The terms “Web3” and “metaverse” have been used interchangeably recently. But do you understand the distinction between them?
The advent of new technologies often brings both benefits and drawbacks. The internet, for instance, has greatly advanced communication and information access, yet privacy concerns continue to be a contentious issue. The same can be seen in the comparison of web 3.0 and the metaverse, as people seek to determine which is the better alternative.
Questions such as how these technology trends will shape the future of the internet and whether we will access it through the metaverse or web 3.0 are gaining increasing attention, particularly as major companies invest in the metaverse.
As the world grapples with understanding the metaverse, discussions surrounding web 3.0 also hold significant implications. By grasping the concepts of both, it becomes clear that both web 3.0 and the metaverse will have a substantial and lasting impact on the future of connectivity.
It’s vital to consider the distinctions between them and the effects they will have on digital technology’s future. This article aims to help you understand the distinctions between web 3.0 and the metaverse and how they can work together to shape the future.
Web 3.0, also known as the “new generation” of internet experience, is the next iteration of the internet since its inception. The first version, Web1, existed between 1991 and 2004 and was primarily a source for finding information. A small group of people created content, and access to information was static.
With the emergence of Web2, there was an increase in user-generated content, and people began interacting through social media. The web became a powerful tool for breaking down barriers between groups. However, Web2 also led to the rise of monopolistic companies, such as Google, Amazon, and Facebook, that controlled access to content.
For several years, experts have been speculating on what Web 3.0 will look like. In 2015, Ethereum blockchain co-creator Gavin Wood predicted that the future of the internet would be based on blockchain. Today, most experts agree that the internet will be decentralized and blockchain-based.
A blockchain-based internet means that technology and content will not be stored on a central server but on a network of computers. Instead of relying on websites that own and monetize the content and data of others, individual users will have more control over their own data.
The understanding of web 3.0 and the metaverse has undergone significant changes in recent years, particularly with the integration of blockchain technology. As a result, web 3.0 has shifted its focus toward building a decentralized web. You may question the need for decentralization in today’s web, where anyone can access the internet.
However, since a significant portion of the web is controlled by large tech companies, making a case for a decentralized web is stronger. In addition to decentralization, web 3.0 also encompasses other important topics such as Non-fungible Tokens (NFTs), Decentralized Finance (DeFi), and Decentralized Autonomous Organizations (DAOs).
Web 3.0 is focused on the future of how we will access and control content on the web, whereas the Metaverse is concerned with how we will experience the digital landscape of the future. The Metaverse is a vision of a future where digital and physical realities are combined.
The concept of the Metaverse can be difficult to grasp, but it is often thought of as an “embodied” version of the internet, allowing for more immersive interactions with digital content. It represents a future where individuals can invest in and build their digital identities, much like how we create our “physical” identities in the real world. This environment allows us to connect with communities around the world and engage in activities such as buying digital art or virtual real estate and exploring new environments through Augmented or Virtual Reality.
The Metaverse is built on a number of advanced technologies, including AI, XR, and blockchain. These technologies will enable more seamless connections between humans and computers and allow for greater immersion in the digital landscape. The use of blockchain is particularly significant, as it enables the Metaverse to be constructed in a decentralized environment, allowing individuals to retain control over their digital identities when engaging in virtual work or collaboration.
Web 3.0 and the metaverse are two distinct concepts with different definitions, underlying technologies, and scope of applications.
The metaverse is a digital world where users can interact with three-dimensional objects in virtual reality using VR headsets. It aims to create a virtual space where users can interact with other users and objects.
On the other hand, Web 3.0 is an evolution of the internet where users have control over their digital assets and online identities. It enables users to create, control, and monetize their content and relies on blockchain technology for decentralization.
In terms of the underlying technology, the metaverse requires various technologies such as connectivity, interfaces, decentralization, creator economy, experiences, and enabling technologies to function. Web 3.0 primarily focuses on using blockchain and cryptocurrencies to create a decentralized web.
Web 3 underlying technologies are NFTs, Cryptocurrencies, DAOs, and DeFi
The metaverse underlying technologies are Creator economy, Decentralization technologies, Connectivity technologies, and Human interface.
Regarding the scope of applications, the metaverse is still developing and has potential applications in areas such as entertainment, gaming, education, and social platforms. On the other hand, web 3.0 is a standard that applies to all internet users and can be applied throughout the web.
It is likely that we will see a combination of the Metaverse and Web 3.0 rather than one or the other. Both concepts share similarities and have the potential to complement each other. Cryptocurrency is a key component that could bridge the gap between the two, as it can serve as the foundation for the monetary and economic systems in both the Web 3.0 and Metaverse environments.
Cryptocurrency allows for easy and low-cost transactions worldwide and has become the go-to tool for buying and selling NFTs, which are a major link between the Metaverse and Web 3.0. NFTs allow for the creation and sale of unique digital items, and their uniqueness is ensured by an encrypted token on the blockchain. The market for in-game items in gaming alone is already worth around $50 billion.
Not only are small creators involved in this new economy, but major brands such as Nike are also creating NFT-backed products that exist in both the real world and the Metaverse, allowing them to have a presence in the new decentralized communities emerging in the digital world.
Rebuschain aims to provide the infrastructure necessary for the metaverse and web 3.0 to thrive by developing and featuring cutting-edge products based on both concepts.