Why we’re excited about Web 3.0

“The best engineers in the world have been working on Web 3.0 for 15 years and in 2022 there is genuine excitement that we are about to embark on a Windows 95 like event for the web”

Chris Jones, Technical Director @ Juicebox

Our talented Tech Director recently used our monthly #JBSchool session to present Web 3.0 to all of our staff – a label encompassing everything from blockchain, crypto, NFTs to, of course, the metaverse.

The reason this was an important topic is that it was evident that whilst there was growing interest and demand in the space for everything Web 3.0, there was a knowledge gap forming internally between our hardcore crypto-invested staff and those less tech-savvy still learning the glossary of the web.

To be clear upfront, this article is not a deep dive into what each of these emerging technologies means for the future as there is more than enough content circulating to fill your boots with the rationale for change and what these lofty visions could mean for society.

Instead, this aims to explain why as an Agency we’re excited for what’s ahead and how a new wave of opportunity is becoming available to everyday businesses to at least consider for their future.

At Juicebox we don’t see Web 3.0 as a “new web” as such, it’s more an extension of what we’ve adopted in our everyday digitally-driven lives – connection, reach, efficiency – through channels like social media, finance platforms, online shopping, security and data privacy.

Trustworthy Brands

The decentralised movement is putting fear in the eyes of Governments and Institutions as the power shift begins, which only speaks volumes for this next wave of change. A brand that looks to adopt blockchain technology as part of its future roadmap needs to understand how it can reflect positively on its brand. Forward-thinking and innovation come as standard brand traits when embracing decentralisation, however, honesty and transparency are the real impact points in the mind of a consumer and their relationship with a brand.

Branded NFTs

For those following closely, this ship well and truly set sail in 2021. Do you want to own a piece of the moon’s surface? The current uptake of NFTs has been driven mainly by diehard collectors of various topics. The future of NFTs lies in brand loyalty for fans who want to own a little slice of their favourite brands via digital collectibles, eg; Kings of Leon offered a $360K NFT in the form of a ‘Golden Ticket’ which provides the owner with front row seats to their concerts for a lifetime. The technology and ideas around NFT usage are evolving rapidly and are being utilised by brands to drive engagement through exclusive access and/or real-time interactivity.

The recent NFT collection launched by the Australian Open is a great example of this.

Ultimately though, NFTs are a digital flex and boil down to bragging rights or conversation starters within newly emerging online communities. They signal to others that you are an active participant and that you have the means – buying a virtual asset like a crypto punk perhaps supersedes the likes of buying a performance vehicle or luxury goods that function as status symbols in our offline world. The fundamentals around scarcity and exclusivity with respect to core human behaviours will mean that NFTs continue to evolve and thrive.

Smart Contracts

A wet signature has quickly become more common as a digital signature copied or signed into a PDF. Whether your autograph still holds the same stature in a court of law is a discussion for another time, however, a new wave of agreement and autonomy is arriving in the form of ‘smart contracts’ – an agreement between two people in the form of computer code. This has huge implications on how we do business and service our clients. Think about a rental market where smart contracts streamline everything from fee management, lease terms and insurance agreements.

Applications

One of the great challenges businesses and application developers face is integrating with other business-relevant applications to showcase correlating data. API adoption and usage have soared as a result, however, this next wave of blockchain means that applications are even more closely linked and the frameworks will drive greater consistency in protocols creating efficiencies in development and scalability.

Web 3.0 may be 15 years old but it is still in its infancy and determining its core purpose. Whilst there is still doubt, challenges and unknowns, it is inevitable that change is coming and most likely for the better. As always how these new opportunities are seized by a brand or business comes down to strategic thinking and creative execution.

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