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Web 3 0 Metaverse And Business – BW Businessworld

September 30, 2022

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To stay ahead of the curve, businesses must focus on collecting customer data and utilizing it to create targeted marketing campaigns. Additionally, they need to be prepared for the rise of the Metaverse and the move towards a Web 3.0 world powered by blockchain technology.
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The digital world is constantly evolving. Things going back as recently as five years have now turned obsolete. It becomes challenging for businesses to keep up with the changing dynamics due to the technological revolutions happening by the second. The only key to handling it is by staying ahead of the curve with digital marketing. Web 3.0 and the Metaverse play a critical role in this journey. That brings us to the cusp of understanding how digital marketing is shaping the future of businesses with the help of cutting-edge technology.  
What is Web 3.0?  
Based on the concept of conceiving and nurturing an utterly decentralized ecosystem, Web 3.0 aims to leverage the power of emerging technologies such as Artificial Intelligence, Machine Learning, and Blockchain to solve the issues of the present-day digital complexities. Web 3.0 refers to a new, improved, and democratized internet ecosystem which will be free from any central authority.  
In a conversation, Ganapathy Sankarabaaham, CEO, Vajra Global said, “Web 3.0 is the third generation of the World Wide Web and is currently under development. The defining features of Web 3.0 are semantic web technologies, which allow machines to understand the meaning of data on the web. This means that data can be linked together in order to provide a more comprehensive picture of information. In addition, Web 3.0 technologies offer new ways to leverage data, such as through data mining and machine learning. As a result, Web 3.0 has the potential to transform the way we interact with the internet, and it presents a unique opportunity for businesses to gain insights into customer behavior.” It further becomes important to understand how to leverage these technologies, thus helping businesses to stay ahead of the curve and capitalise on this emerging trend. 
What is the Metaverse?  
Metaverse is the blend of virtual reality and mixed reality words that can be accessed through the headset or the browser. This enables netizens to have real-time interaction across everywhere. Metaverse is used to describe an ecosystem that can find elements, creations, experiences, and interactions.  
It refers to a virtual reality world created and maintained by humans. The Metaverse can be used for entertainment, communication, or even work. For example, many people play video games in the Metaverse. Others use it to chat with friends or colleagues. Some businesses even hold meetings in the Metaverse. Sankarabaaham explains that the Metaverse has the potential to change the way we live and work. For example, it could enable us to telecommute or live and work in any location we choose. It could also help us to meet new people and make new friends. Finally, the Metaverse could provide a platform for educational experiences that are more immersive and interactive than anything we have today. 
Digital marketing blended with Web 3.0 and the Metaverse  
Digital marketing is highly dependent on consumer data. The data collected by businesses will become more and more valuable as time goes on. This is because customer data can be used to create targeted marketing campaigns far more likely to result in a sale than a generic advertisement. As a result, businesses that can collect and utilize customer data effectively will have a significant competitive advantage over those that do not. 
Sankarabaaham says, “We are moving towards a Web 3.0 world, where the internet is powered by blockchain technology and decentralized applications. In this world, businesses can interact directly with their customers without going through intermediaries such as Facebook or Google. This will allow businesses to build closer relationships with their customers and better understand their needs.” Furthermore, the rise of the Metaverse—a digital universe where people can interact with each other and digital representations of real-world objects—will create new opportunities for businesses to engage with their customers. For example, businesses will be able to create virtual storefronts where customers can browse and purchase products without leaving their home’s comforts.  
The meeting of the trinity  
The way we interact with the internet is changing dynamically. Where once we were content in surfing the web and passively consuming content, we are now increasingly interacting with digital experiences that are more immersive and engaging. “This shift is being driven by Web 3.0 technologies like virtual reality and augmented reality, giving rise to a new kind of internet known as the Metaverse. At its heart, the Metaverse is a shared digital space where people can interact with each other and with computer-generated avatars and objects. This new internet presents a massive opportunity for businesses, who can use it to create immersive brand experiences that forge deeper connections with their customers,” added Sankarabaaham. Nevertheless, succeeding in the Metaverse will require a new approach to marketing that blends traditional marketing techniques with the latest digital technologies. Digital marketing is constantly evolving. What was once considered cutting-edge quickly becomes replaced by something new and innovative. To stay ahead of the curve, businesses must focus on collecting customer data and utilizing it to create targeted marketing campaigns. Additionally, they need to be prepared for the rise of the Metaverse and the move towards a Web 3.0 world powered by blockchain technology.
 

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