Marketers face an evolving landscape as the internet transitions from Web2 to Web3. Web2, the current iteration of the internet, is characterized by centralized platforms where a few significant companies control data. Web3, however, shifts the power dynamic, offering decentralized systems where users own their data and have more control over their online interactions.
For marketers, this change isn’t just theoretical—it requires practical adjustments. Traditional analytics tools built for Web2 aren’t as effective in a decentralized world. This guide explores how Web3 reshapes analytics, introduces new tools, and provides actionable steps for marketers to adapt to this new era.
How Web2 and Web3 Analytics Differ
Before diving into tools, let’s highlight the key differences between Web2 and Web3 analytics. Understanding these distinctions is crucial to adapting your strategy.
Aspect | Web2 Analytics | Web3 Analytics |
---|---|---|
Data Control | Centralized, controlled by platforms (e.g., Google) | Decentralized, users own and control their data |
Data Access | Platform-dependent, often requiring permissions | Open access through public blockchains |
Privacy | Users have little control over personal data | With enhanced privacy, users can choose when and how to share data |
Tracking | Relies on cookies and third-party trackers | Transparent, on-chain activities are easily tracked |
User Behavior | Mostly anonymous user activity tied to devices | User wallets and on-chain identities track actions |
Web2 analytics tools rely heavily on data collected from users without their explicit consent, such as cookies or IP tracking. Web3, on the other hand, offers transparency by allowing anyone to see what happens on public blockchains. However, marketers need new tools to make sense of this data.
New Analytics Tools for Web3
As Web3 grows, so does the number of tools available to track, analyze, and act on blockchain data. Let’s explore some critical tools marketers can use to stay competitive.
1. Blockchain Explorers
Blockchain explorers allow you to track activities on the blockchain. They’re similar to Google Analytics but track transactions and interactions with smart contracts instead of tracking website visits.
- Etherscan: A popular Ethereum blockchain explorer, Etherscan lets you view all transactions, token transfers, and smart contract interactions. Marketers can track how users interact with decentralized apps (dApps) and see wallet activity.
- Polygonscan: A blockchain explorer for the Polygon network, Polygonscan offers similar functionality. It allows marketers to track transactions and monitor user interactions within the Polygon ecosystem.
How to Use It: Marketers can track specific wallets to see how users interact with a brand’s dApp or blockchain product. For instance, if you’re running a token-based loyalty program, you can monitor how often users redeem tokens.
2. On-Chain Analytics Platforms
These platforms aggregate blockchain data and present it in a more digestible format, making it easier for marketers to understand trends and behaviors.
- Dune Analytics: Dune is a powerful tool for building custom queries to analyze blockchain data. It’s open and community-driven, so you can find existing dashboards or create your own to track key metrics like token transfers, gas fees, or contract interactions.
- Nansen: Nansen combines on-chain data with wallet labels to give marketers a clearer picture of user behavior. You can track the most active wallets, see which tokens are trending, and analyze the flow of funds between wallets.
How to Use It: Create dashboards that track key metrics for your blockchain-based products. For example, a marketer might use Dune Analytics to monitor the volume of token transactions for a specific NFT collection over time.
3. Decentralized Identity (DID) Tools
In Web3, users don’t log in with email addresses or social media accounts. Instead, they use decentralized identities (DIDs) linked to their blockchain wallets. Understanding DID usage is crucial for marketers in this space.
- Ceramic Network: Ceramic allows users to create DID profiles that contain various data points. For marketers, understanding how DIDs are used across dApps can offer insights into user preferences and behavior.
- Spruce: Spruce is a tool that allows users to own and control their identity across Web3 applications. Marketers can track DID interactions across multiple platforms to get a unified view of user behavior.
How to Use It: Track how often users log in with their decentralized identity across your ecosystem. This can help you understand user engagement across multiple platforms or applications.
4. Token Tracking Tools
Tokens, including cryptocurrencies and NFTs, play a massive role in Web3 marketing. Tracking these tokens is essential to understanding how users engage with your brand.
- Zapper: Zapper allows users to track their crypto holdings and DeFi activities. For marketers, this tool offers insights into what types of tokens users hold and interact with.
- Token Terminal: Token Terminal provides financial data on Web3 protocols, including user engagement metrics. You can use it to track how often your token is used or traded and gather insights into user activity.
How to Use It: Monitor how often users interact with your brand’s token. For example, if you’ve issued a loyalty token, you can track how usually users hold, trade, or redeem these tokens.
Practical Steps for Web2 Marketers Transitioning to Web3
If you’re a marketer accustomed to Web2 tools, jumping to Web3 might feel daunting. However, you can effectively adapt to this new paradigm with the right approach. Here are some practical steps to get started:
1. Start by Learning the Basics of Blockchain
Before diving into tools, familiarize yourself with the fundamentals of Web3 and blockchain. Understanding concepts like tokens, smart contracts, and decentralized applications will give you a clearer picture of how to approach analytics.
- Follow blockchain news sources.
- Experiment with small transactions on a platform like Ethereum or Polygon.
- Study decentralized applications (dApps) in your industry.
2. Identify Key Metrics for Your Web3 Strategy
Unlike Web2, where metrics like clicks, impressions, and session time are standard, Web3 introduces new metrics to track:
- Wallet Activity: Number of active wallets interacting with your brand.
- Token Usage: Frequency of token transfers or trades.
- dApp Interactions: How users engage with your decentralized application.
- Gas Fees: How much users spend interacting with your platform (important for gauging engagement).
3. Set Up Blockchain Analytics Dashboards
Use platforms like Dune Analytics or Nansen to set up dashboards that monitor your brand’s key blockchain metrics. These tools make tracking and visualizing the data easy, helping you make informed decisions.
- Track token transfers and smart contract interactions.
- Monitor wallet activity related to your brand.
- Analyze the performance of your NFTs or loyalty tokens.
4. Integrate Web2 and Web3 Data
Your Web2 data is still valuable. Combining traditional analytics with Web3 data will give you a comprehensive view of user behavior. For example:
- CRM Integration: Connect blockchain data to your CRM to build a complete profile of customer interactions, both on-chain and off-chain.
- Web Traffic and Wallet Activity: See how website visits translate to on-chain actions like token purchases or NFT minting.
5. Prepare for Privacy Changes
Web3 puts users in control of their data, which means marketers must rethink how they collect and use information. Moving forward, your strategy should focus on value exchange—offering something meaningful to users in return for their data or engagement.
- Use blockchain transparency to highlight how you handle user data.
- Offer token rewards or NFTs as incentives for data sharing.
Conclusion
Web3 is reshaping the marketing landscape, especially gathering, analyzing, and acting on data. Marketers must adapt to the decentralized nature of blockchain and embrace new analytics tools that offer transparency and user control. From blockchain explorers to on-chain analytics platforms, the tools at your disposal are evolving quickly, providing valuable insights into user behavior.
The shift from Web2 to Web3 won’t happen overnight, but starting with the basics, experimenting with new tools, and aligning your strategy with decentralized principles will help you stay ahead in this rapidly changing environment.