Web3 wallets allow users to store, manage, and access their digital assets on the blockchain. They give users full control over their data, including their preferences and interests, and they allow users to interact with decentralized applications (dApps) and smart contracts on the blockchain. With the rise of web3 wallets, marketing agencies can now access more accurate, actionable, and real-time data about their customers, allowing them to create more personalized and targeted marketing campaigns. This can help build trust between customers and marketing agencies and lead to more transparent and trustworthy relationships. Furthermore, web3 wallets can help improve the efficiency and accuracy of data-sharing between customers and marketing agencies; this, in turn, can revolutionize how marketing agencies operate and lead to more effective marketing strategies.
Web3 Wallet
A web3 wallet is a digital wallet that allows users to store, manage, and access their digital assets on the blockchain. Web3 wallets allow users to interact with decentralized applications (dApps) and smart contracts on the blockchain, enabling users to own and control their data. Web3 wallets give users full control over their digital assets and allow users to easily send, receive, and manage their digital assets on the blockchain. They also enable users to interact with decentralized applications (dApps) and smart contracts, which can help to create more transparent and trustworthy relationships between users and businesses. Web3 wallets are different from web2 wallets, which are centralized and controlled by a third party. Web3 wallets are decentralized and controlled by the user, which allows for more security, privacy, and control over their data and assets.
Data in Web3 Wallet
Following are some data stored in the Web3 wallet that marketing agencies can use.
- NFT (Non-Fungible Token): NFTs are unique digital assets that cannot be replicated or replaced. They represent ownership of digital assets such as art, collectibles, and virtual real estate. Marketers can use NFTs to create digital collectibles that customers can buy, sell, and trade. For example, a game developer could create a series of NFTs representing in-game items that can be bought, sold, and traded. The marketing agency can use this information to create targeted marketing campaigns for gaming companies, promoting game digital assets to the customer.
- FT (Fungible Token): FTs are interchangeable digital assets that can be replicated. They represent assets such as currency, commodities, and utility tokens. Marketers can use FTs to create digital currencies or rewards programs that customers can use to make purchases or redeem rewards. The marketing agency can use this information to create targeted marketing campaigns for companies that offer products and services that align with the customer’s preferences.
- Utility Token: Utility tokens are digital assets that provide access to a product or service. They are used to represent assets such as access to a platform, software, or network. Marketers can use utility tokens to create incentivized platforms or networks where customers can use the tokens to access features or services. For example, a social media platform could create a utility token that customers can use to access premium features or to tip content creators.
- Security Token: Security tokens are digital assets representing ownership in an asset, such as a stock, bond, or real estate. They are used to represent assets such as investments in a company, real estate, or other assets. Marketers can use security tokens to create digital securities that customers can invest in, such as stocks or bonds.
- Collectibles: Collectibles are digital assets that are unique and have value. They represent art, collectible cards, and virtual real estate. Marketers can use collectibles to create digital collectibles that customers can buy, sell, and trade, such as digital trading cards or virtual real estate.
Web3 Digitial Identify & Security
In web2, companies like Google and Facebook collect vast user data by tracking cookies, search queries, and social media interactions. This data is then used for targeted advertising and other business purposes. This data collection is primarily done through third-party tracking. Companies track users as they browse the web and collect data on their browsing behavior, interests, and demographics. This data is then used to create detailed profiles of users, which are then used to target them with personalized advertising and content.
In contrast, in web3, users can store their profile data, NFTs, and other information described above in their wallets using decentralized technologies such as blockchain. This means that users have more control over their data and can choose which platforms and companies they share it with. This shift towards user-controlled data collection is known as self-sovereign identity, allowing users to own and control their data rather than relying on third-party companies. This approach also allows for more privacy and security of user data, as the data is stored on a decentralized blockchain rather than on centralized servers controlled by a single company.
Self-sovereign identity
Self-sovereign identity (SSI) means that individuals should control their digital identity rather than rely on third-party companies or organizations to manage it. This is in contrast to the traditional centralized approach to identity management, where governments and corporations often hold individuals’ personal information or other centralized entities. In web3, self-sovereign identity is typically implemented using decentralized technologies such as blockchain, which allows for creation of secure, private, and portable digital identities. With SSI, users can create and control their digital identities and choose which information to share and with whom. This allows for more privacy and security of personal information and more control over its use.
Some of the key features of self-sovereign identity include:
- Decentralized: user’s identity is stored in a distributed ledger and not in a central server
- User-controlled: users have full control over their data and can choose which information to share and with whom
- Portable: users can take their identity with them across different platforms and services
- Verifiable: users can prove their identity to others without needing to reveal sensitive personal information
Self-sovereign identity can have many benefits for both individuals and marketers. For individuals, it gives them more control over their data and the ability to share it with organizations they trust selectively. For marketers, it can provide a more secure and reliable way of verifying customer identities and enable more personalized and targeted marketing campaigns.
Security in Web3 Wallet
When storing data in a customer’s web3 wallet, privacy is maintained through the use of private keys. A private key is a unique, cryptographically generated string of characters used to secure the data stored in the wallet. Only the person possessing the private key can access and make changes to the data stored in the wallet. This means that even if someone else gains access to the wallet, they cannot view or change the data without the private key.
In a public blockchain, data is stored in a decentralized ledger that is visible to everyone on the network. However, the data stored on the blockchain is usually encrypted and hashed, which means that it is not easily readable by anyone without the decryption key. Additionally, the data stored on the blockchain is usually not personally identifiable information (PII) but rather a reference to the data stored off-chain. One way to maintain privacy on a public blockchain is by using zero-knowledge proofs (ZKP) to prove the possession of certain information without revealing the actual information. It allows the user to prove that they have specific information without sharing it with others, thus maintaining the privacy of the data. Another way to maintain privacy is by using a private or permissioned blockchain where only authorized participants can view the data on the blockchain. This can be useful in scenarios where sensitive information needs to be shared among trusted parties.
Marketing in Web3
Marketers can use the data stored on a user’s web3 wallet to gain valuable insights into the user’s interests, preferences, and behaviors. This can help them to create more targeted and personalized marketing campaigns that are more likely to resonate with their audience.
Web3 Wallet First-Party Data
Marketers can get first-party data from the customer’s wallet by asking them to share their wallet data. This can be done through a simple opt-in process, where the customer is asked to consent for their data to be shared with the marketer. Customers can choose which data to share and can revoke their consent anytime. First-party data refers to data collected directly from the customer rather than from a third party. This data type is more valuable and accurate as it comes directly from the source.
By obtaining first-party data from the customer’s wallet, marketers can gain a deeper understanding of the customer’s preferences, behaviors, and interests. This information can be used to create more targeted and personalized marketing campaigns, which are more likely to resonate with the customer.
For example, suppose a customer has stored information about their favorite hobbies and interests on their web3 wallet. In that case, a marketer could use this information to create targeted advertising campaigns for products or services related to those hobbies and interests. This could lead to higher conversion rates and more effective marketing campaigns. Marketers can also create personalized offers and discounts. For example, a customer has stored information about their past purchases on their web3 wallet. In that case, a marketer could use this information to create targeted offers for products or services that the customer is likely interested in.
Another way marketers can use first-party data is by creating a targeted loyalty program. For example, customers have stored information about their purchase history and preferences. In that case, a marketer could use this information to create a customized loyalty program that rewards customers for their specific preferences and purchase history.
Conclusion
Web3 wallets provide a new opportunity for marketers to access more accurate, actionable, and real-time data about their customers, which can help them to create more personalized and targeted marketing campaigns. Web3 wallets allow users to own and control their data, which can help to build trust between customers and marketing agencies. Additionally, web3 wallets allow users to interact with decentralized applications (dApps) and smart contracts, which can help to create more transparent and trustworthy relationships. The rise of web3 wallets can revolutionize marketing agencies’ operations, leading to more effective marketing strategies and better customer engagement. As the technology evolves, web3 wallets will become an essential tool for marketers, opening new opportunities to connect and engage with their customers more meaningfully.