Web3 heralds the decentralisation of the internet; a metaverse of micro-communities where users can chat, collaborate, game, perform and more in hubs of highly engaged communities of people joined by common interests and high intent.
Community is key to the success of Web3, and as we shift into this new era of internet we need to start thinking about what this shifting focus means for digital marketing and brand building.
What does Web3 mean for social media?
The advantages of an engaged community are huge for brands: audiences are engaged, willing to offer feedback and share insights, and help evolve business interests as their own needs and wants change. While Web3 is community focused, it is also community run, which begs the question: how do existing social platforms stay relevant?
In a web3 world, brands have the ability to forge their own communities away from where they currently operate, be it Facebook, Instagram, LinkedIn or TikTok. You may have seen such communities referred to as ‘DAOs’ – Decentralised Autonomous Organisations – which have no central authority, and everything is transparent and accessible by every member of that community on the blockchain.
It can be argued that we are already dipping our toes into a web3 world, with the rise and rise of Facebook Groups, LinkedIn Groups, Twitter Spaces, Reddit forums, and even Substack and Medium. What remains to be seen is how the traditional social media platforms will empower creators without harnessing control; rewarding them for the value they bring to their communities, rather than the advertising dollars they contribute.
A creator-led internet
It’s a question pondered by Instagram head, Adam Mosseri, in his recent TedTalk about a blockchain-based internet. “Over the next ten years, we’re going to see a dramatic shift in power, away from platforms like the one that my team and I are responsible for, and to a group of people I like to describe as ‘creators’,” he says.
Mosseri goes on to suggest that, because creators can directly own their relationships with their subscribers in Web3, platforms such as Instagram need to consider collaboration, rather than custodianship. Perhaps creators decide to create and distribute digital tokens to their communities as a paid subscription service. Platforms such as Instagram, Twitter and Facebook could honour those subscriptions by ensuring that creators, be they influencers or brands, could move their subscribers between platforms seamlessly – one card for an all-acess pass. If the social media platforms ceased to exist, then those creators will still have their subscriber base and any income from that, because it will be built on blockchain.
What you can do now for your business
If this all sounds a bit too complex and overwhelming don’t worry – social media as we know it isn’t disappearing any time soon! There are some simple steps you can take to shift your marketing efforts to fostering your community:
- Set a community-based organic social content strategy, whether than means setting up a Facebook Group, organising monthly Twitter Spaces or live webinars to encourage your audience to listen in and contribute to industry discussion.
- Build your subscriber base with a solid email marketing strategy. If you need help, get in touch!
- Gather insights from your subsribers and social media audiences via surveys and feedback forms. Zero-party data is going to be of more value than ever in this new internet era.
Web3 presents an excellent opportunity for brands to shift their energies into more intimate, engaged communities, which will surely only improve brand sentiment, customer loyalty, and a more personalised, valuable experiene for customers.