What are the implications for marketers?
Web 3.0 allows creators to own their content on their own terms. NFTs are a Web 3.0 method for a content creator to extract value by being able to sell affinity to their content/brand.
As a performance marketing professional your value will no longer comes from your ability to manage in a certain platform (Google/Facebook/CJ/Amazon, Impact/PZ, etc), rather will come from being able to connect a brand message, relevant content and a relevant offer.
The push toward Web 3.0 has the potential to dramatically shift the future of performance marketing and the ways that creators interact with their fans.
Web 1.0 was the introduction of the World Wide Web and the ability to access the Internet via a browser. This led to an explosion of content, but very little in terms of navigation or taxonomy.
Web 2.0 saw the rise of Internet giants that added navigation and social connection. But navigation came at the expense of privacy and requirements for content providers to optimize for the platforms. The result is a highly navigable system controlled by a few dominant platforms who extract the vast majority of the value. Merchants who rely on these platform face massive platform dependency risk.
In Web2.0 you need to trust the intermediary (the platform). Web3.0 creates a trustless, global interaction.
Web 3.0 is based on the blockchain and decentralizes the current structure and allows users to own and control their own data using blockchain technology. That fundamental shift in data ownership could usher in a new layer of autonomy for creators, meaning that marketing tactics would change.
NFTs (Non Fungible Tokens) is a unique digital asset supported by the blockchain that can be sold in a trustless manner. Content creators own the asset and their sale can come with certain rights. Rather than uploading a video that is essentially owned by YouTube, for example, that video could hold inherent value for the creator. The creator could then create their own terms and conditions and sell the item. This eliminates the middle man, creates infinite possible T&Cs and allows the buyers to own the upside.
A recent example of this is Ashton Kutcher, Mila Kunis and Seth McFarland are making a show about stoner NFT cats. This is a animated television show that you can only watch if you own an NFT stoner cat Token. The implications of what can be sold are endless, for example content could come with access to tickets or discounts on future content.
“This makes NFTs very interesting to promote from an affiliate/promoter point of view. Given that it is publicly visible when a tokenized asset moves from one wallet to the other, it takes away any trust issues around whether or not merchants are accurately tracking and/or registering sales achieved” Said Erwin Werring CEO at Attrace, a referral network for tokenized assets.
Digital marketing in general is going to be less dependent on just knowing how to run Google or Facebook ads and more about how you are able to connect with right brand with the right content with the right offer.
A marketers value will based less on their ability to manage data within walled garden platforms (Google, Facebook, etc) and more on their ability to connect an appropriate combination of brand, content & offer.
Marketers will have to rely far less on personal data.
Major platforms will continue to offer value by creating distribution at scale, but will no longer control access to influential content.
Technology that enables content creators a variety of monetization options and measurement tools will create enormous value.
The smartest people in the room will be the ones who can quickly determine what content should be monetized by what advertiser in what model. This will drive consolidation of creators.
Up next from Martech Record:
Webinar: Cross-Channel Gab. Join leaders from social, PR and affiliate teams as they discuss the challenges and opportunities that arise when marketing channels collide (Sept 30th). Sponsored by CJ Affiliate. Register here