Marketers Beware: Web3 and Crypto Are Not Synonyms

Marketers Beware: Web3 and Crypto Are Not Synonyms

Did Crypto Winter Make You Rethink Your Strategy on Web 3? Don’t think too fast. Allie Dietzek, Head of Growth at Siberia, highlights the importance of marketers understanding the differences between web3 and crypto.

Many marketers try to wrap their mind around web3 and understand what that means for their brands. But some were reluctant to embrace Web 3 due to its association with cryptocurrencies, fearing that the problems the latter might cause would doom the former.

But there are important differences between Web 3 and cryptocurrencies. Web3 is a decentralized, blockchain-based internet that is developing day by day. Although Crypto is built on web3, it is one of the many practical applications of the technology.

Web3 and crypto are stuck in a perceived dependency relationship. Removing the association may allow marketers to see the potential of web3 from a new perspective and embrace technology and the emotional community behind it.

Here are some of the real differences between coding and web3 and what they mean for marketers.

Web3 is not linked to the fate of cryptocurrency

The web3 entry price does not require a new currency. With thousands of cryptocurrencies out there, who would say which of these virtual tokens will be dominant (or even still around) years from now? Moreover, the past several months have shown how volatile the crypto market can really be.

Marketers can shake off that nervous feeling they get when they read a headline about the value of cryptocurrencies dropping. The rise and fall of cryptocurrency has nothing to do with the promise of Web 3 more than a recently announced enforcement action against a bank linked to a local infrastructure project, or the price of avocados.

Web3 is about decentralization, innovation and society – crypto is about profits

Many teams have swept the web3 space with the hype in the cryptocurrency market, and the potential profits they often promise. But decentralization has far more applications than just commerce.

It’s time for marketers to go beyond the hype and recognize the true proven value of Web 3: It’s the ability to foster connectivity, innovation, and community building.

Focusing on cryptocurrency may take you away from the diversity and inclusiveness of web3

While cryptocurrencies have a growing fan base, they are hardly global or accurately reflect our diverse world. Current users are primarily young, white, and male, with women and other demographics largely underrepresented.

Web3 is built around community and the democratization of information. It is not only comprehensive in nature, but is open and applicable to any audience with access to the Internet. By taking away the potential of Web3 from products designed to create wealth (crypto), brands will inherently experience in virtual spaces that welcome a more diverse community.

bottom line

Although it may seem like a shade of gray to some, the nuances between coding and web3 are very important in both technical definition and cultural application. Brands that don’t delve into details now will leave meaningful web3 innovations off the table and will be vulnerable as this technology continues to spread and change.

As Head of Growth, Allie Dietzek helps formulate new client partnerships for Siberia. With her background deeply rooted in business strategy, innovation consulting, and marketing transformation, she has helped global organizations and startups achieve game-changing results for their businesses, brands and products.

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