I waited a long time in line to get an autograph from Selena Gomez.
It felt like my most prized possession after she signed it. There were lots of other people who had Selena's autograph.
It was one of a kind. I paid a lot of money to attend the meet-and- greet.
Web3 technology is very similar to what I experienced at the Selena Gomez concert.
I spoke with three web3 experts to find out how web3 will affect the future of consumer trends.
What is web 3?
You're not alone if you don't know what web 3 is. More than half of consumers don't understand the concept of web3 according to a recent study.
I did not write this post before.
For a brief recap, web3 is a vision of the third-generation of the internet that places the power in the hands of users instead of large tech companies.
The goal of Web3 is to make the internet more accessible, private, and secured for users.
Anna Seacat is the VP of Marketing and web3 Community at Proxy and co- founder of Glypta.org.
Seacat says that when we create content or submit personal data online, we are handing over ownership to companies who can change, remove or sell it. We own our data. It's yours forever, unless you decide to sell it, even if you can mint it through a decentralized app.
Essentially, it's an evolution of the internet that will be supported by blockchain and hosted on server owned by individuals and many organizations. The web's rules and regulations can be voted on by users instead of being put in the hands of those who own the server.
It's not known whether reality will live up to these ideals, even though it's in early days of development.
What does web3 mean to consumers and e- commerce brands? Next, let's look at that.
What does web3 mean to consumers? Web3 is opening up new ways for people to spend and sell.
The foundation for a secure, protected digital economy could be found in web3
One of the most important components of web3 is decentralization.
The goal of decentralized finance is to give people the power to control their own money through a digital wallet instead of relying on major financial institutions and banks. The goal of web3 is to give people the power to control their data, instead of relying on major tech corporations.
Digital currencies are accepted by many brands. Microsoft, for instance, allows consumers to purchase products from the Windows Store with the digital currency of their choice.
Decentralized finance could be the next step towards encouraging more digital transactions.
Three components of a financial system are possible. The dollar and all three of them are the same type of token. You can trade one dollar for another dollar of the same currency. They can be used interchangeably.
NFTs are one of the major elements of web3 that many brands are seeing value in.
Over the past few years, the number of NFTs has exploded. According to the investment bank, NFTs will have a market value of more than $35 billion in 2022, and over $80 billion in 25 years' time.
We've seen the wild west of NFTs before. There are a few examples, including a meme that sold for $590,000 and a bundle of monkey drawings that sold for over 24 million dollars.
What is the meaning of buying any of these assets? You purchase a digital certificate to prove that you are the sole owner of the original. If you consider it synonymous with owning the originalMonaLisa, then buying a copy is not a good idea.
Digital artwork isn't the only thing that NFTs can be used for. NFTs can be digital assets from any industry.
There are huge ramifications of NFTs. Major corporations could see a decline in how many consumers use their shopping tools as consumers shift to NFTs.
As Seacat puts it, "If NFTs are any indication of how marketing, shopping, and selling online will change, we're in for true disruption. For instance, Google is not used for NFT shopping. Instead, consumers rely on gated apps and decentralized marketplaces — neither of which show up in traditional search engine results."
web3 will offer more security and control over personal data, which will affect a consumer's sense of trust when making purchases.
The CEO of Vyudu Inc and web3 says web3 will change how consumers shop.
"For instance," Williams says, "with blockchain technology, shoppers can directly connect with producers and retailers without having to go through intermediaries. This could lead to more trust between buyers and sellers, as well as lower prices due to reduced fees."
It could be easier for consumers to find the best deals on products and services if web3-based marketplaces are used.
You don't need to put your data in the hands of a third party with web3. A renewed sense of trust between consumers and brands could be led by the fact that 75% of consumers don't know what companies are doing with their data.
There are some consumer concerns when it comes to web3.
There is one major concern. The buying process is hard to understand.
Seacat says that web3 doesn't currently support the average consumer's buying process. You have to take big risks in order to get education and training.
Seacat and a group of women started a nonprofit to make web3 safer for women, especially those who are just getting started in the space. Seacat says that they shouldn't have to risk a lot of money to be a part of web3.
Many people don't want to invest in the first place because of the volatile nature of Cryptocurrencies. Since you can't use U.S. dollars on web 3, those who don't feel confident buying cryptocurrencies are excluded.
There are steep fees when buying NFTs.
Holly Shannon is the producer of Culture Factor, a high-ranking NFT and emerging technologies show. Gas fees are what they are called. The gas fees relative to a purchase are a big problem at the moment.
The process of getting a wallet that is unique to this framework is cumbersome and full of friction. There are three different types of wallet. There are secret codes that are used for security.
We're not there yet to make web3 feel mainstream. How can brands get consumers to join web3 when they do?
Major brands are starting to see the value in NFTs. Nike is selling branded sneakers in a virtual world for fans to wear as they play sports. The virtual sneakers are examples of NFTs.
A nine-piece collection of digital NFTs, including a "Glass Suit" that the auction winner's avatar can wear in a metaverse, sold for a record $6 million.
Shannon believes that the ability to prove ownership makes for a good opportunity. You purchase a bag. A permanent record of the sale can be created with the use of an NFT.
Shannon thinks of the NFT as a ticket or token that represents an asset. Your purchase is authentic. It makes sense to reduce counterfeit sales. The brand can have a direct relationship with consumers.
Shannon believes that the power of NFTs lies in the idea of direct-to-consumer.
Hermés could use NFTs to make their customers happy.
Shannon posits, "Hermés could invite consumers to a fashion show, or send them a gift using NFTs. Alternatively, maybe a sports team uses NFTs to give fans a chance to meet their favorite players, or send SWAG directly to them. This merely scratches the surface of experiential marketing, but hopefully you can see the magic, too."
Which leads me to my next term: Metaverse.
The metaverse is where many consumers will buy and wear the digital items we've listed so far.
I'm pretty sure most consumers don't think NFTs and the metaverse are very realistic. I don't have the money to buy a $2 million Tweet myself.
It does, in fact, affect many consumers. There are a few quick facts.
Consumers are interested in purchasing virtual products and services and are interested in using virtual currency to do so.
It makes sense that a lot of what we do today is online. We meet our partners online using dating apps, we make new friends via social communities like Facebook, and some of us even work entirely online.
Web3 has the potential to meet more consumers needs when it comes to data privacy, convenience, and socializing.
Why wouldn't you want to meet them on the internet?
July 11th was updated July 11th.
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