The advertising industry must collectively address the Web3 iteration, Unilever chief digital and commercial officer and World Federation of Advertisers (WFA) deputy president, Connie Braams has said.
Web3 has been described by the New York Times as a new phase of the internet service that functions based on decentralized blockchains, the shared ledger systems used by cryptocurrencies like Bitcoin and Ether. The shift in format will see users own more of their data as opposed to technology companies retaining their information.
Speaking at the WFA Global Marketer Week 2022, Braams talk, titled “The internet of people”, highlighted the ways in which Web3 will provide opportunities for marketers to engage with consumers in “previously unimaginable ways”. She also stressed the need to prevent and understand any possible unintended consequences the new iteration may possess.
“This is not the first time the advertising industry is coming together to discuss opportunities driven by the evolution of the internet,” Braams said.
“As we begin to create and invest in the next environment where people spend their time, and their money, we need to be clear on what we are building and what we need to prevent – amongst all the hype – to make sure people don’t have an experience that is riddled with scams.”
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Speaking for the first time in her new role as chief digital and commercial officer, Braams also went on to discuss how the challenges and concerns of consumers will only be increased in an environment where “personal data becomes more personal”.
“Regulation alone is not enough. Self-regulation alone is not enough. Self-restraint alone is not enough.”
“We need a shift in mindset, from solving problems to preventing problems. We need to act so we don’t need to react. Prevent before we need to treat.”
“A true technology evolution must be accompanied by the development of substantial, new, ethical infrastructures and policies, because the internet without trust, is scandal.”
The WFA deputy president called for collectivity amongst regulators, governments, advertisers, technology companies and people, to ensure a decentralised, safe and trusted environment online is created.
“We have a window to act, to avoid the need to react. Because in the end, it’s people, not technology that will measure the success of our efforts.”
“The currency in Web3 is not crypto, the currency is trust.”
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