What is Web 3 & What Could It Mean for the Future of Marketing?

By mbretous@hubspot.com (Martina Bretous)

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As we continue to progress into the digital age, a new era of the internet is emerging: web3.

Much of what is (and can be) is up in the air but one question we can try to answer now is what it means for marketers.

Let’s break down what web3 is, when it will launch and how it could impact marketers in the short- and long-term.

To understand what it is, let’s take a trip down memory lane.

In the late ‘90s, the world was introduced to the first version of the internet. It wasn’t nearly as complex as it is today, with just basic fonts, gray buttons and blue hyperlinks. Very reminiscent of how a website would load today stripped to HTML.

Then, it evolved to Web 2 around 2005, a phase in which consumers could consume content like never before on blogs, and later, social media.

However, as the internet evolved, so did the methods businesses leveraged to market to consumers online. This has led to growing privacy concerns among consumers who are struggling to trust their data in the hands of brands.

Although the FTC has created some guardrails surrounding data privacy, there’s still a lot that leaves consumers wary.

Just look at the evolution of Amazon. What was once an online bookstore has now transformed into a tech conglomerate with its hands in ecommerce, digital streaming, cloud computing, and artificial intelligence.

In a deep dive into the business, comedian Hasan Minaj argued on his Netflix show “The Patriot Act” that Amazon has control over the most important 21st-century commodity: data.

“Data about how we spend our money and what parts of the internet we’re using,” he says.

For many, that’s a scary realization. That’s where Web3 comes in.

The goal is that this new iteration of the internet will empower consumers to own and operate tech platforms themselves instead of sacrificing their data by relying on big tech companies.

How would that actually work? Through cryptocurrencies (also known as tokens) and blockchains.

Essentially, when you own a token, you own a piece of the network known as the blockchain. The more tokens you have, the more control you have over the network and the direction it’s headed in.

On a day-to-day basis, tokens would play a role in most, if not all, digital interactions from social media and gaming to digital art and events.

Critics of this approach say it would only be a veiled attempt at decentralization, as the power would still be in the hands of the few with the most money.