Web3 and Metaverse: Why Learning the Difference is very Critical?

Published on:

13 Jul 2022, 10:00 am

Of late, the terms "metaverse" and "Web3" have been used interchangeably. But do you know the difference?

It is crucial to understand what the decentralized web is. The Web2 that people have nowadays is highly centralized in the hands of big corporates, but this is rapidly evolving to Web3. At the same time, the Metaverse is how the internet or virtual worlds will merge and integrate into our lives so that we will be able to interact with them seamlessly. Let's explore more in this article on the differences between Web 3.0 and the Metaverse and how they will complement each other in the future.

What is Web3?

The web3 revolution will utilize decentralized protocols such as blockchain, the technology used to facilitate cryptocurrency transactions. By addressing the key issues of data ownership and control, it hopes to address some of the major setbacks and shortcomings of the current internet age.

What is Metaverse?

A metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, it is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets.

WEB 3.0 V/S METAVERSE:

Objective

Web3 aims to connect software to users without the need for intermediaries. Its goals include making the web more decentralized, verifiable, and secure. True to these goals, no central authority is controlling the development of Web3. Whereas, Metaverse incorporates digital experiences, setting the stage for people to interact, work, connect, or merely exist in a virtual landscape. These individual spheres have unique sets of privileges and ways of functioning.

Application

Web3 is the process engine that utilizes blockchain advancements. The Metaverse is a new dimension that encompasses health, gaming, film, concert, entertainment, social platforms, education, and virtual training approaches that make use of Web3 technology to achieve their objectives.

Fundamental difference

While Web3 is primarily concerned with who will rule (tech giants or individuals) and govern the internet in the future, the Metaverse is concerned with how users will interact with it. A large section of people now use computers, smartphones, and tablets to navigate websites and access apps.

Ownership battle

The goal of web3 is to keep the internet out of the hands of tech behemoths and make it public property. The crypto world bitcoin market is one of the most successful instances. On the other hand, tech behemoths are already reforming or attempting to purchase metaverse enterprises to govern this environment. Experts, on the other hand, assured that public internet regulation would make it difficult for companies to manage the meta world.

How do Web3 and Metaverse complement each other?

Both the technologies of Web3 and the Metaverse complement each other perfectly. Although the Metaverse is a digital space while Web3 favors a decentralized web, it could serve as the basis for connectivity in the Metaverse. On the other hand, the creator economy in the Metaverse can nicely supplement the vision of Web3 by developing a whole new financial world with the implementation of decentralized solutions.

As we move towards decentralized Web 3.0, we need to consider what kind of internet we want to underscore in the Metaverse. As the Metaverse is all about the merging between virtual and physical worlds, it is very important to have an interoperable and open source public chain to ensure different virtual worlds will be able to interlink, bringing assets from one to another and able to overlap each other seamlessly.