Web3 vs. Metaverse: The widespread assumption that Web 3.0 and the Metaverse are similar is one of the most widespread misunderstandings of the current iteration of the Internet. Despite their similarities and shared features, these are not the same thing. You are risking your future Metaverse project if you don’t understand them.
Learning the key distinctions between Web 3 and the Metaverse is the first step toward successfully navigating these two environments. Here, we’ll break down the differences, allowing you to approach your next innovative project with a plan in mind.
What Is Web 3?
The third generation of the Internet, or Web3, is currently under development. With the help of artificial intelligence (AI), machine learning (ML), Big Data, decentralized ledger technology (DLT), and other technologies, websites, and apps of the Web3 will be able to process information in a way that is strikingly similar to the way that humans do.
Tim Berners-Lee, the creator of the World Wide Web, first proposed Web3, then known as the Semantic Web, to create a more decentralized, intelligent, and open network.
Extending the Web3 definition, we can expect data to be interconnected in a decentralized manner, which is a huge improvement over the current generation of the Internet (Web 2.0), where data is primarily stored in centralized repositories and is therefore vulnerable to manipulation.
What’s more, data will be interactive for both humans and machines. However, this can only occur if computer programs can grasp data on both a conceptual and a contextual level. This is why the semantic web and AI systems are the backbones of the Web3 architecture.
Why Does Web3 Matter?
One unique aspect of crypto is the inherent trust it provides.
If trust can be set by code, there would be no need to rely on intermediaries in most transactions. They:
- Avoid relying on financial institutions by paying people directly
- You can negotiate the terms of a contract without hiring a lawyer.
- Avoid relying on social media as a source of income.
As confidence grows, so does the desire to take ownership. Workers can keep more of their hard-earned profits by cutting out the intermediary. Web3 is significant because it represents a decentralized internet in which users, rather than corporations, control the network’s infrastructure.
What is Metaverse?
A metaverse is an online, 3D environment where users can engage in collaborative activities with one another and with artificially intelligent entities such as avatars. It’s an online simulation that relies on the global computer network we know as the Internet. Social networking, online gaming, learning, and professional development are just a few of the many applications of metaverses. They can be used to make simulated versions of the real world, or they can be used to make something completely different and unbelievable.
They provide a one-of-a-kind, fully immersive experience that can’t be found anywhere else online. They’re always getting better and bigger, and there’s always something new to learn or try with them. You may be hearing more about the Metaverse than ever before, what with Facebook’s recent announcement that it would be rebranding as Meta.
How Does the Metaverse Work?
To comprehend the inner workings of the Metaverse, one must be familiar with its foundational principles.
The Metaverse is widely regarded as “the future of social media,” It encompasses a wide range of possible virtual experiences, including but not limited to gaming, virtual events, social interactions, and much more.
Both virtual reality and virtual economics are essential to the functioning of the Metaverse. Check out the connection between these two and the Metaverse.
Virtual Reality: As VR further dissolves the boundaries between the real and the virtual, it plays a pivotal role in enhancing the overall immersion of the Metaverse.
Virtual Economies: Players can buy and sell virtual goods using the game’s digital currency in each Metaverse. Decentraland uses MANA; the Sandbox has SAND, etc. Cryptocurrency exchanges like Binance and Coinbase allow users to trade virtual currencies for fiat currency. Connecting users’ wallets to these services enable them to begin making purchases.
How Do Web 3.0 and Metaverse Relate to Each Other?
It is important to distinguish Web3, the next stage of the Web’s development, from the Metaverse. The Metaverse is a virtual reality-based online parallel universe where users can engage in simulated 3D interactions with one another and virtual objects. It’s a step toward making the Internet a fully immersive, three-dimensional experience. Users can create virtual versions of themselves using an avatar creator on this social, interactive, and immersive platform. In addition to interacting with other users in real-time, they can also buy and sell virtual goods there. Blockchain concepts like digital identification, smart contracts, and decentralized applications are discussed in greater depth on Web 3.
Web 3.0 V/s Metaverse:
Web3 marketplace development is the next generation of technology that aims to create a decentralized and democratic internet. Anyone, not just huge corporations in the tech industry, can own shares in the company. In Web 3, users are not required to ask for permission before acting by established norms. The Metaverse infrastructure aims to supply its users with a fully immersive, interactive, and 3D virtual environment.
The Application’s Scope
Web3 can be used anywhere on the Web. It will take time to develop Metaverse, and some areas are still under scrutiny, but work is underway.
Web3 uses blockchain, cryptocurrencies, DAOs, NFTs, and Defi. At the same time, Metaverse uses Connectivity technologies, Human interface, Decentralization technologies, Experiences, and a Creator economy.
Web3 aims for infrastructures that are either peer-controlled or blockchain-controlled. Metaverse focuses on MR/XR infrastructure, while AR/VR is the primary target of the platform.
With DAO (Decentralized Autonomous Organization), AI, and the Blockchain, Web3 can function autonomously. Additionally, 5G connectivity, augmented reality, brain-computer interfaces, cloud computing, blockchain technology, digital twins, the creators economy, and AI all contribute to the operation of the Metaverse.
What Do Web3 and the Metaverse Have in Common?
Simply put, the Metaverse can only grow to its full potential once its users start doing mundane tasks in 3D there. If this happens, the interaction will lead to safe digital transactions using NFTs or other assets, ushering in a new digital economy.
Web 3.0 Vs. Metaverse: Similarities
Despite these five key differences, Web 3.0 and the Metaverse have a shared conceptual grounding. Both are integral to the ongoing revolution in how we engage with digital technology.
For your reference, we have listed the following similarities:
- Many developments with blockchain create the same common ground in both terms from a technological perspective. Each proposed improvement to the blockchain technology is analyzed for its suitability as a component of the Web 3.0 engine that will drive Metaverse products and services.
- They have an inherent connection to one another. Although Web 3.0 is still commonly referred to as “decentralized,” the Metaverse will remain “centralized” regarding social media controlling platforms despite its continued existence in the surface and deep webs.
- Access to the online world is unrestricted, thanks to the Internet and other open, trustless, permissionless networks. Both aspects—their decentralization and accessibility—will be available to the public.
- Both are cutting-edge innovations that will continue to advance. Artificial intelligence and a sleek user interface will power the new tools.
- They want to revolutionize online content distribution by investing in cutting-edge web technologies. Both technologies help users enter the virtual and physical worlds with distributed options made possible by the Internet of Things.
- Both use state-of-the-art web technologies like HTTP 2.0. Distributed computing is crucial to the used patterns. To succeed, both must be well received by the public.
Despite Web 3.0’s initial skepticism, NFTs, DAOs, and P2E games have recently experienced meteoric expansion. The full integration of Web 3.0 and Metaverse, which would allow for the most immersive experience, still has a long way to go.
A new, decentralized, and open virtual reality is taking shape thanks to Web 3.0 and the Metaverse.
Use tools like Metaverse and Web 3.0 to venture into the wide-open decentralized world.