I’m a good example, says Howard. Even as a digital native, I was very resistant to online shopping – with Amazon in particular. That is because the rails for e-commerce were not quite there. Companies were told that consumers would not purchase things on the Internet. They said they do not trust it. That’s where we are at with Web3.The reality is that the older generation is always diminishing in number, influence and economic power. The newer generation are tomorrow’s consumers. So realistically, businesses need to have as long a run-up as they can to when this takes over.
Think back to when Millennials were on social media. They were using it and experimenting, jumping from platform to platform. Business saw social media as a plaything. Remember the Internet policy where if you worked in an office you couldn’t access your social media account?
That was just five years ago. Dipping the toe in social media waters was left to junior executive staff and interns. It’s not a bad approach, especially with the Metaverse, because it is so early on.
I would draw some caution though, in that when people and businesses cottoned on to the importance of the Web, a lot paid a very hefty price to get the domain names and social media usernames they wanted.
I would encourage businesses to speak to experts around blockchain related domains in particular, because nobody quite knows what’s going to be the ‘in’ thing. You should protect IP where you can.
Want to know more? Read the full interview in the Crowd Web3 Magazine here.