Declared “the next chapter of the internet in general” by Meta boss Mark Zuckerberg, Web3 has proven to be a divisive area of ​​ad tech. While some tout decentralization as a silver bullet for the big tech monopoly, others are less optimistic about the future of Web3; the recent FTX crash, attacks on crypto exchanges, and tepid progress in metaverse adoption have no doubt fueled uncertainty about the viability of a decentralized web.

In a recent MadTech podcast, ExchangeWire CEO Rachel Smith made the bold prediction that 2023 would see a more hands-on approach to Web3 across the industry: “Metaverse nonsense will take a backseat in 2023 as the approach becomes more practical, in light of possible economic pressures. . Experimental activity will slow down and brands will invest money where they are confident they will get tangible results.”

At the CES 2023 conference in January, traditionally associated with cutting-edge and forward-thinking technology announcements, brands lined up to get involved and begin promoting more practical offerings, including advisory services as well as more predictable experiences and devices.

So what does the future hold for Web3 and its intersection with media, marketing and e-commerce? We asked industry experts for their insights and predictions for 2023:

This is the year of Web2.5

As blockchain technology improves, it will play a larger role in society and the economy in 2023. The year will usher in Web 2.5, a blurring of the lines between Web 2 and Web 3, as the market is generally incorporated into technology. advances of the decentralized web. Consumers don’t care if apps use blockchain or NFT, they care about their usefulness.

This utility will be delivered through companies using decentralized technology to develop dynamic community platforms and rewarding brand engagement programs. Starbucks and Nike are leading the way in this space; brands with such seriousness that surely others will follow. Consumers can explore Web3 with a clear conscience thanks to Ethereum’s recent switch to proof-of-stake, which has reduced network power usage by 98%.

Ben Putley, Managing Director, Alchemy Exchange

2023 will be transitional, but not transformative, for Web3

Web3 is like a new Internet on steroids, revolutionizing everything from technology to banking, entertainment, e-commerce, and healthcare. Goodbye intermediaries, hello decentralized storage on the Blockchain, but with that also expect a lot of discord, people get very attached to power and control!

AI like ChatGPT is going to change things in ways beyond comprehension, making them as exciting as they are terrifying; I hope it is. As for the metaverse, it still feels somewhat like “the emperor’s new clothes”; there are a lot of great concepts, but we are far from “Ready Player One”.

Katie Bell, Partner, Aligned Studios

Brands will inevitably seek to expand their reach

The way I see it, the most developed part of the metaverse right now is augmented reality (AR), which is transforming advertising, particularly with the app. Through the immersive and interactive experiences it provides, AR fosters meaningful connections with audiences by placing creativity in the palm of their hands. The dynamic nature of AR advertising on mobile means ads are more memorable and engaging, so we’re sure we’ll see more development in this area over the next year.

In this sense, AR is the first step towards the larger nascent metaverse. While it remains to be seen how successful the metaverse will be or what benefits it will bring to advertisers, as the technology continues to develop, brands will inevitably look to expand their reach and take interactivity to the next level.

Stephen Upstone, CEO and Founder, LoopMe