As we move into the Web 3.0 future, there are a lot of new terms and concepts coming up. Zero party data, first party data, third party data, iOS 14, iOS 15…if you’re wondering what all of this means for your business, I have put together this cheat sheet of the top Web 3.0 concepts that you need to know.
Let’s dive in!
Web 3.0 is the next phase of the internet
Web 1.0 was an era of the internet (from the 1980s through the early 2000s) where websites were mainly static and people mostly used them to view information.
It was the first generation of the World Wide Web, which was characterized by static websites with minimal interactivity.
Web 1.0 was open source, which means that the original source code is available to everyone who wants it. This made it possible for people to modify and share the code however they wanted.
The internet was all about making information accessible to everyone, and Web 1.0 delivered on that promise by replacing encyclopedias, phone books, and even library card catalogs.
Web 2.0 is a term used to describe the second generation of the World Wide Web, which includes social networking sites, wikis, and blogs. It focuses on user-generated content, collaboration, and openness.
The internet became more centralized during the era of Web 2.0. A few major companies, such as GAFA, (Google, Apple, Facebook, and Amazon) came in and built websites and platforms that had many features, services, and programs.
This caused most of the online traffic to go to these platforms. Web 1.0 was all about open information, but Web 2.0 became the era of closed-source, centralized data because these companies built walls around their technologies and monetized them through paid services or advertising.
Web 3.0 is a term used to describe the next stage in the development of the World Wide Web. It is expected to offer a more open, user-friendly and decentralized platform that will allow for greater collaboration between users.
It is a new era of decentralization in which people will have more control over their data and their privacy. Corporations will have less power, and users will be able to trust each other more.
People are tired of Google and Facebook tracking them around the internet, and they want ways to take back their privacy and data.
People are starting to realize that the post-cookie world provides new opportunities for business owners. They can now collect first party and zero party data.
This will help create trust between businesses and their customers. We can already see this transition in the way the internet is being used. New crypto networks and the blockchain are examples of this, with a community-governed platform and decentralized data.
Traffic on the internet means that people are visiting websites.
Targeting means using information about people to figure out which ones might be interested in what you’re selling. Marketers use this information to create ads that will be more likely to interest specific groups of people.
This happens by starting with a large group of people and then narrowing it down until only the people who are most likely to buy are shown the ad.
Pixel is a small piece of code that lives inside websites or apps and it collects information about a person’s behavior on those sites. This information is then reported back to the site’s owner (such as Facebook).
Google Tag Manager
Google Tag Manager is a system that helps you manage code snippets and URL parameters on your website. This way, you don’t have to manually modify the code. You can then track the information in Google Analytics.
G4 is the most advanced web analytics platform that Google has ever built, and it offers a number of advantages over its predecessors.
Google is planning to stop supporting the third edition of its web analytics platform, Google Analytics, in 2023.
This means that all websites will need to migrate to the fourth edition, Google Analytics 4 (G4), if they want their data to continue to be accessible.
Distributed technologies refers to technology that is designed to be used by multiple devices or nodes.
Decentralization is when you take control away from a central person or group and give it to lots of people. This happens with things like money and voting.
With a decentralized blockchain network, people can do transactions with each other without having to go through a central authority.
This allows for peer-to-peer transactions without the need for a third party.
Blockchain is a digital database that is used by a large, decentralized, publicly accessible network. This database contains information such as records of financial transactions.
Cryptocurrency is a type of digital currency that doesn’t have any central authority. This means that it relies on a decentralized system to keep track of transactions and to make sure that new units aren’t created fraudulently.
Cryptocurrency is also protected by secret code, which prevents counterfeiting and other fraudulent activities.
NFTs (Non-Fungible Tokens)
NFTs (Non-Fungible Tokens) are unique digital identifiers that cannot be copied, substituted, or subdivided. They are used to certify authenticity and ownership of a specific digital asset and the specific rights relating to it.
Open source code is designed to be publicly accessible. This means that anyone can see, modify, and distribute the code however they want. WordPress is one example.
There are different audiences you can use for internet marketing. You can use them to advertise your product or service in different ways.
People who are interested in what you have to say and want to follow your work.
An example would be people who subscribe to your channel on YouTube, like your Facebook page, follow you on Instagram, or join your free LinkedIn group.
A custom audience is a group of people who share something in common, like having the same email address, website visit, or phone number.
You can create a custom audience by uploading a list of people’s information into a social media or advertising platform.
The platform will then match the data you provided with their data to create the custom audience.
Facebook advertisers can create a lookalike audience based on a customer list. This is an audience that is similar to, or shares traits with, your custom audience.
Facebook’s algorithm finds other people who are likely to be interested in what you are selling.
Privacy on the internet is the ability to control how much information is shared about oneself. It can also refer to the ability to access the internet without being tracked or monitored.
People have been talking about privacy a lot lately. This is because big companies like Facebook, Google, and Apple are sharing personal information more and more. People are worried about what this means for their privacy.
There have been a lot of laws passed recently to try to protect people’s privacy, like GDPR.
iOS 14 was an update to the Apple operating system that happened in spring 2021. This update changed how brands could use personalized targeting through advertising.
iPhone users now had the ability to opt out of having their personal information shared with companies like Facebook.
This meant that marketers could no longer rely on ad-tracking pixels for data collection and optimization.
Apple released a new update to their iOS operating system, called iOS 15. This update is similar to the previous update, iOS 14, but there are some changes. One change is that Apple is no longer passing information about open rates to email providers.
This means that you can’t see how many people have opened your email if you use an Apple email platform.
Another change is that you can’t see open rates from users’ devices if they use a different email platform (Gmail, Hotmail, Outlook, etc.).
On the internet, “data” can refer to a variety of things. It can be used as a synonym for information, or it can refer to the actual bits and bytes that make up a digital file.
In some cases, it may also refer to the traffic that is being transmitted over a network.
Zero-party data is data that a customer shares with a brand on their own, without any coercion. This can include preference center data, purchase intentions, personal context, and so on.
It is considered “zero-party” because the customer is fully aware that they are sharing this information with the brand.
First-party data is the data that you learn about a user as they browse and interact with your digital assets. Platforms like Google Analytics track a user’s behavior on your site or app.
This data goes beyond what the user clicks on, and also tracks how they scroll, hover, and dwell on your pages. Transactions like the purchase of a product are also included in first-party data. In short, first-party data provides directional insights into what a user intends to do.
Second-party data is data that belongs to another website. This is data that you can purchase and then use in your marketing. An example of a company that collects second-party data is a bank. They share information such as a person’s purchase history and transaction data.
This is the most complex kind of data. Third-party data is essentially the zero-party and first-party data of other sites and apps. It is data that other websites and apps have about their users. Then the owners of those websites and apps sell that data to other companies for money.
This data is usually about people’s ages, jobs, or what kinds of things they like. This kind of data is often used by companies to find new customers online.
As we move into the future, it is important to remember that web 3.0 will bring with it a new set of challenges and opportunities for businesses. It is essential that companies start preparing now for the changes that are coming.
One way to prepare is by increasing your understanding of how data will be used in web 3.0. Another way to prepare is to consider how your business will need to adapt to the new landscape.
I hope you found this article helpful. If you have any questions, please feel free to reach out to me.
Thank you for reading!
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