Now that we’re more than halfway through 2022, it’s safe to say there’s been a rapid influx of information regarding Web 3. In March, more than 41,000 new articles referenced “Web 3,” especially as renowned global brands have been racing to claim their stake in everything from NFTs to Metaverses. Many believe the Web3 economy will grow to be worth as much as $13 trillion by 2030.

But without the vast resources of these global brands, how can the rest of us navigate this new technological area? The truth is it’s complex. Heck, for many, the computer itself is complicated enough! Can Web 3 apply to your business?

WHAT IS WEB 3.0?

Web 3.0 is an all-encompassing term for the next iteration of internet technology.

New technology is almost always scary — whether it was switching from manually scribed books to the printing press, or from handwritten letters to telephone calls, or from 1-to-1 communication to broadcasting, first via radio and television to now via the internet and email, video sales letters, and webinars, change requires a massive leap of faith.

Now the centralized world of Web 2.0 that we operate in today is transitioning to a decentralized Web 3.0-oriented economy.

Web 2.0 had a centralized architecture that ultimately created an oligarchy of tech companies (M.A.G.M.A – Meta, Apple, Google, Microsoft, Amazon) that monopolized the business world, making it extremely difficult for innovative ideas to break through.

Blockchains, introduced in 2009, are the underlying technology that will enable new ideas and business models to thrive, especially in the knowledge and creator communities.

Web 3.0 democratizes the ability to build businesses that divert involvement away from unreliable intermediaries to direct interactions with customers.

One of the problems with the term Web 3.0 is that it means different things to different people.  At its simplest, all it is is the next phase of the Internet. For most businesses today, it’s about changes in digital advertising with data going from third and first-party data sources to requiring zero-party data.

Go to the Loyalty Alliance to get the full story and discover if Web 3 can apply to your business