Web 3.0 and Metaverse are creating quite a buzz in the business technology world. Based on two different concepts, Web 3.0 and Metaverse relate to each other in many ways. While there are a lot of similarities and differences between the two, Web 3.0 vs. Metaverse can be a debatable topic. So, let’s find out how similar or different they are and look at touchpoints where Web 3.0 and Metaverse come together.
It is also vital to reflect on their applications from the tech point of view. The first and foremost commonality is that both web3 and Metaverse are developed using Blockchain technology, which makes it difficult to differentiate the two. But, before debating on their commonalities and disparities, let’s look at the common definitions of Web 3.0 and Metaverse.
What is Web 3.0?
Simply put, Web 3.0, also known as Web3, is the evolution of the Internet that includes community ownership and regulation of the Internet as a whole. Web 3.0 brought the open Internet built with open-source software, allowing anyone to create, utilize and modify.
In other words, open internet users don’t need permission from governments or regulatory bodies, and their interactions are neither tracked nor governed by a trusted third-party regulatory body. Among the most prevalent forms of web 3.0, cloud technology and AI are the two most prominent manifestations.
What is Metaverse?
Metaverse is a 3D virtual network often described as a hypothetical iteration of the Internet and the universal virtual world. The development of virtual world platforms has led to the emergence of various popular use cases of the Metaverse. For instance, the integration of the virtual & physical world and virtual economies is one among many Metaverse iterations. Also, increased immersion in virtual reality technology is often associated with Metaverse development.
Commonalities of Web 3.0 and Metaverse
Built on Blockchain technology, the Metaverse and Web3 are indistinguishably similar. In many ways, Blockchain is the connecting dot between the two technologies. Connected by the semantic web, the Metaverse and Web3.0 largely depend on AI for the development of a complex user interface. Metaverse is a new dimension that employs Web 3.0 tech advances to achieve its target.
One among many technological breakthroughs made with Blockchain is a potential module that will incorporate the Web3.0 engine to drive the Metaverse products and services. Web3 is widely referred to as decentralized, while the Metaverse is centralized in terms of social media governing platforms. It is also important to consider that Metaverse and Web3 are still in their embryonic state.
Having said that, it becomes inevitable that these technologies ought to take a completely different form within a couple of years. As with any technology, the more they evolve, the Metaverse and Web3 will be used differently than intended. The rise of 5G technology will ultimately have a much more intense impact on these technologies, allowing them to evolve and enter the mainstream market.
Disparities of Web3.0 and Metaverse
Though finding differences between the Metaverse and Web3.0 often leads us to more confusion, there are some distinctive disparities between the two. For instance, Web3 provides users with decentralized ownership and control over the Internet. While being a shared digital environment, Metaverse allows people to communicate and engage in real-time interaction without ownership.
Another major difference lies in how these technologies are used, meaning, Web3 describes how the Internet can be used and regulated. In contrast, the Metaverse is used in gaming, social media, shopping, and other experiences. The Metaverse uses technologies like AR/VR and digital currency. On the other hand, Web 3.0 only uses blockchain technology to build a decentralized web.
Interoperabilities of Web 3.0 and Metaverse
Blockchain not only brings these digital environments together but also makes them interoperable and scalable. The Metaverse allows users to interact with each other and virtual items in a 3D environment, where they can build avatars to represent themselves on this immersive, interactive, and social platform.
Web 3.0 gives users the freedom to access their data and provide services to each other while controlling the aspects of the Internet without needing the big tech. Metaverse creates 3D virtual world, whereas Web 3.0 decentralizes an infrastructure that allows people to generate and manage digital assets.
Recently we saw how Blockchain-enabled NFTs enable users to participate in virtual reality, such as the Metaverse. While Metaverse allows users to create assets, socialize, work or play, invest, and more, Web 3.0 provides the foundation for users to create, buy and sell goods such as NFTs, creating a new digital economy centered on business and social interaction.