Did you know that our World Wide Web (www) has different development stages? Like any app or software update, the development of the web is currently divided into three stages.
Web1, the ‘first step of the Internet’, offers creation and access to static pages. A file could be stored on one server and accessed on the other, located in another country. We call these Static Pages Websites, but these websites are not static anymore.
Enter Web2. A website which allows its user to share a post with colleagues from home, and through likes and comments know their opinion. A deeper engagement is FaceTime. In both cases, one rule must be followed: use the options that the platform provides.
Web3, mainly referred to as 'blockchain', 'crypto', or ‘NFTs’, is a further development step of the Web. The technology it uses is offering various benefits but is used in different ways by each participant.
What does Web3 provide that Web2 does not? Let's unlock the key differences in their benefits.
How to Benefit from Web3
By: Carin A. | 02-05-2022
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In Conclusion
Social media has taken us from Web1 to Web2 and moved us from a static world to endless opinions and ideas. Today’s businesses are evolving from a Web2 to a Web3 platform, in order to offer something extra to their customers. This is the face of the future, and now is the time to play it smart.
What is Web3
Web3 does the same, but differently. Instead of relying on digital Web2 tools, a business may unlock digital space in which collaboration with the audience is based on rules all the participants agree on. It uses blockchain technology to enable trust and collaboration without reliance on a third party as in Web2. To access Web3, digital money (crypto) is needed.
You may ask, "what's the catch?" The answer, as always, is technology. Following the technical rules of the blockchain, it will enable expansion beyond a particular engagement network from Silicon Valley. Any artist, brand, institute, or freelancer can now create its own valley and invite their community to participate.
In addition to using twitter or PayPal, a brand may engage with its community/customers in any way it wishes. It can use either crypto or NFTs (Non-Fungible Tokens) for this process. Crypto, a digital unit to store value, is stored on the blockchain, and so is an NFT.
The difference between them is the fungibility. Crypto is fungible, whereas non-Fungible tokens are not. Therefore, one crypto may equal another, but one NFT does not equal another NFT.
Having a social page for one's business today comes with responsibility. A profile requires constant interaction with its followers, but in return, it creates another social dimension of digital engagement that can be leveraged by any service provider.
Companies like Facebook, Google, YouTube, and Netflix are the 'leaders' of Web2. Therefore, a business mainly uses digital marketers, content writers and SEOs to perform a digital strategy on these platforms and reach a wider audience, increase connections, build loyalty, and achieve product growth.
What is Web2
Using NFTs to increase brand awareness
Pepsi, for example used NFTs to increase brand awareness. It converted the number of the year Pepsi was founded (1893) into 1,893 NFTs and gave them for free to the first names who reached their whitelist through social media. Since they planted certain perks inside each NFT, the law of supply & demand didn’t disappoint. Each NFT increased in value, generating the holders over 3000$ in profit.
Coach gave away 10 NFTs of different types of animals, releasing only one each day at a specific hour. The NFT granted the right to receive a made-to-order Rogue bag. Each holder could decide to sell their NFT or get the bag.
Pepsi and Coach both used blockchain technology and created a unique engagement. The engagement was based on the utility and benefits of the NFTs, which turned out to define its value in crypto.
Opposed to dollars, crypto is owned through personal wallets rather than in Facebook's algorithm, allowing participants to define their value. The results were users with exclusive benefits and personal profits, and a promised % return for the brand on every transaction the NFT makes on the blockchain, forever.
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