Cryptocurrency… Blockchain… NFTs… Web3… You hear these buzzwords everywhere now, but what do they actually mean? More importantly, how will they impact the work of marketing and public relations professionals in the future? On this episode of the PR Talk Podcast, host Amy Rosenberg sits down with serial entrepreneur and author Joseph Jaffe for an illuminating conversation about the future of the internet.
Internet Phases Explained
Joseph has a long history of exploring the boundaries of marketing as a noted author and keynote speaker. More recently, he’s focusing on helping people understand the business of Web3 by founding the Alpha Collective community. Joseph explained to Amy how Web3 is different from previous internet phases at the start of their conversation.
- Web1: Joseph characterized this as the read-only phase of the internet, where we began digitizing our lives by putting our catalogs online. This phase also represented the beginning of online video and content strategies.
- Web2: Known as the read/write phase, this is when social media began to dominate the web along with user-generated content and citizen media.
- Web3: Joseph calls the newest phase of the web the read/write/reward era, where creators can monetize their content through shared ownership and shared reward. Blockchain, cryptocurrency and non-fungible tokens (NFTs) all fall under Web3.
One of the defining features of Web2 is that content is free, and nobody gets paid. Joseph compared this to the analogy that you should never build a house on rented land. Web2 relies on creators publishing their content on platforms they don’t own and don’t control, like Facebook and YouTube. To make matters worse, the platforms limit their content’s reach unless creators start paying for ad money. Web3 wants to redefine this dynamic.
Web3 for Creators & Marketers
Joseph sees a bright future for content creators and marketers in the Web3 era. The smart contracts underlying NFTs can power royalties and residuals, which will lead to the rise of content entrepreneurs. And because the smart contract moves with the content, it’s not tied to a specific platform and can be bought and sold, again and again, building lasting value for the creator.
At the same time, brands can issue their own coins or tokens to engage their customers directly by building premium communities. These tokens could offer lifetime discounts, special access to events or any utility the creator builds into the contract. Owners could also buy and resell these tokens, creating ongoing value for brands. Perhaps most importantly, brand tokens could eventually serve as a universal customer identification that fuels marketing efforts.
The Game’s Just Begun
If all this sounds overwhelming, don’t worry. Joseph was quick to point out that we’re still in the first inning of a nine-inning game of a seven-game series, so there’s still plenty of time to learn about this new technology and get involved. Listen to the full episode to hear more about Joseph’s insight into Web3, why he issued his own token called the Jaffe coin and how he pivoted to hosting a talk show during COVID.
About the guest: Joseph Jaffe
Joseph Jaffe is an author and entrepreneur. He’s written five books, including Life After The 30-Second Spot, Join the Conversation, Flip the Funnel and Z.E.R.O. His latest book is Built to Suck: The Inevitable Demise of the Corporation…and How to Save It? As a consultant and thought leader in the marketing and innovation space, he’s worked with countless Fortune 500 companies, as well as startups. As a speaker, Joseph delivers a brilliant, high-impact message with innovative and practical advice for movement towards growth.
Connect and follow Joseph on social media:
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