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Key Takeaways from Amplify Summit: How will web3.0 impact performance marketing in 2023?

Our final panel was spent exploring the impact that affiliate marketers face (in all industries) as we look at what’s changing and impacting performance marketing this year, like web3.0. For this discussion, Lee-Ann is joined by Leandro Schlottchauer, co-founder and CEO of FUUL, Pritpal Shokar, Senior Product Manage at ONE, Chris Acworth, Web3 Strategist at Yolo Group, and Carlton Hoyt, Director at Beam Ads.

We’ll cover a variety of topics from hand-selected industry experts who can help to navigate key questions and challenges we are all facing in our day-to-day delivery and understanding of this movement.

Where is Web3.0 taking us?

Web3.0 is the development of data systems developing enough into a “decentralised” system. So, what does that mean? It means rather than handing your data and information over to websites, the power of data is handed back to the user.

Chris said: “Nobody really knows what it’s going to be like in five to ten years or even two years. … As I see Web3.0, it’s about new protocols being built giving the power back to users. So that we can be the owners of that data, and our digital assets. As a user I want to be able to provide my data to a company for a short term and take it back.”

The internet of value

As Colton puts it: “You can kind of think of it as web2 being the internet of data and web3 the internet of value. That’s really what it’s there for. If you took the entire internet and try to fit it within a web free technology framework, it wouldn’t work. It would crash and burn with too much information. It’s really purpose built around value.

“With regards to where it’s going, we are seeing a lot more elements of just everyday life moving on to the blockchain.”

Colton poses NFTs for artwork but also the concept of reselling gig tickets on the blockchain as examples. Will the blockchain be the new marketplace for selling items online?

Diplomatic internet

Another perk to the web3.0 development is the diplomacy of the blockchain. There is an equal level of grounds for entry to access the blockchain that is not present in current affiliate marketing practices, as Leandro explains

Leandro said: “I think what web3.0 is all about is transparency in everyone having access to the same exact information. … There’s influencers and publishers that have been building their brands for a very long time, and today they’re sharing different products or they’re advertising different brands at their own risk, and they’re being rewarded by the amount of transactions that they bring to these brands. … If you think of it, advertisers today are proposing commission store sales, but also at the same time, those advertisers are the ones that are validating those transactions because only they have the insight into those transactions that they have in their own database. So the blockchain would allow for everyone to have access to that decentralized transactional database.”

What’s happening right now?

So, what is happening when it comes to Web3.0? It seems as though we’re talking about a drastic change in the internet and yet, if you were to have this conversation on the street you’d have to explain what web3.0 is. Lee-Ann asks if perhaps the scale of the change is so small due to the technology not being there, or are we, the public, simply not aware of big moves in the background?

Chris said: “It’s happening right now but it’s still very small. The problem isn’t actually the technology, as far as I see it. The problem is the adoption. People are scared of it. They don’t want to change.”

Pritpal said: “It comes back to this barrier for adoption. For me, it starts at the education piece. I think the average individual at the moment, let’s call it a retail individual, it’s very difficult for them to understand what exactly crypto is and how it works. They’re almost kind of scared to dabble into what it is.”

If you are interested in more affiliate and social media marketing insights, take a look at our blog for all the latest news and advice. Or for a more personalised approach, book a free call with a member of our team.

Or, for the very best advice from industry peers, register to gain access to our Amplify Action Day. Taking place in January 2023 doesn’t mean you’ve missed it. Amplify aims to bring you the latest affiliate, performance, and partner marketing insights from across the globe and it’s all available to stream from our website.

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