For some users, Metaverse is Web3.0 and vice versa!
Due to constantly changing and evolving versions of the Internet, today’s version is faster and quicker, while in the future, it will be in the best of its capacity. Today’s version of the Internet is incomplete without discussions of the duo Metaverse and Web3. Many users confuse them as the same thing; however, they are different!
The web3 is built on blockchain, decentralized autonomous organizations (DAO), and distributed technologies. The goal is to make the Internet more inclusive. Through this, a single user will not be able to shut it down and end a network or limit the flow of data just because they own the hardware on which the network is running. Web3 enables users to own the servers, systems, and networks on which applications run and the data is stored. The users can choose the rules and laws that will govern their use.
What is Web3?
Web3 is the Internet’s third significant evolution after the global web (web1), the Internet of the past, and the user-generated web, web2 or social media, the present Internet.
It was anticipated that the Internet’s future would likely be based on blockchain technology. The fundamental concept behind the technology is that data is decentralized and not stored on centralized servers owned by one hardware.
This is very similar to how a bank manages accounts of its customers when applied to money, notably cryptocurrencies, the most popular blockchain application.
In practice, this means that we will use social networks, search engines, and other apps that employ blockchains to allow us to control that data rather than spending all our time on websites (such as Facebook, Google, etc.) that own and commercialize the material and data we create.
Web 3.0 is already starting to take shape in some ways. Blockchain networks can be used for more than just financial transactions; they can also be used as distributed data storage systems. If Web 3.0 materializes as planned, it will be the foundation of the next generation of the Internet.
These include decentralized web browsers, which prevent adverts and let artists monetize and distribute their digital creations in novel ways, and non-fungible tokens (NFTs), which employ blockchain technology to aid.
What exactly is a metaverse?
The metaverse is focused on how people will interact with the Internet of the future, whereas Web 3.0 is primarily concerned with who will own and govern the future of the Internet.
Most of us currently use smartphones, computers, and tablets to navigate websites and apps.
According to proponents of the metaverse, we will utilize virtual reality (VR) technology to access the Internet tomorrow and travel between virtual worlds via digital avatars. These virtual worlds are all metaverses, and you can already explore a few of them online, such as Fortnite, Rec Room, Horizon Worlds, and Decentraland, a type of virtual gaming world developed by Meta.
How do the metaverse and Web 3.0 interrelate? What are the differences?
Web 3.0 and the metaverse are not the same things, but neither are they rival versions of the future of the Internet; one, both, or neither of them may materialize, and there may be some significant overlap. For instance, a digital artist might design an outfit for an avatar to wear in the metaverse and then sell it at auction alongside an NFT to generate money. This would grant the purchaser sole ownership of the attire; if others copied it, their avatar would thereby be seen donning knockoffs. The way we work, socialize, and more online may change as a result of the metaverse.
Another possibility is that we will experience Web 3.0 in the future.
That’s especially plausible if the tech sector is unable to get past the existing technology constraints. Intel recently stated that the metaverse would require processors to be 1,000 times more efficient, but we have yet to see a comfortable, inexpensive VR headset.
The possibility of cryptocurrencies serving as the basis for economic and monetary institutions in the metaverse is perhaps the clearest. It stands to reason that if the metaverse is a virtual version of the natural world, people will want to go shopping, make money, and start businesses there.
Because they don’t require brokerages, clearinghouses, banks, or exchanges to enable consumers to trade and invest in currency tokens that they already hold, cryptocurrencies provide a ready-made platform for this. All you would need to provide your avatar for it can survive and thrive in these brave new realms is a wallet that is saved on your computer. Most of them are decorative goods that people don’t wear for any other reason than to personalize their in-game homes or avatars. This is where non-fungible tokens, or NFTs, come into play. NFTs, another essential component of the web3 vision, enable the existence of unique goods in virtual environments. This is because it is represented by a token on an encrypted blockchain, unlike much of the digital data which makes up social media, the Internet, and virtual realities, which cannot be infinitely copied.
Because of this, the giants like Nike are already producing footwear and apparel that can only be purchased online.
From a technological perspective, Web3 gives the opportunity for the basic foundations upon which digital worlds are created to be developed on decentralized platforms, which is maybe most intriguing. For instance, the Ethereum blockchain is used to power the entire realm of Decentraland. This implies that consumers can purchase land parcels that inherently belong to them using the virtual currency Ether rather than a business that owns the servers where it is kept. In addition to potentially making money as the value of the property increases (much like with real estate), this also gives them the power to put limits on what is allowed and what is not.
In decentralized virtual worlds, people can vote and exercise democratic rights to affect how the universe functions. Smart contracts, which are rules built into the blockchain and designed to operate autonomously, can also be used to carry out governance. Simply launch a campaign to encourage people to cast ballots for the desired improvements. It’s a big cry from the digital autocracies where businesses set the rules, and we have to either agree with them or quit.
The sums up the main differences between web3 and the metaverse, as well as the ways in which they are connected in various ways. The enthusiasm about the ways they can work together is because they both have the ability to make the other more than they presently are.
Also Read, The Correlation Between Blockchain And NFTs