Web3 V/S Metaverse

The network of 3D virtual worlds projected under animations is the science fiction we’re living in.

The different sort of avatars you create for yourself within this virtual box provides you with an identity for yourself in another dimension. Introducing Metaverse aka Meta as a wide concept to bridge the gap between cell phones and humans to create spaces for rich user interaction mimicking the real world.

The metaverse can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media.

Advertising in the virtual world: In the next ten years, the metaverse is expected to sign on a billion users and eventually earn over $1 trillion in revenues.

This presents a massive opportunity for brands, marketers, and advertisers. Investment fund and crypto company, Grayscale, notes that the metaverse will enable new revenue streams via advertising, digital events, e-commerce, and hardware – and we believe that advertising probably has the least barriers to entry.

Metaverse real estate could be treated as digital ad spots, and consumer data based targeting mechanisms are already in place.

There are two ways to look at the metaverse opportunity in advertising:

• ?First, it is an additional channel in your marketing mix, just like you have a branded mobile app, banner ads on Google, an analytics-enabled website, and social media presence (both organic and sponsored). The metaverse, too, will have its own unique ad formats that come with full marketing attribution so advertisers can track traffic and invest intelligently.
• Second, the metaverse can be viewed as a new medium for storytelling. Apart from traditional ads like the ones that pop up on Google, Facebook, LinkedIn, etc., you can have immersive ad experiences that tell the brand story.

The Impact of the Introduction of the Web3 Concept in the Company's Business Model:

The History of Web 1.0. & Web 2.0.

In a nutshell:

Web 1.0. — We click and type.

Web 2.0. — We swipe

Web 3.0 -- We immerse and engage with people in Virtual Reality worlds.

More and Better Data

Web3.0 being on the blockchain will give us better open access to data and as a marketer, there will be valuable information in these rich data stores that can help us better understand consumer patterns and preferences.

dApps

Stopping thinking about building apps for your Business but instead start thinking about how you could be building dApps (decentralized Apps).

Publish limited edition Branded content as NFTs

With blockchain technology you can mint limited edition content as NFTs and give these to your biggest brand advocates.

Use creator coins to reward customers and advocates

Similarly you could create Coins that you can use to reward your loyal customers.

Pay people to consume your content

With Cryptocurrencies you can even reward users (with low transaction fees) for consuming or sharing your content. Using the Brave Browser this is actually possible now.

Why do some people think they are the same thing?

Firstly, both the decentralized web (web3) and metaverse have been, at one time or another, referred to as "web 3.0" – an identifier used simply to state that they represent the third major iteration of the internet. However, some people have described web3 as “the immersive web” – a new generation of the web which is primarily differentiated from what existed previously by its "immersiveness". The metaverse, in other words!

And secondly, and perhaps most significantly, another reason that they are often conflated with each other is that they cross over in some very important ways. The technology that’s used to build web3 – which includes blockchain, and blockchain-based cryptocurrencies like Bitcoin and Ethereum, and NFTs – unique digital “objects” that are stored on a blockchain – all have huge implications for the way we will make use of the virtual worlds of the metaverse for work, play, socializing and learning.

How will they come together?

Web3 offers the possibility for the very foundations that digital worlds are built on to be built on decentralized platforms. Decentraland, for example, is an entire world built on the Ethereum blockchain. This means that users can use the Ether virtual currency to buy plots of land that intrinsically belong to them and not to a corporation that owns the servers where they are stored. This doesn't just mean they could profit as the land rises in value (just as with real estate), but it means they can set rules about what can or can't happen there.?

In decentralized virtual worlds, governance can be carried out via smart contracts – rules baked into the blockchain and designed to execute autonomously – and users can vote and exercise democratic rights to influence how the universe works.?

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