Web3 Trends to Watch for in 2024
November 28, 2023
Digital assets have evolved from Bitcoin, a single blockchain designed to create a fairer financial system, to an ecosystem of interconnected networks with different use cases that is now classified as its own industry.
While the term “Web3” was coined by Ethereum and Polkadot founder Gavin Wood in 2014, it didn’t really take off until venture capitalists and big tech firms started paying attention to the growing interest surrounding digital assets and blockchains in 2021. If that tells us one thing, it’s that the space has started heating up. That means more heavyweight players are looking at entering the space and more users are eagerly wanting to be a part of it all.
The addition of numerous projects and businesses presents an obvious challenge: how do you show the world how you stand apart from the rest? Another obstacle: how can you focus on that while you’re busy building what makes you great in the first place? We think that developers should work on bringing their ideas to life, and leave the challenge of building the brand to those that focus exclusively on doing that very thing.
The number of users looking to participate in the digital asset industry, however, is its own less obvious challenge that is somewhat unique to the Web3 industry – not too many people actually know what Web3 is about. Even more than this, many people still struggle to define Web3.
There’s a reason why more mainstream names in the space get all the attention when they launch a blockchain-based concept that’s been around for years now. As things currently stand, there’s an undeniable barrier to entry for the everyday person who isn’t well-versed in all things crypto or blockchain. This is a problem we can help with.
In 2024, we believe there will be an unprecedented number of new users entering the industry, and the right marketing strategy will be crucial to capturing that interest and gaining traction in a quickly evolving and highly competitive market.
Here’s our predictions for the key trends that will define Web3 marketing in 2024:
1. Going Beyond the Whitepaper
So, you have all your content ready. It’s a full-proof whitepaper vetted by veterans in cryptography and in-depth blogs that have been researched and written by the most technically sound members of the development team. Still, traction on the network is hard to come by when the masses have to grasp these concepts they have little to no knowledge about.
Our team of crypto-native strategists works with projects on demystifying these concepts to the everyday person, relaying the terms that describe the workings of blockchains in a way that’s easy to understand to those newer to the industry.
We know that marketing in Web3 is inherently different from marketing in other industries. We understand where your target audience will be, and how to reach out to them. It’s important to understand that this industry is all about the flavour of the season, and that it changes quickly. We’ve been through the DeFi summer of 2020, the rise of Layer 1s and then Layer 2s that followed, and even the NFT boom, so we understand the importance of identifying a trend early on and making it work for your project.
2. Making AI Work For You
It’s no secret that AI has grown into a force that dominates many industries today, and Web3 is no different. We think that AI can be an important way to capture the attention of your target market, and behind all that magic on the surface lies a generative neural network.
Neural networks identify patterns and structures within data to generate new content, but it’s only as good as the hand that feeds it. These algorithms rely on a set of training data to make decisions and formulate original content, and we can help with providing just the right set of tools for the job.
We keep track of the latest trends in Web3 and what’s most likely to drive engagement. Coupled with our knowledge of what works in SEO, we can identify the key areas that will drive engagement to your project based on what’s in your developer repository and what’s making waves out in the crypto world.
3. NFT Integration
Whatever the nature of your blockchain might be, and regardless of the purpose it serves, the ERC-720 standard can amplify your presence in ways that you might not have considered. A project doesn’t have to revolve around NFTs, but using them as a tool to create a name for your brand and connect with a wider audience can be a useful strategy in the long term.
When you mint an NFT, whether it may be symbolic to a particular milestone in your project’s roadmap, or just a fun way of boosting engagement with the community, the creation lives on the blockchain forever and becomes an important part of your brand.
NFT marketing is certainly not a new trend, with global brands like Coca-Cola, Nike, Prada and TIME Magazine all having dabbled in the space. We think that this trend will likely continue into 2024, with an NFT drop providing the perfect opportunity for collaborations with other projects and growing an existing user base.
4. Rewards and Loyalty Programs
Blockchain-based projects have always been about building a community. While we believe in the importance of this sentiment, we recognise that it isn’t easy to put out fires while staying focused on what’s going on at the protocol-level.
Everyone can agree that the power of a loyal community can go a long way when it comes to building an ecosystem of network participants to sustain even the most brutal of bear markets.
A good amount of time goes into designing a program that rewards the community for their early support, and at the same time, doesn’t gatekeep the project to newer users who want to be a part of it. There’s also the all-important component of making sure the lockup schedule of your tokens and those kept aside for giveaways doesn’t create an issue when managing the supply and demand economics of it all.
Our Web3 strategists have spent a good amount of time understanding the different tokenomics structures that exist today. We work with your teams to create and optimise the most lucrative reward programs for your community, while staying consistent to the project’s goal for its token as a resource that drives the fundamentals of its ecosystem.
Communities are at the centre of Web3 and, we believe, businesses of the future. Don’t get left behind.
5. More Inclusive DAOs
If there’s one thing we’ve seen plenty of, it’s proposals that end up in an unanimously approved community vote that will alter the way the underlying blockchain is built forever.
It’s fair to assume that the token holders participating in these votes are familiar with the concepts of the proposal.However, some of those token holders who participate in the ecosystem but not in matters of governance may not be as clear on what’s being changed.
Transparency is an important pillar of all things decentralised, and a more simplified governance proposal explainer can be just the tool your project needs. Our team of Web3 strategists know how to bridge that gap between the highly technical and the novice crypto enthusiast.
Don’t wait for a pseudonymous user on Twitter (X) to break down the components of your latest product update with their own opinions attached – place it in our hands.
Work with a dedicated Web3 full-service agency in 2024. Get real results and real solutions from our team of Web3 natives. Keen to get started? Click here to get in contact.