You’ve heard of both Web3 and the Metaverse. You understand that they are the future, but since they are both so brand new, it’s easy to be confused. Aren’t Web3 and the Metaverse the same thing?
We hear you and your questions. All of these technologies are only just emerging. Some folks are making it sound like Metaverse and Web3 are interchangeable terms when they aren’t.
Web3 vs. Metaverse
Think of Web3 as a salad and the Metaverse as a tomato. That tomato might be a part of a salad, but both salad and tomato can absolutely exist separately (and be delightful). However you enjoy your tomatoes and salads, they are not the same thing and shouldn’t be confused for each other. A salad is a LOT more than just a tomato. A tomato can thrive with or without the salad.
The same goes for Web3 and the Metaverse.
Web3 and the Metaverse are different. As Bhijan Neupane puts it, “Web 3.0 and Metaverse are inextricably linked with each other if we are talking about the future of internet technology, however there are a few differences between them.“
So, let’s distinguish between the two.
What is Web3?
In the most simple explanation, Web3 (or Web 3.0) is the next generation of the internet. Entrepreneur.com explains that “Web 3.0 is positioned to revolutionize how we interact with data and each other online. This new version of the internet will be powered by decentralization, encryption, and a shift from server-client interactions to peer-to-peer interactions.”
This new decentralized web will operate along peer-to-peer networks, and be governed by decentralized autonomous organizations (DAO). Or, that’s the idea. Our personal data, which is currently being harvested and sold to make money from us on Web 2.0, can become a currency of its own.
We are already seeing the decentralization of commerce through blockchain technology which allows users to buy and sell goods with cryptocurrencies that are detached from national treasuries. The building blocks (chains) are already being built to allow for Web3 tech to grow.
What is the Metaverse?
Like Web3, the Metaverse is still in its infancy. This makes it equally hard to imagine beyond the technologies that are already in use today. We think that the Metaverse will be a virtual world, where users create avatars and navigate virtual space.
Most conceptions of the Metaverse involve Virtual Reality (VR) technology, so many people equate it with playing games. In all likelihood, as we discuss on our blog, the metaverse will be much more than that. We think that it will combine aspects of social media, the buying and selling of digital assets, and may even revolutionize retail in the real world.
Web3 vs the Metaverse: A Prediction
It seems likely that all or part of the Metaverse will operate on Web3 technology. It is also possible that both virtual concepts will function wholly independently. There are parts of Web3 tech already in play in today’s Metaverse, and there will probably be virtual reality intersections in Web3.
Learn how you can merge the magic of XR with the power of Web3 with Ocavu here.