Web3 is the newest evolution of the world wide web. It is emerging in response to platform centralization and deepening privacy concerns around data. It is founded on decentralized blockchain technology. While it may be too early to predict its impact on publishers, it is observed that many businesses are exploring the possibilities.
Web3 can provide a relief from the monopoly and preserve decentralized, ad-free, interactive experience regardless of how big the network effects become. The primary focus of Web3 is - decentralized ownership. Gavin Wood, Web3 pioneer envisions Web3 - as the “next big step” of the web. It promises a better digital economy which is backed by decentralization.
In Web 3.0 the power that bigger corporations hold today would be distributed to everybody, this is great news for smaller publishers. It is decentralized and backed by blockchain and cryptocurrency. This structure removes the need to trust any one group or a single monopoly. Trust comes easy with the blockchain system in place where people can track all transactions without having to double check.
It also allows smoother transfer of money and removes the dependence on banks, processors and services like PayPal or RuPay. Subscriptions would look different on it. As the netizens shift to cryptocurrencies, publishers can be relieved by the ease of transaction that would encourage. With Web 3.0, wallets will come into the forefront which can only be accessible by private keys that only owners have access to. Payment processing and other transactions are replaced by cryptocurrencies on blockchain. The transactions will no longer be restricted to demography and the fear around private data will also be lower. It also allows instant global transactions - no permissions needed! Users can now lend and borrow wealth in crypto-curreciences using smart contracts. Publishers can make use of smart contracts and build safe and secure payment environments for their readers.
Web 3.0 allows individuals to track their digital assets as they traverse the web. The process of verification of digital assets is made possible with Web 3.0. It is predicted that smart contract tech will become better infused with NFT in the near future. This will encourage digital transactions which will improve security and encourage authentic digital bills.
This is also a version of the web which will be more user-centric. It aims to deliver more valuable and interactive advertising benefits. This would work really well for the publishers because they’d be able to target audiences better and more precisely - making the most of their ad/promotional expenditure. They’ll also be able to make better brand centric plans. The access to a wealth of data is going to be major and will definitely impact the consumer behavior around the brand’s products and services or in this case - content. There’s a whole innovation coming to the marketing side of things with this version of the web. Web 3.0 is backed by blockchain. However, data will not be accessible without due authorization for marketing groups. Publishers would have to rely on third party groups or get formal consent to make use of consumer data.
Web 3.0 is backed by machine learning and the growing adoption of artificial intelligence - users now have more control over data provided to them by digital news organizations. This has an impact on the advertising as well as customers can block any content they do not want to receive due to lack of trust or otherwise. For publishers, this would mean that they need to focus on trust building and creating a sense of familiarity.
Web 3.0 is a new phase in the evolution of the world wide web. We’re going from a time of great advertisements to greater deliverables. The pitch needs to stand out. As a publisher, your content needs to stand out. The demand for better quality of your content is only increasing as we develop. It will influence privacy standards and look into what the user wants to participate in the digital world more openly without hesitation. As user privacy goes higher, publishers will have to look into other methods to understand user behavior - a lot of focus will shift into social media. However, networking and carrying out larger business processes on the web will get easier as blockchain backs up this platform. There will be more initiatives that could be taken thanks to the democratization blockchain brings in. We’re yet to see all the impacts of Web 3.0 but we’re excited to see what this would mean for all of us.