The Difference Between Web3 and the Metaverse

What distinguishes web3 from the metaverse? Web3, also known as Web 3.0, and the Metaverse are two buzzwords right now. If you were to look at the coverage, you might mistakenly believe that they are talking about the same thing. Let's look at what they are, where they differ, and where they overlap in order to better understand how they relate to one another while also describing various concepts.

Web3 is, to put it simply, a decentralized internet that runs on distributed technologies like blockchain and autonomous decentralized organizations rather than being centralized on servers owned by people or businesses. The objective is to make the internet more democratic so that no one organization will be able to control the flow of information or shut down a network just because they own the hardware it's running on.

Theoretically, the users themselves will control the servers' networks and systems, and they will have the power to vote on the rules that will govern their use. It is known as web3 because it is believed to be the third significant evolution of the internet, following the original World Wide Web (Web1) and the user-generated social media web (Web2).

On the other hand, the term "metaverse" is actually a colloquialism for virtual environments where users can engage with each other and apps and services in a much more immersive manner. The phrase "metaverse" originally debuted in Neil Stephenson's science fiction book "Snow Crash," where he envisioned a virtual reality universe. Since then, the idea has become popularized by works of fiction like "Ready Player One" as well as films like "The Matrix."

Today, science fiction and technology are swiftly catching up. According to a survey by Erickson, seven out of ten respondents think that by 2030, they will be able to join virtual worlds that seem exactly like the real thing. In a broader sense, online venues that aim to create immersive surroundings are called the "metaverse." Therefore, games like Fortnite, which has served as the location for virtual concerts and that allows companies to create branded environments, can be regarded as metaverse experiences.

Why do people believe that they are the same thing, then? First, neither of them is fully understood by anyone at this point. Both are being built in great detail by numerous individuals and groups, each with their own ideas for what they should be once complete. For instance, the Meta formula Facebook stated that it would invest at least $10 billion in the development of the metaverse concept by 2021, however, its idea of what the metaverse will be differs greatly from that of those who think it should be decentralized and independent of large firms like Meta.

Second, the term "web 3.0" has been used to describe both the metaverse and the decentralized web of web3, a phrase used merely to indicate that they stand for the third significant iteration of the internet. Google "web3" and you'll see that some people refer to the immersive web as "web 3.0." The immersiveness, or "metaverse," of a new generation of the web, sets it apart from earlier versions.

Thirdly, the fact that they overlap in some crucial areas furthers the confusion. We will use the virtual world in the Metaverse for work, play, socializing, and learning in a very different way as a result of the technology that is being used to build web3, which includes blockchain and blockchain-based cryptocurrencies like bitcoin and Ethereum as well as NFTs unique digital objects that are stored on the blockchain.

Consequently, how do they combine? Cryptocurrencies may be the most obvious candidates to serve as the Metaverse's economic and monetary system's cornerstone. People are likely to desire to shop, make money, and start enterprises in the metaverse if it is the virtual equivalent of the actual world. Who would actually want to own a digital asset that isn't even scarce, and what would you want to buy in the Metaverse?

NFTs have a role in this situation. NFTs, which allow for the existence of distinctive goods in virtual environments, is another important component of the web3 vision. This is due to the fact that it is represented by a token on an encrypted blockchain, unlike the majority of the digital data that makes up the internet's social media and virtual realities, which cannot be infinitely copied simply by utilizing copy and paste. This is the reason why businesses like Nike are already producing NFT-supported footwear and apparel that only exists online. Why should they act any differently in the virtual world when they shell out hundreds of dollars for pricey footwear in the real world just because they are limited editions?

Lastly, the ability to create virtual worlds on decentralized networks is another feature of web3. For instance, the Ethereum blockchain is used to power the entire realm of Decentraland. This implies that consumers can purchase land parcels that are theirs and not the property of a company that owns the servers where they are housed using the virtual money known as ether. They can profit as the value of the land increases, just like with real estate, but they can also impose restrictions on what can and cannot take place there.

I hope this has helped clarify some of the ambiguity surrounding the distinctions between Web3 and the metaverse and emphasized the reality that both can enhance one another's current states, which is why there is so much interest in the possible interactions between both.

About Author

Tolu Fasanmi is a Web3 advisor, speaker, educator, content strategist, and an industry-wide technical writer for SaaS, B2B, and B2C.

If you’re in need of short or long-form technical blog articles for your Web3 platform, or if you’re in need of a content strategy that will help drive traffic to your website and generate leads that convert, please shoot me an email at ([email protected]) or connect with me on?Linkedin. I look forward to working with you!