Web 3.0 vs. Metaverse: what's the hype?
Harjit Singh
M&A Partner for Tech Enabled Businesses, Family Offices and Private Equity backed platforms
Web 3.0 is a revolutionary change that will fundamentalize the web by addressing some significant setbacks and shortcomings, such as data ownership issues or control over content creation. Utilizing decentralized protocols like blockchain to facilitate cryptocurrency transactions within this new internet age has sparked much curiosity among tech advocates everywhere! Most of you know this, right!
Now, the Metaverse!?
Many people are confused about it, not because of what it is, but because of the real life application of metaverse. Will we see it coming to life in our everyday uses? The answer, is a big YES!?
To simplify, Metaverse is a networked virtual world where people can connect in 3D. This future Internet will be facilitated by augmented and virtual reality headsets, similar to how video games are played today with controllers or joysticks for movement control purposes instead of using keyboard/mouse combinations which have been around before gaming consoles were introduced; decades ago!
And it is already happening and people are deciding on their digital avatars.?
Let's grab hold of 4 major differences that will help you quickly understand how these two terms are different!?
A Fundamental Check!?
Web 3.0 is creating a more democratic and decentralized internet. The user can be an owner or shareholder, not just someone who follows predetermined rules in this new web environment where no permission is needed to use it either!?
Whereas Metaverse wants everyone's virtual reality (their 3d world) established, so they have freedom from restrictions on what content we see online.?
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Who owns what??
Web 3.0, a concept that is willing to make the Internet public controlled property, has gained momentum as more people are becoming aware of its importance for democracy and freedom from corporate control.?
Experts assure that public internet control would make it challenging for corporations to own the Meta world. Tech mammoths are starting reformation or acquiring these firms to achieve their goals of controlling this new digital age already shaping up before us!
A Reality Update!?
Metaverses is a 3D world where you can interact with friends, objects, or places. For example, some games allow users from different parts of the Metaverse to play against each other on the creator's ground - they have their own private space!?
In contrast, Web 3.0 provides capabilities for cultivating content as well as owning it after payment has been made, which might include renting out spaces if desired by those who use them.
The Future?
Blockchain and cryptocurrency are the two most prominent players in shaping Web 3.0 Blockchain, which was first developed as an infrastructure for cryptocurrencies but has since been adopted by other industries like finance or insurance, provides trustworthiness through transparency while allowing decentralized organizations (DAOs) to execute tasks without relying on any single person's decisions alone. All this is possible because of how blockchains work!
And you know now that the Metaverse is an exciting concept built on the premise of augmented reality, human interface, and edge computing. The virtual world has been created by combining these technologies with 5g for high-speed internet access and wifi 6 (which will be available soon)!
So the future is definitely promising and full of tech-driven surprises and innovations.?
I have tried to highlight some basic yet significant differences that will help us imagine the world next to us! You might also feel excited because a lot of exploration is on our way!?