Web3 Vs. The Metaverse

  • 10th May'22
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Internet and modern technologies keep evolving, but the development of new technology brings mixed proportions and scenarios for the users. For example, the internet came years ago, but privacy concerns are still a huge topic of discussion and debate. The same phenomenon is evident in web3 ( also known as web 3.0)  and the metaverse compared to their use and identity. These two terms are gaining hype and attention in the business and technology world. 

Do you know? What is the exact difference between web3 and the metaverse? Will they help to shape the internet's future? Many such questions have been gaining a lot of attention recently, especially since big giants have decided to enter the metaverse. However, you can understand the basic difference between them by understanding what they are. Therefore, in this blog, we will find out the difference between web3 and the metaverse. So, here we go! 

 

An Overview of Web3 

The term Web3 was first coined by Gavin Wood in 2014, who believed that decentralized technologies are the only hope of preserving liberal democracy. Although, there is no specific definition for web3. Why? Because the concept is still developing. However, it can be explained as an idea for a new iteration of the World Wide Web based on blockchain technology.

It is a revolutionary shift in the way the web works. According to Tim Berners Lee, The father of the internet, “ The semantic web would be the next big milestone in the evolution of the internet.”

The web3 applications run on blockchains, decentralized networks of many peer-to-peer nodes, or a combination of the two that forms a crypto-economic protocol. These are referred to as dApps ( decentralized apps).

 

An Overview of Metaverse 

Metaverse is the talk of the town.  Everyone is talking about the metaverse, be it big tech tycoons or business giants. The hype has forced industry experts to wonder about the potential implementations and disadvantages of the metaverse. But, what exactly is metaverse? In easy words, the metaverse is a three-dimensional version of the internet.

According to a venture capitalist, Mattew Ball, “ The metaverse is a massively scaled and interoperable network of real-time rendered 3D virtual worlds which can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence, and with continuity of data, such as identity, history, entitlements, objects, communications, and payments.” 

 

Web3 Vs. The Metaverse

 

Web3 Vs. The Metaverse 

To clear the confusion of our readers, it becomes important to reflect on the differences between their implications and their future.

 

Web3 Vs. The Metaverse: Definition 

Web3 is a new iteration of the internet that focuses on creating a decentralized web. On the other hand, the metaverse is defined as the space that would blend virtually augmented physical reality with physically persistent virtual spaces. 

 

Web3 Vs. The Metaverse: Technology 

The underlying technologies of web3 are:

  • Blockchain and cryptocurrencies. 

  • NFTs ( Non-fungible tokens) 

  • DeFi ( Decentralized finance) 

  • DAOs ( Decentralized autonomous organizations) 

 

The underlying technologies of the metaverse are:

  • Human interface.

  • Creator economy

  • Connectivity  technologies 

  • Decentralization technologies.

 

Web3 Vs. The Metaverse: Applications 

The metaverse is an emerging dimension that is widely used in movies, entertainment, gaming, education, and social media platforms. Web3, on the other hand, is a next-generation internet standard.

However, it is too soon to judge the capabilities of the metaverse as it is still under development. Moreover, web3 would be applicable throughout the web rather than any specific applications. 

 

Web3 Vs. The Metaverse: The  Future 

Web3 is an advancement over Web2.0 and allows online activities to be carried out on it - while the metaverse describes a futuristic period of computers that enables humans to enter the digital domain. 

 

difference between web3 and metaverse

 

Conclusion 

I hope by reading the blog you are clear about the difference between metaverse and web3. They both are fundamentally different concepts but closely related. Cryptocurrency could be the foundation of the economic and monetary systems in the metaverse, and the metaverse can nicely supplement the vision of web3. 

It is said that the metaverse of web3 will manifest the new decentralized world reality appearing in the virtual world. It will be interesting to watch how metaverse and web3 come together and shape the future. 


We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. Do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

KAJAL THARWANI, OpenGrowth Content Team

An explorer who takes risks and learns from her mistakes. An aspirational content writer, studying social work. Kajal loves trying her hands in different crafts.


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