Despite massive hype and headlines about Web3 and the metaverse, brands, marketers, and innovators are still coming to terms with its nomenclature. How we talk about NFTs, Web3, and the metaverse is further complicated by tech giants like Facebook attempting to “own” some of these key terms.
A solid understanding of the fundamentals of this developing space is essential for brands attempting to enter it successfully.
At Razorfish, we see Web3/the metaverse as the accelerant turbocharging the evolution of many trends, behaviors, and consumer expectations that brands have already been tapping into on the social web and its rapidly changing ecosystem. As industry leaders in this space for 20+ years, we create experiences that stay ahead of technological change, and help brands forge the one-to-one consumer connections they’ll need in order to exist tomorrow.
To be clear, the metaverse is not just VR or gaming. And though “Web3” and “metaverse” are used interchangeably, they’re not direct synonyms.
- The metaverse is the philosophical future vision of the internet, steeped heavily in ideas of synchronous 3D immersive worlds where we will also live. It’s not here yet. (But we do have gaming.) Depending on the platform, a metaverse can be open or closed.
- Web3 is the next version of today’s internet — one built upon blockchain technology that supports open, decentralized, crypto-economic networks. The goal is to improve upon the shortcomings of Web2 (our current internet).
We see four critical “ways in” for brands to connect with passionate Web3 communities — ways to authentically engage with audiences through shared interests and passion points — as the underlying mechanism for activations. Web3 audiences of tomorrow will be every brand’s next generation of high-value consumers.
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There are many new words to define this innovative space. Check out our Metaverse 101 guide for a glossary.
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