Everything lights up in her company! Lakshmi Devan is the Marketing Director of WOW Summit. She is a marketing specialist and thought leader on subjects like the future of work, DE&I, and mental health, with a decade of diverse experience and a passion for telling stories, big or small.

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Lakshmi was awarded ‘Linkedin’s Top Female Voices to Follow’ by the Indian Business Council, ‘Iconic Women Creating a Better World’ by Women’s Economic Forum, and listed as one of ‘Top 30 under 30 Brand Advisors’ in India by BusinessMint. Since 2014, she has worked across industries like fashion, fitness, technology, HR, Web 3.0, and SaaS, globally. She loves puns, big words, and the Oxford comma. I talked to her about marketing trends for 2023 and the future of crypto.

## **Why does Web3 mass adoption excite you?**

It’s goosebump-rendering how quickly things shift in Web 3.0. Blockchain, cryptocurrencies, and non-fungible tokens are just a few examples of decentralized technologies that have witnessed a rise in attention and usage over the past year (NFTs). As more individuals start to understand the advantages of these technologies, this trend is only anticipated to intensify in the upcoming months.

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We're witnessing this quick adoption of Web3 technology for a variety of reasons. They provide a safer and more private method to communicate with the internet, for starters. Additionally, the emergence of crypto-assets has enabled individuals to possess and manage their own data. What a time to be alive!

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It’s true that the giants like FTX and Genesis have recently filed for bankruptcy, and it’s shaken the confidence of most crypto natives. However, I want to emphasize that many leading experts continue to predict big growth in Web3. For instance, ETF Trends stated that __[blockchain expenditures will reach $67 billion](https://www.etftrends.com/crypto-channel/blockchain-expenditures-will-reach-67-billion-by-2026-research-says/)__ by 2026. The consensus among the blockchain and cryptocurrency specialists I've been speaking to this past week is that the technology will not go away and only grow in the years to come. Here’s how I see it: the fall of the giants and the decline in the value of cryptocurrencies will lead to new regulations put in place and improve the financial sector as a whole.

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The loud downfall of some exchanges and companies will undoubtedly prompt introspection and new strategies that will hopefully serve as ‘lessons learned’ and guide the forthcoming government laws.

## **What are the marketing trends in this area in 2023 that you are the fondest of? Why?**

There is one I’m most interested in at the moment. This specific epoch is seeing brands combining real and virtual worlds. To do this, they’re using the metaverse and extended reality or XR. These immersive technologies have a significant impact on how businesses and consumers communicate, thereby increasing engagement. Additionally, they use real-time data to deliver highly customized services and goods to customers, upping satisfaction by multifolds. We’re seeing this happen at every __[WOW Summit](https://hackernoon.com/wow-summit-web3-conference-is-coming-to-hong-kong-in-2023)__, meeting brands and their projects every day!

## **What are the positive impacts these trends can have on society?**

I’ll give you real-life examples to illustrate how Web 3.0 mass adoption is changing the world for good. For instance, the music industry is already starting to consider the use of blockchain technology to develop decentralized applications (dApps) that enable musicians to communicate directly with their fans and be compensated for their work without middlemen. Similar to this, there is a rising effort to develop decentralized alternatives to online bookstores like Amazon Kindle and Apple Books in the publishing sector. Because Web3 breaks down barriers between creators and their audiences, anyone can become a creator.

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Secondly, did you know that you grant Facebook access to your personal information when you set up an account? Additionally, you're giving Facebook the responsibility of managing your account and safeguarding your data from hackers. We’ve seen how poorly that’s ended in the past. But with Web 3.0, decentralization removes central organizations from positions of such power, facilitating direct human-to-human interaction.

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Lastly, when platforms are under the control of a single entity, that entity has the authority to determine what content is and is not permitted, aka censorship.

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The possibility of abuse of any kind, including political censorship and discrimination, is made amplified by this degree of control. Of late, we’ve all felt the increase in Google’s search censorship.  Blacklists of search results and bans on seemingly hand-selected accounts are just a couple of instances of how centralization can be used to muzzle specific viewpoints.

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If the world shifts to Web 3.0, it changes the balance of power between consumers and platform providers. There is no centralized authority, and therefore people decide what is published.

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There are a few platforms that are ahead of this entire movement. The Diamond app, for example, is a decentralized Twitter + Patreon alternative that allows users to buy and sell tokens of their favorite influencers on the platform. The readers can also reward the tweets they like.

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There’s Mirror.xyz, a blogging platform that was initially introduced as a decentralized version of Medium. Today, writers need $WRITE tokens to become a member and to be able to contribute to the protocol. But it's all done fairly and while giving the community the ultimate power. They have a voting system that allows the community to choose contributors and the projects they wish to read. The contributors/writers are then able to crowdfund their projects through NFTs. Pretty cool, right?!

## **What are the negative impacts these trends can have on society?**

I wouldn’t call them ‘negative impacts,’ but I’d like to mention a few challenges Web 3.0 as a whole faces right now:

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1. Setting up wallets and purchasing cryptocurrency can be immensely scary for many people. In addition to understanding the platform itself, users of Web3 platforms also need to know how to use digital wallets, buy crypto, and interact with smart contracts. This is a lot to ask of the average person, therefore if Web3 developers want to see widespread adoption of its apps, I believe user experience and education need to be the key concerns.

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2. Even if features like Sign-In with Ethereum are open to all users, transaction fees, also known as gas fees, are still high. These extra charges historically have experienced the same level of volatility as, say, bitcoin pricing and demand since they depend on the balance between network capacity and demand.

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3. The popular software that Web3 developers use, including GitHub and Discord, remains centralized. This is coming in the way of a complete transformation to Web 3.0. Though it will take time, at WOW Summit alone, we see Web3 inventors attempting to present innovative solutions that close this gap every day.

## **What are your predictions on how marketing trends in this niche will evolve in the near future?**

Using networks like Facebook, Twitter, LinkedIn, Instagram, and TikTok to reach and engage audiences through a combination of profile management and launching paid campaigns is a common practice in Web2 social media marketing.

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However, in the context of Web3, this would entail employing decentralized social media networks and platforms that are based on blockchain technology. These should provide the same fundamental functionality as conventional social media networks with the added advantages of decentralization, enhanced user privacy, and security.

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And as I’ve mentioned before, the future of Web3 marketing is also anticipated to include a significant role in augmented reality solutions.

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Lastly, paid advertising still rules. There, I said it. A few Web3 platforms that have PPC advertising options available are AdChain, AdEx, MetaMask, Basic Attention, and Token ChainGuardian (BAT). These platforms give you a variety of opportunities to connect with users who are already engaged in Web3 activities.

## **What are your predictions on the ethics of future societies in relation to Web3?**

It's a thrilling time. But this is also a key moment for us. We have a chance to approach innovation with a "humanity-first" mentality and to learn from the mistakes of the past ten years. For those looking to invest in building infrastructure on new platforms, virtual properties are already being snatched up.

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The buyers' demographic currently is disproportionately male. If the virtual world fulfills its potential to be an integral part of a new internet age, then how one particular gender or race can decide what kind of world they want to build? This is deeply problematic. So, there’s an issue of diversity. If you’re wondering how we could build a more inclusive space, I believe that the first step to amplifying a spectrum of voices is to learn and understand the basics of Web3. Next, if you're in a position to do so, amplify underrepresented voices in the Web3 space. Still not sure where to start? Check out these inspirational women leading the way in __[crypto](https://www.fastcompany.com/90728063/crypto-is-overwhelmingly-male-but-these-womens-collectives-are-raising-their-voices)__ and __[NFTs](https://hackernoon.com/16-most-influential-women-in-nft)__.

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What’s more, we’re seeing new funding mechanisms. Decentralized autonomous networks (DAOs), for instance, are becoming more and more well-liked. Without checks, DAOs might also result in scams and dishonest behavior. DAOs allow people the power to organize and fund projects to assist community development and compel organizations to reconsider their methods. But in other cases, they can end up serving as a useful platform for bad actors to band together and expand their influence.

## **What do you think comes first - culture or community - in marketing?**

Oh, the chicken and egg debate. I’ll put it this way – a vibrant community needs a strong and positive culture to exist. Which comes first, though? While the two are frequently mistaken for being the same thing, they work together to create and maintain a ‘positive-sum flywheel dynamic’ that enables teams of like-minded individuals to achieve amazing things. The best example of this is how the WOW Summit event brings together communities and cultures from over 30 countries for a common mission.

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:::info
Would you like to take a stab at answering some of these questions yourself? The link for the template is [HERE](https://app.hackernoon.com/new?template=5TREND), just start writing! 

:::

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2022 - HackerNoon Contributor of the Year - Blockchain

2022 - HackerNoon Contributor of the Year - Women In Tech

‘Web3 Mass Adoption is Changing the World for Good,’ says Lakshmi Devan

Too Long; Didn't Read

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