With excitement and palpable anticipation for Web3 and all its promises, the real world of today is still a far way from reaching it. That is because a significant amount of development is required to see these plans come to life. In the meantime, we’re hearing a lot of talk about Web2.5. But what is it, exactly, and what does it mean for your business?
What is Web 2.5?
There is no legitimate Web 2.5, but this is the term people are using when referring to the leap taken between Web2 as we know it and Web3 as it's expected to be. By focusing on this in-between phase as the rollout of Web3 takes place, brands can adjust accordingly and remain ahead of the curve.
Brands can prepare for Web2.5 in many ways. One example is developing their metaverse strategies, and another is their involvement in cryptocurrency. For example, Web3 assets (like NFTs) can be connected to physical goods.
The key is not only to experiment with Web3 for the sake of it. The goal is to build on engagement and to create an active community in these spaces. Bridging the gap between Web3 projects and Web2 infrastructure is essential and speaks to what Web2.5 is all about.
By providing a seamless experience and earning the trust of audiences, you can build on this as you move forward with your brand’s strategy ahead of a fully immersive Web3 experience.
Web2.5 is a way to mesh centralisation with decentralization. This is likely what the market will experience at scale for the next few years. Therefore, consumer touch points that facilitate this are key. During this time, your audience will be introduced to Web3 features and find their comfort level with it. Web3 functionality includes the likes of asset ownership and decentralized finance.
Brands can also use this transitioning period to develop best practices. After all, the move towards fully fledged operations in Web3 is complex, with different regulations and licensing practices that need to be accounted for.
Preparing Your Brand for the Future
With more and more mega corporations experimenting with Web3 technologies, it’s becoming important to take steps towards doing the same. And if you’re still in the testing phase and don’t have the same budget as these corporations, Web2.5 is an exciting yet realistic step to take.
Web3 is an encompassing world that blends the virtual with the real. If we look at metaverses, for example, we can see how numerous industries can find their footing in these spaces. Some sectors are adapting at a much faster pace than others.
One example of this is the fashion industry. Multiple luxury brands have entered this space, from the Gucci Value to Louis Vuitton’s NFTs and Tag Heuer accepting cryptocurrency. Other notable fashion brands dabbling in Web2.5 include Adidas, Nike, COACH, Balmain... the list goes on!
Moving too fast towards anything new can be risky and result in backfires. This is especially true when there are various elements to take into consideration, from audience apprehension and accessibility issues, to the cryptocurrency crash and over saturation of the NFT market.
Web3 has big ideals and significant backing from big tech companies. That said, it is still a long way from being actualised. Recently, both Shanghai and Dubai have revealed their plans to support Web3 and the like, with aspirations to become innovative future-forward cities. This will undoubtedly influence the market and assist with the development of Web3.
As the years unfold with Web3 in the works, brands need to begin strategizing their place in these new spaces. This will ensure a smooth rollout and enable businesses to own their presence within them. Whether you are apprehensive about these changes or open to experimentation, there are opportunities to explore in the so-called Web2.5 paradigm.
What About Web2?
Since Web3 is still in the making, it is important not to forget about Web2! This is still highly effective and fully functional for businesses and brands of today. Among its top benefits is the ability to grow and retain audiences. Instead, building on your campaigns here and finding exciting ways to encourage a transition towards Web2.5 should be on the agenda.
What’s Next in Web3?
Since the principle of Web3 is decentralization, brands need to understand the concept of their community having more autonomy. In this world, the system is being turned on its head - brands will no longer be gatekeepers that limit the distribution of digital assets.
Blockchain enables tracking that will affect dupes on the market. As such the space to influence is significant. In fact, this is just one of the many angles for brands to consider when preparing for Web3. The other primary aspects include intellectual property rights and user experiences.
What’s Next for Your Brand? Are You Ready for Web2.5?
The crypto market’s woes provide the perfect time for brands to strategize. For those feeling the sting of the drop in the NFT market, for example, will do well to present consumers with a stable front and maintain your stance as a business that values innovation. By determining your ideal place within Web3 and taking active steps towards that with Web2.5, your brand will be well on its way to future-proofing itself.
Ready to talk about your brand’s Web3 strategy? Speak with the team at Nexa. We offer a variety of services for the metaverse and beyond!