There are other issues that encircle the rise of Web3 and blockchain. In the short term, Web3 still needs to address issues of network volatility, cybersecurity (such as key storage), and energy usage—a pressing concern on which complementary chains to Ethereum are working. Additionally, as an arena dominated by libertarians, finance professionals, and computer engineers, the gender dynamics skew heavily male. According to our research with Vox Media, only 25% of US women admit they are familiar with blockchain—compared to 46% of US men—weaving potential gender biases into Web3’s social fabric. For example, Uniswap, a popular blockchain exchange, gave its early users control over governance protocols (a common practice across Web3)—which means Uniswap’s predominantly male early users will have the power to decide the governing protocols, whereas later joining users, including women, will have less of a say.

Web3’s rapidly evolving ecosystem leaves us with more questions than answers. Will crypto replace the US currency as the global reserve? Will NFTs become a prominent status symbol, or fade away as a fad? Will a future where everything is tokenized be more democratic or more dystopic?

As branding experts, what is clear to us is that community building will no longer be a concern only for marketers—it will be at the core of these brands’ survival. Everyone will become both investor and shareholder, making it critical for businesses to cater to the collective needs of the community. We can only hope that this emerging generation of founders build conscious companies from the outset that can rise to meet the challenges of a truly decentralized, multi-nodal internet.