Any emerging blockchain concept is automatically associated with web3, including the metaverse. Since the two concepts are still nascent, people often confuse one for the other and sometimes use them interchangeably. However, despite being decentralized to social media and the internet’s future, both have differences. Here, we look at what metaverse and web3 are, how they differ, and how they could coexist in the future.
People believe they have absolute control over the content they upload on social networking sites like Instagram and Facebook. Let’s dispel the myth! We do not own the metadata we produce on web2Â (the current version of the web). However, web3, the future of the internet, is gaining popularity and will empower users to regulate the material they publish on social media.
Web2 is heavily centralized and is concentrated in the hands of the world’s largest corporations today, but it is rapidly evolving towards web 3.0, or simply Web3. On the other hand, the metaverse is how the internet and virtual social worlds will blend into our lives, letting us interact through a unified interface. Let’s learn more through this article, which focuses on the definitions of metaverse and web3, the differences between the two and how they will interact in the future.
Web 3.0 and Metaverse Explained
Web3 and metaverse are two buzzwords that have exploded in popularity in the contemporary digital age. Both concepts foreshadow decentralized internet and social media scenarios. But, there’s more to each of them.
To dig deeper, we begin with unraveling what web3 exactly is. Web3 is referred to as the â€œthird-generationâ€ of the internet. It is often alluded to as the semantic web or spatial web. If we break the internet’s evolution into segments, the first would be basic online pages, and the second would be apps, social media, and widespread adoption. Emerging blockchain-based web would be internet 3.0. It’s basically a more user-friendly, secure, private, and accessible internet.
The web evolution. Source: ElastosOpens a new window .
Not to overlook the most significant feature â€“ web3 is a decentralized concept, built on distributed technologies such as blockchain and decentralized autonomous organization (DAO), rather than being centralized on servers and operated by individuals or companies.
We now know what web3 is, but what is its point when we already have web2?
The objective is to design a more liberalized internet. It shouldn’t be like â€“ one entity restricts data flow or terminates a connection because they own the hardware on which the connection runs. In principle, consumers should control the servers, computers, and networks from which apps are launched and where data is stored. Web3 will ensure that users can define rules and make the best use of their abilities.
Outlining the difference â€“ metaverse vs web 3.0
A metaverse is a sustained, digital universe linked to many features of the actual world, such as people, locations, and objects, allowing for shared experiences across the two worlds. It was first used in Neal Stephenson’s science fiction novel â€œSnow Crashâ€ in 1992, even though it appears to be an adapting expression.
Individuals are perplexed by these concepts (metaverse and web3) and may use them interchangeably since no one can precisely describe their meanings as they are new and evolving. Facebook and Microsoft, for example, use the term â€œmetaverseâ€ to describe their respective visions.
But, there’s a lot of difference between the two, however complementary they may be.
The metaverse is an immersive digital realm where three-dimensional objects interact by wearing VR glasses that allow people to engage with other users and digital items. Web3, on the other hand, represents a significant advancement in the management of digital goods and online personas. Users may produce, own, and monetize their content via web3. Consequently, web3 is a concept for the next generation of the world wide web, in which individuals are in charge of their inventions.
Why Web 3.0 has become the most recent craze?
The benefits around web3 entitle it to become the most anticipated web generation. The deployment of web3 may take some more time, but it is already among the upcoming trending technologies. It took more than ten years to move from web 1.0 to web 2.0, and web 3.0 is predicted to take almost as long, if not longer, to deploy and transform the status quo. However, others feel that the technologies that will eventually make up and characterize web3 are presently being created. Metaverse is one of them.
So, what’s the buzz around web3?Â
Benefits of web3. Source: ElastosOpens a new window .
Web3 enhances and expands on the capabilities of web2 to their maximum extent. When comparing web2 to web3, it’s clear that web3 websites will be significantly more interactive and user-friendly while protecting sensitive data and maintaining privacy.
To make web3 sites permissionless and untraceable, decentralized apps will be created using peer-to-peer networks or blockchains (or both).
The rise of autonomous social media networks will be fascinating to watch. Instead of exploiting user engagement, web3 might incentivize it in some way.
Metaverse and Web3 â€“ compatibility and future
Cryptocurrencies, maybe most clearly, might serve as the metaverse’s economic and financial basis. If the metaverse is a virtual representation of the actual world, it’s safe to assume that people will want to trade, make money, and start companies inside that world.
Cryptocurrencies do not require financial institutions or marketplaces to facilitate transactions since they provide a pre-built framework. Now there’s a problem. In the metaverse, what would people genuinely prefer to buy? Will people buy the real digital things, or is it just a colony of bumblebees buzzing around?
The in-game merchandise market in video games was worth $54 billion by 2020. The bulk of them is purely aesthetic items that gamers buy to enhance their in-game avatars or residences or simply to boast about.
This is where non-fungible tokens (NFTs) come into play. NFTs have a strong chance of becoming the metaverse’s dominant currency. They can make it possible for anyone to prove their ownership of anything in the metaverse. Assume that a territory exists in the virtual world. The auction of that property will be conducted using NFTs.
Besides, NFT is another fundamental component of the web3 paradigm that allows for the existence of distinct goods in digital environments. Since it is embodied by a token on an encoded blockchain, it cannot be simply replicated, unlike much of the digital material that makes up the internet, social media, and virtual worlds.
Web3 will leverage blockchain technology to achieve true decentralization. This will be the first main step into the metaverse and the most current innovation in the technology that drives the internet. It won’t be incorrect to state â€“ only web3 will allow for a fair metaverse with digital data ownership via NFTs.
Can web3 and metaverse change the way we interact with the internet today? Comment below or let us know on LinkedInOpens a new window , TwitterOpens a new window , or FacebookOpens a new window . We would love to hear from you!