Industry experts believe that the transition to Web 3.0 will enhance data transparency, remove intermediaries and directly connect brands to their consumers
The metaverse and NFTs are the buzzing words today in fields of technology, A&M, and business that promise unimaginable opportunities for brands, intellectual properties, and of course consumer engagement. Keeping in line with these emerging techs, the newest development that is picking the interest of companies across the board is Web 3.0.
Web 3.0 is the latest iteration of the internet which promises to further democratise the internet and allow users more control over their data. It is touted to be different from its predecessors’ Web 1.0 vs Web 2.0 as it offers a new level of innovation and interactivity, enabling to essentially create and own pieces of the internet. The space has seeing huge interest from tech disruptors. both abroad and within India, with homegrown app Chingari being one of the leaders in the proliferation of Web 3.0.
Sumit Ghosh, serial entrepreneur and co-founder and CEO, Chingari, explains its immense potential, saying, “In the present system that we generally call Web 2.0, there are major flaws including big techs controlling the internet with an iron hand, lack of transparency, and middlemen. The transition to Web 3.0 will offer immense benefits in many senses in which advertising will be the major part. This space will provide a much-needed tool that will directly connect the brands to their target groups i.e. the consumers.”
According to Ghosh, the underlying technology of Web 3.0, the Blockchain, will enhance data transparency and eventually remove the need to collect data in a centralized manner.
Shrenik Gandhi, Co-Founder and CEO, White Rivers Media, an agency that specializes in emerging techs and their advertising applications notes that the world is abuzz with the advancing web 3.0 and many Indian brands have already started adopting it and complementary technologies like the Metaverse, given that they both utilize blockchain technologies.
“Commercial brands like McDowell’s No.1 Soda, Cadbury Dairy Milk Silk, ITC Fabelle, Coca Cola and Tata Tea Premium have ventured into this new world by sponsoring or hosting events and creating unique user experiences. We are seeing the entertainment sector to be going full throttle as well,” Gandhi says, adding that the tech is spreading across all consumer-based market segments.
Rohit Agarwal, Founder & Director, Alpha Zegus, elaborates further, saying, “India being one of the biggest consumer markets, with rapidly growing spending capacity and data accessibility, means that every consumer segment can make the most of Web 3.0 -, especially areas such as e-commerce, business solutions, & logistics aggregators.”
Talking about gaming, Agarwal believes that the gaming industry will benefit largely from Web 3.0 development. “Play-to-Earn (RMG) category within the gaming segment will be one of the early adopters since the decentralized ecosystem can be very useful to them. Another segment could be technology brands looking at leveraging the potential of metaverse and blockchain abilities to offer unique consumer experiences”, he said.
Due to the universal interest in this space, its development is being spurred by both the public and private sector. Agarwal points out that the Government of India is eyeing emerging interest keenly and has signalled its intention in investing time, resources, and create systems to help accelerate its growth.
Gandhi adds, “As we are advancing with web 3.0 development, we are also already seeing some blockchain-based platforms to have entered this arena. Moledao is one such platform that recently launched a web 3.0 hackathon. Some startups like Syndica and Immunefi are also raising funds to build tools for the web 3.0 world.”
Moreover, there are inherent advantages for advertisers themselves. Ghosh believes that web 3.0 will also remove intermediaries that will save advertisers millions of dollars and bring in immersive participation of consumers through peer-to-peer participation. “In Web 3.0, the focus will transcend from increasing visibility to proper messaging and enhanced user experience. By giving advertisers complete control over their data and providing meaningful value to their users, Web 3.0 will help advertisers re-establish confidence and reconnect with their customers,” he concludes.
Sagar Nair, Co-Founder and CEO, Qlan, The Gamer’s Social Network, believes that Web 3.0 will help in advertisers access consumer and market data in such a way so as to provide a completely new way to market their products or services to the right set of consumers to turn up the conversion rates. He says, “Applications such as Facebook and Apple’s mobile assistant (Siri) have been around for a while with tailor-made features for the Indian market. Many new applications are yet to be introduced enhancing the viewpoint of how we view Web 3.0 as a whole. Web 3.0 is something that consumers will be a part of without even noticing as it opens a world of possibilities to explore data more freely and there’s much more in store than what meets the eye.”
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
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