The digital world is in a profound state of evolution that is both overhyped and underappreciated. Many of the enabling technologies are not well-understood by marketing leaders which are leading to mixed responses to these emerging capabilities. Is it time to jump in and redeploy marketing resources? Or should I wait while others learn lessons the hard way? Let’s explore the fundamentals of these five technologies and assess their readiness for primetime.
Web 3.0 – The third evolution of the world wide web is in progress. Advocates promise a more democratized approach to this next generation of the web, but its evolution is more organic and less standards-based. This leaves many people asking the question, “What is Web 3.0”? There isn’t a definitive answer, but one will evolve over time based on underlying technologies that enhance Web 2. Blockchain capabilities will improve the security and authentication of digital assets promising individual ownership of one’s identity, information, and assets leading the way to cryptocurrency, decentralized finance (Defi), and non-fungible tokens (NFTs). Improvements in 3D graphics and bandwidth speeds will yield more immersive virtual environments. Combined with advances in artificial intelligence (AI) and virtual/augmented/mixed reality capabilities, the foundation for the metaverse will be laid. Web 3 will also connect more digital devices than just PCs and smartphones, including vehicles, home appliances, climate control systems, personal fitness devices, building access systems, and just about anything with a digital sensor. Finally, emerging semantic web technologies will provide meaning to web pages via machine-interpretable metadata, changing the efficacy of information searches on the Web.
Metaverse – The metaverse generally refers to persistent virtual worlds, often accessed with virtual reality headsets or augmented reality glasses. Today, a person usually enters a virtual world as an avatar and can interact with other avatars or other digital items. Some examples of virtual worlds are found in gaming platforms such as Roblox and Fortnight where participants can share experiences with friends. But distinct virtual worlds are not the metaverse. Proponents of the metaverse promise new possibilities beyond gaming, including virtual spaces for brands to set up shop and interact 24/7 with AI-enabled bots that will be able to converse in multiple languages. And accessibility via smartphones and other devices for mixed reality experiences. Early marketing experiments in virtual worlds include offering branded attire for avatars (Gucci, Prada, and Adidas), virtual restaurants (Wendy’s and Chipotle), and virtual places (Playboy Mansion and Tony Hawk Skate Park). A few brands are even creating unique entertainment-themed venues in a place like The SandboxSAND2 +8.5% to interact with digital-savvy consumers.