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In late September 2022, CryptoPunk #2924, a non-fungible token (NFT), was sold for $4.5 million. While this kind of inflated price buying and selling has made headlines in the media and focused on high-priced JPEG images, the big impact of NFTs and Web3 is often overlooked. But Web3 is more than just new technology, it will transform the way brands and consumers interact.

Web3 image

Web3 is more than just new technology, it will transform the way brands and consumers interact. Welcome to the Creator and Owner Economy. There, customer engagement will forever change.
Courtesy: ArtemisDiana/Getty Images

We focus so much on price that we miss what’s actually going on.

A radical shift in technology (the mainstreaming of blockchain technology) meets a cultural shift (the extreme onlineization of everything around us) will give consumers new powers. At that tipping point, the relationship between people and brands will change significantly.

This isn’t the first time we’ve seen this kind of change take place. It’s an age-old cycle that dates back to the advent of the Internet. The information superhighway has given consumers access to unprecedented amounts of information, resulting in a power shift from brands to consumers. Gone are the days when a consumer’s only source of information was a brand’s packaging.

And now, consumers have unlimited access to information that has changed their decision-making processes, forcing brands to adapt.

Web2 gave rise to mobile devices and social media, giving consumers more power. They became the media, able to give the world their impressions of a company’s products, and that information was valued by others in the form of ratings and reviews. As a result of these changes accelerated by technology, brands now rely heavily on digital marketing, social media and influencer marketing to see the consumer as more than just a consumer.

What is the new relationship with customers promoted by Web3?

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