Difference Between Web3 and Metaverse

For most people, cryptocurrency was a difficult concept to grasp, and now concepts like web3 and metaverse are being tossed at them. However, for those engaged in the crypto business, it may not be as confusing.

‍

However, the crypto forums reveal that many people use phrases like web3 and metaverse interchangeably. The internet is growing quicker than we anticipated, thus it is critical to stay up to date with these newest concepts.

‍

So here we are with a brand new discussion over the distinction between web3 and metaverse. In this article, we will try to define web3 and the metaverse. However, we will primarily concentrate on understanding the difference between the two and how they are interconnected.  

‍

What Is Web3?

Web3 is the third generation of the internet, sometimes known as a decentralized internet. Web3 is built on decentralized technologies such as blockchain and decentralized autonomous organizations (DAO), which share power among members of a community rather than a single person in control.

‍

Web3 is focused on resolving one of web2's core issues, data ownership. Today, web2 tech giants like Google, Facebook, and Amazon govern what their users can access, share, and so on.

‍

Essentially, the platform's rights are held by a single corporation. Furthermore, the users' data is stored on the company servers, which they can access. The decentralized network built into web3 has the potential to eliminate this monopoly.

‍

Web3's three foundations are decentralization, permissionless framework, and security. If you're wondering how to get started with web3, consider using NFTs, decentralized web browsers, and crypto transactions.

What Is Metaverse?

Metaverse is an ecosystem of virtual worlds where people can interact with each other virtually with the help of VR/AR technology. Metaverse platforms from many big companies such as Facebook are currently under development.

‍

There are some platforms where you can experience these virtual platforms right now. If you have watched movies or web series like “Ready Player One” or “Upload”, you will be able to foresee how the metaverse will be integrated into our lives in the near future.

‍

Most people see metaverse as a gaming platform but there’s more than that. Metaverse has applications in the gaming industry, social media, live concerts, conferences and much more. There are many web3 businesses who conduct their meetings in a metaverse like environment with their VR headsets on. 

‍

Why Does Web3 And Metaverse Are Often Considered To Be The Same Thing?

No matter how much one tries to understand these concepts of web3 and metaverse, they are still half baked. All the businesses and projects from these two industries are still in their development stage. 

‍

Moreover, each company has a different take on the metaverse. For example, Meta wants to create its own version of metaverse which is quite different from the more decentralized form of other metaverses. 

‍

Another reason for confusing web3 with metaverse is the technologies that are shared between these two industries. The blockchain technology and cryptocurrencies are a huge part of metaverse as well as web3. 

‍

As both of the sectors rely on the same technologies, people tend to confuse one with another. This brings us to our next topic of discussion, that is, the connecting link between web3 and metaverse. 

‍

The Connecting Link Between Web3 And Metaverse

Cryptocurrencies are going to be an integral part of both web3 projects and metaverses. As both of these sectors lean towards decentralization, the economic foundation is going to be cryptocurrencies. 

‍

Whether you want to make any transaction on metaverse platforms or you want to pay your web3 browser to unlock premium features, you will be using cryptocurrencies and not your fiat currency. We can already see integration of crypto wallets into web browsers in the form of extensions. 

‍

Cryptocurrency can eliminate the need of central banks from the whole web3 space and metaverses. You would no longer have to wait for your bank servers to respond in order to make a transaction. Basically, cryptocurrency will allow these businesses to be truly decentralized.

‍

Another connecting link is going to be NFTs. As we are moving towards a digital era, people will be interested in creating and purchasing digital assets. These digital assets will be made in the form of NFTs. These NFTs are based on blockchain and cannot be interfered with. 

‍

Conclusion

We have just started to experience web3 and metaverse projects and they are yet to get fully established. Moreover, we should see both of these sectors as emerging technologies and not as a replacement to existing companies. 

‍

Web3 is not going to replace web2 companies any time soon , but people will have options to choose from and most importantly it will take the power off the hands of current tech giants. Even metaverse won’t replace the existing social media platforms but it will create a whole new branch.

‍

All we have to do is wait and see how these industries grow. Until then stay updated and prepared for any new technology the world has to offer. We hope this article helped you understand the difference between web3 and metaverse. If you have any more doubts, feel free to reach out to us. 

‍