The democratized and distributed nature of the Internet has endeared it to the masses since it moved into the mainstream in the early nineties. As we are moving towards the so-called Web 3.0, we will need new ways to demonstrate a brand or an individual’s reputation online. That is where the blockchain can help.
Today, the Internet is a revenue source for both individuals and businesses. From the content creator to the social media influencers, the Internet has empowered ordinary people to make money from their digital content.
Additionally, for businesses, an online presence now goes beyond a mere website. In addition to having profiles and pages created on the leading social media networks, companies must have a cohesive plan for their online presence. Whether this includes publishing content at certain times or retaining the services of a relevant influencer, to drive more significant interactions with their product or service, a business must adhere to some rules.
Much of the content published by creators, individuals and businesses alike, is likely to be of considerable quality. Captivating images, videos, and captions that tug at the heartstrings are the name of the game. This is all in the attempt to gain more followers, likes, retweets, reblogs or any other sort of positive feedback that may translate to income generated.
Is Web 2.0 Broken?
The democratization of online content publication has been an excellent development for society. The so-called “Web 2.0” is characterized by user-generated information. These peer-to-peer interactions have contributed to the proliferation of social media as more than just entertainment sites.
However, the reality is audiences only have a limited amount of time to spend online. As the ecosystem evolved so did the tools that people used to identify posts that are worthy of their time. In the earlier days of the Web 2.0, audiences simply showed approval using the tools provided by the platform they were using. For instance, like on Facebook, favoriting and retweeting on Twitter and so on. However, as the ecosystem deepened in complexity, approval is measured by a complex mix of interactions.
This matrix is referred to as engagement. The term is borrowed from traditional marketing where it is used to define any activity which results in interactions with target audiences that will eventually result in a purchase. In the context of Web 2.0, engagement is the all-important metric for measuring how well any content is performing with its target audience.
The average person will spend 386 minutes online every day. This is almost five hours spent interacting with the vast amounts of information online. Interestingly, social media demands a significant portion of this. The average person spends about 116 minutes on social media daily, >according to SocialMediaToday. This represents about 30 percent of the total time that users will spend online daily.
To capitalize on the significant amount of time people devote to social media, businesses are dedicating large amounts of money to their social media strategies. Spending on digital advertisements has already surpassed that spent on television advertisements, >according to Forbes. There is evidence that digital ads are better for businesses and they are showing their preference with their spending dollars.