As we all know the next industrial revolution will ride the wave of Web 3.0. It is the evolution of World Wide Web, which promises immense opportunities. Web 3.0 consists of many elements however Blockchain, NFT, Metaverse and Cryptocurrency are much-discussed elements in here. The kind of negativity crypto currencies is inviting, it looks like that Web 3.0 is only about it and nothing else. This is unfortunate; however no communication and at times wrong communication must be seen as a culprit here.
Like any other business, communication is important towards all the stakeholders, including media. The different verticals of Web3.0 have different applications, and that is something which needs to be marketed with professional approach and not ad-hoc. Especially in India — where Govt. regulations are unclear and stringent taxes, companies need to be pro-active and creative while communicating to the stakeholders.
One very good analogy of Web3.0 could be the internet boom of late 90’s (in India). The dot com boom swept everyone and before people could understand what is was all about, the balloon burst. This gave a lot of heart-burn to the people and created an initial mistrust about internet. However, internet never went away and today it is one of the most important aspects of any business and of course of our lives. The point which I am trying to make here is — the way dot com companies did not/ could not communicate with the stake-holders and clarify, Web3.0 companies shouldn’t make the same mistake again. It is here to stay, and it will only grow, it is better for any upcoming firm to have their marketing and communications strategies in place.
For example, how many people today can differentiate between NFTs and Metaverse. Even for someone well-versed with the latest internet tech can’t clearly say that is a platform in which we can virtually see and touch things, it is as good as going in to the second world where we can play, shop and work, whereas NFT (non-fungible tokens) is cryptographic assets which are based on Blockchain technology. NFT can we be made from anything like soundtrack, art, and video. People need to understand that NFT could be used in metaverse in the form of avatar.
Same goes with Blockchain and Cryptocurrency the clarity that blockchain is a technology which can be used in any segment of life and can practically uplift the society, talk about environmental changes, promote sustainability and much more. And well, Crypto almost everyone knows but still they know nothing. Mostly what they know is the negative publicity it has attracted.
The point here is, a well thought out marketing communications strategy can go a long way for any Web3.0 company and it is the need of the hour. This business has it’s own uniqueness and it needs extremely bespoke communications solutions for that. One cannot and should not sell a blockchain company and a Metaverse company in a similar fashion.