Buckle up, marketers. You are in a front row seat on a ride to the next revolutionary iteration of the internet: Web3.
Conceptually, Web3 is a decentralized, permissionless, trustless internet experience—not requiring the support of a trusted intermediary—that employs peer-to-peer interaction and meritocracy to put power and ownership in the hands of individuals rather than centralized entities. It’s envisioned as a digital space where services are operated, owned, and improved upon by communities of users.
Concretely, Web3 is a new technology platform that employs digital advancements such as blockchain, cryptocurrency, the metaverse, decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) to create this vision for a new, better internet.
Much of what it will take to make Web3 fully scalable and operable does not yet exist. But make no mistake, Web3 is imminent. And it is inevitable. It will change the way consumers interact with brands and how brands approach customer lifetime value. Thus, it is imperative for CMOs to understand the inner workings, opportunities and consumer benefits of Web3 to lead their organizations on the journey into Web3—and to secure a relevant place in the future.
At a recent CMO Club Innovation Forum on Web3, marketing leaders explored the fundamental knowledge and perspective needed to ensure that Web3 is positioned and deployed correctly within their organizations. This guide incorporates the information and insights presented at the forum.