Sometimes game changing innovation isn't always obvious.

We’re about to enter a new phase of the internet, according to many tech entrepreneurs in Silicon Valley who are busy building it. 

Significant experimentation occurred in this space in 2021, however, these new technologies and use cases are still in the early stages of development, so it is unclear how intensely the transition to the Web3 era might disrupt the way business is done. 

After all, when Web 1.0 (www) became Web 2.0 (social media), it seemed to do so without announcing itself.

The birth of the internet initially surfaced out of academia and the military as a way of being able to share information. 

However it wasn't until the innovation that was to become the world wide web (www) by Tim Berners Lee and others that catapulted it into the mainstream - why?

Because it allowed us to 'visualise' our interest and seemed to make it, well, less geeky!

Today’s internet experience is somewhat decentralised, and a lot of our virtual experiences are funnelled through just a few institutions, like Google and Facebook.

This new version of the connected internet is being dubbed 'Web3' and is still being created so it’s hard to say exactly what it will look like or what it will do for us - even with or without 'Zucks' 'Meta'.

However, there is one thing that nearly every tech entrepreneur agrees is a goal of Web 3.0: decentralisation. 

Just like the early iterations of the www all manner of businesses simply migrated their previous experiences and operating models (mail order in particular) in the non digital world onto this new medium we now know as 'being online'.

A great example is that of the publishing industry (newspapers and magazines) whose business model was/is reliant on advertisers. 

When this new medium opened up they simply moved offline (analog) content onto these new digital platforms and sweated the assets over and over again. 

Inevitably, and over time this managed to disrupt the sector to the point that whole new operating models had to be found - hence the birth of machine gun style 'programmatic' real time bidding platforms for those adverts - something that is now turning consumers off due to intrusive ad fatigue.

There are still millions of businesses around the world that still don't get the social space because they still think in the same way as publishers and advertisers did of old, so without a doubt they are the least likely to be first in the Web3 space.

As with then we are now starting to see early innovations around blockchain, digital currencies (crypto), and the 'Metaverse'.   

And just like those publishing companies I mentioned moved their content assets online we're seeing all manner of companies measuring the future direction of travel with their understanding of the past rather than standing back and understanding the tsunami of behavioral changes and opportunities this next stage can deliver.

Doing more of what you have done is not innovation, at best it's iteration and today's digitally savvy consumer certainly won't be as willing to hand over their currency (whatever that will be) as previous consumers did if you don't measure up.

In all likelihood, the transition to Web3 will happen gradually and in stages, but it will most likely be biased by incumbents and disrupted by yet unknown startups. 

What we do know is that more users will begin investing in crypto, virtual wallets will be built and businesses will enter the metaverse and adapt to follow their consumers’ lead - for many this will make them lose sight of the 'why'?

We see lots of brands experimenting with NFT's because at the moment that's what they can get their head around - my view?

This is simply sizzle that is getting many businesses looking at how they can engage and immerse the consumer with the brand - but at least they are looking and learning.

Another early consumer innovation became pivotal for Elvis’s first hit “That’s Alright Mama” - the one that ignited his career only happened because of an innovation designed to solve a completely different problem. 

The invention of the ‘transistor’ was a defining moment at the start of the digital age which led to technology making devices becoming personal.

Back in the day listening to the radio was a shared family experience (just like the TV) and was limited to just one appliance. Then came the symbiotic relationship that sparked a teenage music revolution.

In 1954 Bill Haggerty founder of ‘Texas Instruments’ spotted a huge market opportunity for this new innovation. At the time transistors were being sold to the military for $16 each - Haggerty challenged his engineers to find a way to make them so he could sell them for less than $3.

With this and amongst many other inventions Haggerty invented the transistor radio. 

Called the ‘Regency’ radio it came onto the market around the same time as ‘Elvis’ released his career launching song.

This affordable transistor radio energised every teenager to want their own device to listen in the bedroom, at the beach, or basement. Removing the parent from the decisions around what they were listening to and where they could do it.

So, from an invention designed for other purposes (military) the transistor planted the seed for a shift in perceptions for electronic technology - especially amongst the young.

So, for those that think the Metaverse and NFT's are just a new iteration of 'Second Life' which was created for people wanting to create and star in a world of their own then you need to do a lot more research and get to grips with what/how this is going to transform the consumer of tomorrow.