the future hold for Web3 and its impact on media, marketing, and e-commerce? Let’s dive in and see what experts predict for 2023.
Web2.5: A Blurring of Lines
As blockchain technology continues to evolve, 2023 will see its integration into society and the economy. This year will mark the beginning of Web2.5 – a merging of Web2 and Web3 – as the market becomes more familiar with the advancements of the decentralized web. Consumers don’t care about the technicalities of blockchain or NFTs; they care about its utility. Brands like Starbucks and Nike are paving the way, using decentralization to create community platforms and reward brand engagement programs. With Ethereum’s recent shift to proof-of-stake, the energy usage of the network has been reduced by 98%, making it easier for consumers to explore Web3 with a clear conscience.
Web3: Transitional, but Not Transformative
Web3 is set to disrupt everything from tech to healthcare, entertainment, e-commerce, and banking. With the blockchain technology, middlemen will become a thing of the past. AI, like ChatGPT, will change the game in ways we can’t even imagine, making it both exciting and terrifying. As for the metaverse, it’s still in its early stages, with great concepts but a long way to go until it becomes a reality.
AR: The First Step to the Metaverse
The most developed aspect of the metaverse currently is augmented reality (AR), which is revolutionizing advertising, especially with in-app experiences. AR creates meaningful connections with audiences by providing immersive and interactive experiences, making ads more memorable and engaging. As technology continues to advance, brands will be looking to broaden their reach and take interactivity to the next level.
In conclusion, 2023 will bring a more practical approach to Web3, with the market becoming more familiar with the decentralized web. Web2.5 will mark the blurring of lines between Web2 and Web3, with brands like Starbucks and Nike leading the way. Web3 will be a transitional year, but not transformative, and AR will be the first step towards the metaverse.
Get ready, 2023 is going to be a game-changer for the tech world!