If you had to encapsulate Web 3.0 in a tweet, what would it say?
"Web 1 is the ability to access things on the internet. Web 2 is the ability to add content to the internet & interact. Web 3 is about sharing assets & having ownership."
What makes Web 3.0 different? According to Fabric Ventures, it's:
Web1 is like going to a library and researching via the encyclopedia. Web2, in this analogy, is Wikipedia, where public users can submit information to help build the story, but the submissions are reviewed and can be approved or denied. Now, Web3 will show us a future where we can all write the definitions, but no third party is there to check the facts for us.
Web3 was discussed initially in one of our Insights emails. To learn more on how brands can better navigate the influencer space, sign up to Fohr CEO James Nord's weekly email here.
There is exciting potential for creators and influencers to build wealth together with ownership over the platforms and communities they lead. Creators are the backbone of success for the top social platforms, but wealth isn't distributed in any meaningful way. Creators are pushing back against this, and Web3 will see platforms and communities owned by the people leading and participating in them.
Diversified revenue streams are another exciting aspect. Web3 could give creators and influencers ways of monetizing outside of advertising. NFTs, tokens, or subscriptions give creators a chance to build lasting revenue streams instead of jumping from project to project.
The 'End of the Advertising World' webinar discussed how the power of a few now flows into the hands of many—for example, large record labels giving way to smaller artists discovered on sites like SoundCloud, YouTube, and Spotify—and how these shifting power dynamics affect the advertising industry.
How does Web 3.0 and its potential changes affect the influencer marketing industry?
We hope to dive more into this topic through resources, insights, and conversations in the coming months. If you have any questions about Web3, submit them here.
This post was originally written for our Insights newsletter. Learn more on how brands can better navigate the influencer space. Sign up for Fohr CEO James Nord's newsletter here.