Why Web2 and Web3 Need to Find Common Ground

Guest post Lesley Bielby, CEO of DiGo

Being a Gen Xer in an increasingly young industry can have its challenges – but there are also some clear advantages. There isn’t much in our industry that I haven’t already seen, including experiencing and surviving the fearmongering provoked by the launch of first, Web1, and then Web2, with the final acceptance and celebration of the new possibilities that each ultimately created.

Why Web2 and Web3 Need to Find Common Ground

All those years ago, clients were skeptical of both Web1 and Web2’s new digital and social tools as well as platforms. They often waited to see when and how the competition would jump in and then relished the failures, but then pulled their hair in frustration when some early adopter competitors achieved roaring successes.

Back then, wary of looking and feeling like laggards, clients feared dealing directly with digital and social experts. And their ad agencies were not able to fully advise them on how to best enter these new realms with objectivity and authority. This is because back then, most agencies built digital then social media departments in walled silos, rather than integrating these new and younger disciplines into the traditional agency structure immediately, to allow each group to learn and grow simultaneously. So, ad agencies stayed behind the curve for some time.

And now here we are in the midst of a similar dynamic in the next generation of the internet – Web3 – where I can see that another chasm between the ‘old’ and the ‘new’ guard is in danger of being created. This time it isn’t so much within the walls of ad agencies, but specifically between NFT creators and big brand CMOs.

NFTs have been in our midst for quite some time now. And as is often the case, their adoption curve has been classic – early adopters took advantage of the opportunities early on while secondary adopters and early mainstreamers have been standing back – waiting to see how the chips (or should I say crypto) will fall. 

Some brands like Reddit successfully jumped in early and recognised the need to ‘cross the chasm’ to talk to more mainstream audiences, by changing the whole dialogue around NFTs.  They marketed NFTs as collectibles and tokens as coins, offering NFT education as well as a lower entry price point that was attractive to Web2 audiences.  Others, such as Porsche’s doomed 911 7500 edition collection NFT project, failed to attract audiences through a confusing minting process and a lack of transparency that had Web3 communities blow up Twitter with their groans of deep disapproval.

Witnessing such failures make big brand CMOs hesitant to act. Yet, after witnessing successes, and under constant pressure to add value for positive growth, FOMO definitely becomes a key factor here. On the other side, NFT creators are desperate to add value to their collections for fans and for themselves (because an over dependence on fluctuating NFT royalties is just not sustainable). Plus, after witnessing the recent and successful real world Pudgy Penguin toy launch on Amazon – they have FOMO all of their own.

It seems to me that for both Web2 and Web3 to achieve success in this space, each entity actually needs the other. But each seems incapable of getting alignment – because each speaks an entirely different language. First, there’s the Gen Z NFT creators, who have frequently come from and speak the language of crypto or gaming or both. Second, there’s the “Boomer” –as in the Web3 community dubbing anyone over 25 a “Boomer” – CMOs with classic brand training, low tenure and high churn, who do not want to ruin their own reputation, as well as that of their brands while on their watch.

It doesn’t have to be the way it was in the Web1 and Web2 eras. Let’s learn from those mistakes. Yes, innovative Gen Zers – you have to push against the old guard and the old way of doing things to find a better way. But resist overtly rejecting ALL the generations of expertise that has come before you. Much of that expertise has been proven to work and will continue to work.

If you want growth for yourself and for your collectors, when you reach out to the “old guard”, have a mutually respectful and professional discussion. Be honest about what you do and don’t know about how to scale your brand – they will be happy to work with you to create mutually beneficial ideas. And Boomers?

Put your hand up and admit that you know nothing about the space. Push your pride to one side and ask NFT creators to break it down to a level that you will understand. Familiar patterns will become clear and the mystery behind NFTs will start to dissipate as you begin to see the real opportunities that potentially await both of you.

Agencies, there is a clear opportunity for objective, clear guidance for clients here. However, to play this role, you need to get educated fast on the world of NFTs, their creators, affiliated companies and communities. Learn in detail and replicate the anatomy of highly successful collaborations. The best way to do this? Buy an NFT or two. Join and participate in several NFT communities. It’s the best way to learn.

And when you and your clients are ready to jump in, ask the Web3 community to recommend experts who can help you with the back end as well as the front end of a successful launch. The community already knows who that is – and who to avoid like the plague.

Lesley Bielby is the CEO of DiGo (DiMassimo Goldstein), the industry leading agency in Positive Behavior Change marketing, and has authored the only modern guide in account planning, Super Strategist: The Art and Science of Modern Account Planning. A 30-year veteran in the world of advertising, she was one of the British account planners to cross the pond in the turn of the century, bringing the discipline to America.

In addition to DiGo, Lesley has led and been a part of a number of agencies including Hill Holliday, McKinney and Silver, Digitas and Merkley.

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