Is Web3 the next phase of the internet – or just a phase?

Discussions about Web3 are really heating up. This allows them to dip their toes into blockchain. Whether it’s falling into the spotlight or falling into the spotlight, many brands and advertisers are taking the opportunity seriously. Ardent advocates of the medium tout decentralization as essential to establishing an Internet with privacy and user control at its center, and say Web3 may be the most effective way to break Big Tech’s monopoly.

Despite the momentum and savings opportunities around Web3. The industry seems divided on how to view the new technology. blockchain; Opinions on cryptocurrency and decentralization remain mixed: According to Stack Overflow’s 2022 Developer Survey, 32% of developers hold a “favorable” view of Web3, while 31% hold an “unfavorable” view.

As the jury remains out on the possibilities, industry experts are asked for their views on the growth of Web3, whether it will be the next phase of the Internet. We asked what challenges there might be.

Web3 can only go so far without regulation.

Web3 gives Internet users more control over their data privacy than ever before. But despite benefits such as decentralized data capabilities; The lack of policy on crypto and NFTs highlights Web3’s vulnerability to fraudulent activities.

As the decentralized financial market recovers, further investment in Web3 could see companies successfully gain public engagement and fulfill Web3’s potential. However, Centralized organizations such as governments are becoming familiar with decentralized environments; The ad tech industry is limited by some significant barriers, until platforms can overcome complex regulations and even outright bans on advertising.

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Xavier Klein Director of Marketing Services UK; Doing science.

Big Tech Holds Back Web3 – But for How Fri?

There are some major blockers in the mass adoption of the Web3 blockchain for individual identity protection that will herald the start of the ‘next chapter of the Internet’. DIDs will allow users to make secure and private payments across the Internet, and will also have some data monetization functionality if they want to sell their DIDs to advertising platforms.

The main blockers are all from Big Tech, who are concerned about the effects of introducing DIDs on their existing advertising revenues. However, Big Tech is under revenue pressure – Meta from Apple’s ATT upgrade in 2021; From Microsoft investment in Bing to ChatGPT beyond investments in Google, Amazon exits by 2023 revealed. So there may be some strategic advantage for one of the Big Tech players to pave the way for mass adoption of DIDs.

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Kate Cox CMO BrightBid

Changing audiences will enhance Web3 over time.

Web3 and the metaverse are the natural evolution of the Internet as we know it today and will have a huge impact on the ad tech industry. decentralized technology and virtual worlds (including gaming); on time New opportunities are emerging for personalized advertising and data privacy. Advertisers will need to rethink reaching highly engaged audiences in virtual environments while respecting users’ privacy rights, perhaps through blockchain-based solutions.

Over the next 5-10 years, Gen-Z and Gen-Alpha will be gaming; More valuable audiences will emerge from the immersive and creative business world. NFTs with utility and membership in ad tech formats and AI-generated video; artwork Digital Humans is expected to be incorporated into ad tech formats that will disrupt copy and digital industries. Interactivity and immersive experiences are already part of the DNA of great brand experiences. Moving people from audience to participant is the backbone of Web3 experiences, but is now available through interactions with AR or virtual worlds.

EMEA; Yahoo Creative Studios; Sam Field, Director of Innovation and Creative Partnerships

The potential of Web3 for advertisers is too great to ignore.

Ben Putley

Web3 concepts can open up huge potential for advertising. Blockchain technology, for example, can verify transaction data across the supply chain, providing a trusted public ledger and changing how data is used. Meanwhile, Digital identity wallets give consumers direct control over their data and facilitate valuable brand-consumer connections. Can act as evidence of consent.

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These features reflect the core concept of Web3: transferring control from the Internet’s gatekeepers to users. In comparison, the development of Meta’s metaverse is inconsistent with this concept, even as its efforts make Web3 more mainstream, as Meta will focus on protecting its walled garden.

Ben Putley, CEO of Alkimi Exchange

Web3 has yet to deliver on its promises, but the future looks bright.

Just like the growth of the Internet from Web1 to Web2. Web3 will provide an evolution that augments existing functionality in a consumer-centric fashion that is immersive and self-sovereign. The past two years have sold promises of technology that far outstrip the practical use cases we’ve seen in the industry – whether it’s through abuse or quick cash to capitalize on the broader crypto market.

However, advances in capital-intensive years have helped push these technologies through development, and despite the market downturn, we’re sure to see exciting new project development in the coming years.

Vlad Panov VP Web3 Engineering; Publicis Sapient


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