More On: web3
You can say goodbye to your fictitious fans. You won't be needed in this situation
A few years ago, no one would have dared to bring such charges against social media influencers. Today, however, it is almost unheard of. In the early days of the social internet, a group of up-and-coming "pioneers" took advantage of this new opportunity to become hugely successful influencers.
People who started the trend, such as "mommy bloggers," quickly rose to the top, becoming some of the most well-known people on the internet and making as much as $40,000 a month.
Commerce features and in-app shopping were added to social media later. This meant that influencers could sell everything from skin creams to exercise gear and clothes. People made millions of dollars in a few hours with these kinds of referral link programs, and the media was in awe of the money they were making.
New York Times said in 2014 that "Instagram influencers are more important than stars." If social media had been around during the era of "Mad Men," it would have been bad for people. Another story said that Don and Peggy might have gone out of business because of the accident.
Influencers and people who want to change things are the people who are
There might be a lot of people in the crypto world that are excited about the new influencer age. They buy million-dollar NFTs all the time, but there are now new young people who are again changing power structures through new technologies and making a lot of money in the process. But crypto and the blockchain have more promise than this.
Web3, which is often used as a short and buzzy term for a future where people own their own businesses, is the next generation of the internet. In the new internet, digital assets like cryptocurrency and NFTs will make it easier for people to be rewarded for their actions and attention. This will make it easier for brands, creators, and fans to work together.
This idea has sparked a lot of debate in the tech and media worlds. You don't own "web3." The venture capitalists and their investors do. Twitter founder Jack Dorsey recently tweeted, "You don't have web3. VCs and their investors own web3. You don't own web3. Marc Andreesen has blocked @Jack for days."
The problem with Dorsey's tweet, and other statements like it, is that they make it seem like only ownership matters in Web3. That's not true. It turns out that Web2 is a lot like this because venture capital-backed social networking sites have driven it. Web3, on the other hand, is about making sure that both platform owners and users benefit from the same things.
Ironically, Dorsey's tweet shows how influencers on social media platforms, including the one he founded, were an example of how users could make even centralized social media platforms work for them instead. They used these platforms to build big followings, which helped them sign big deals with marketers and brands. These programs have become common for marketers and brands to use. This is a big company. Estimates say that in 2023, U.S. influencer marketing will be worth more than $5 billion.
Influencers and the dirty little secret.
When you use social media influencers to market your business, there's a secret: it doesn't work! Users no longer look to influencers for advice on what to buy. Consumers are starting to realize that influencers aren't always real users of a product. They are paid to talk about products. Consequently, people don't want to buy the things they're trying to sell. Almost 60% of people who use social media never plan to buy a product that is promoted by an influencer.
Brand and product marketers who aren't sure how to use their influencer budgets can still have hope, though, because there are ways to do it better. Influencer marketing is changing as more forward-thinking brands stop focusing on the traditional programs that haven't worked. The next generation of influencer marketing is taking shape now, too.
People who have a lot of followers will become less and less important in the Web3 future. They'll be replaced by a decentralized army of everyday "nano-influencers." Using this new model, it has been found that groups of people with small followings can make more of an impact together than groups with big followings.
Influencers and the way they make people do what they want
In addition to their strength in numbers, nano-influencers have a lot more power when they interact with each other. An influencer marketing report found that users with a smaller number of followers get more attention than users with a lot of followers. In fact, social media posts about brands or products made by people who aren't paid to be influencers get five times more attention than those made by paid influencers. 92 percent of people say they trust recommendations from friends more than any other source.
The question is, how do brands get this army of "nano influencers" to work for them. Web3 is providing new technology, like NFTs and cryptocurrency, to reward these people who could become brand advocates. First, the Web3 influencer revolution will be slow to start. Companies will pay people to post on existing social media platforms. That's when the real sea change will happen: when the first Web3-native platform comes out that has reward programs built in that will pay people for their posts or attention.
It's possible that the rising tide of Web3 will lift all the boats. Consumers are going to get paid more and more for their support and attention. Innovative brands will use new ways to build loyal, engaged audiences of real nano-influencers. It even looks like existing social media platforms that choose to embrace the new way of social interaction could even make money.
Web 3 is here to change the way influencer marketing works from one that only benefits a few people to one that benefits everyone.
** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.