Metaverse and Web3 look alike: what’s the most important difference?

​The recently popular “Web3” and “Metaverse”, some people think that they are the same thing, but they are not.

At present, in the field of business technology, there are two hot words that are constantly on the screen.

One is Web3 and the other is the Metaverse.

Judging from some reports, many people think that these two words mean the same thing. In fact, although they are related in several important ways, they actually describe different concepts. This article mainly talks about the difference between the two.

What is Web3 and the Metaverse?

Simply put, Web3 is the decentralized internet, built on distributed technologies such as blockchain and Decentralized Autonomous Organizations (DAOs), rather than centralized on servers owned by individuals or companies.

The idea of ​​Web3 is to create a more democratized Internet. No single entity can control the flow of information, let alone disrupt the network just because someone who owns the hardware can “pull the plug.”

Metaverse and Web3 look alike: what's the most important difference?

In theory, the servers, systems, and networks where applications in Web3 run, as well as where data is stored, will be owned by users themselves, who vote to determine the rules and regulations of the network.

Why is it called Web3? Because it is believed that it will be the third major revolution of the Internet after the global web (Web1) and the user-generated web (Web2, social media).

On the other hand, “Metaverse” is currently really short for virtual world where users can interact with each other and engage with applications and services in a more immersive way.

Metaverse and Web3 look alike: what's the most important difference?

The term “Metaverse” first appeared in Neil Stephenson’s science fiction novel Avalanche, which describes a virtual reality world. Since then, the concept has become increasingly mainstream through books and movies like Ready Player One and The Matrix.

Today, technological developments are rapidly catching up with science fiction.

A survey found that 70% of respondents believe that by 2030, we will be able to enter virtual worlds that are close to “completely real”. More broadly, the term Metaverse is used today to refer to any online space that strives to create an immersive environment.

Metaverse and Web3 look alike: what's the most important difference?

So games like Fortnite, which is used as a virtual concert venue, and Roblox, which offers businesses the opportunity to build brand worlds, are also considered a type of Metaverse spatial experience.

Why do some people think they are the same thing?

There are several reasons.

First and foremost, one of the most obvious reasons is that probably not many people are really completely sure what Web3 and the Metaverse really are.

Both are largely “built” by many different people and organizations who have different ideas about what is ultimately built.

For example, Meta (former Facebook) says it will spend at least $10 billion in 2021 to develop the concept of the Metaverse. But its vision for the Metaverse is very different from those who believe the Metaverse should be decentralized and not controlled by big corporations.

Secondly, both the decentralized network (Web3) and the Metaverse have been called “Web3.0” in different periods.

Metaverse and Web3 look alike: what's the most important difference?

This title is used only to illustrate that these two things represent the third large-scale iteration of the Internet. If you Google “Web3” right now, most of the results will refer to the concepts described in the first section of this article.

In addition, some people simply describe Web 3.0 as a new generation of “immersive web” to distinguish it from the previous web. In other words, the description is actually the “Metaverse”.

Third and perhaps most important, another reason the two are often conflated is that they do overlap in some very important ways.

The technologies used to build Web3—including blockchain and blockchain-based cryptocurrencies such as Bitcoin and Ethereum, as well as NFTs—are critical to our ability to utilize and experience virtual worlds at work, play, socialize, and learn. method has a huge impact.

How Web3 and the Metaverse “Hold Hands”

Probably the most convenient way is through cryptocurrencies.

Cryptocurrencies can form the basis of economic and monetary systems in the Metaverse. If the metaspace is a digital equivalent of the real world, then people are likely to want to shop there, make money, and start a business.

Cryptocurrencies provide a ready-made platform for this; there is no need for banks, clearing houses, brokerage firms or exchanges to allow people to trade and invest in these tokens. All you need is a wallet stored on your computer (or in the cloud).

So, what do you want to buy in the Metaverse? Why would anyone want to buy those “unreal” digital items?

Metaverse and Web3 look alike: what's the most important difference?

In 2020, the market size of digital virtual items in video games has reached $54 billion. Most of these items are cosmetic items that players wear just to decorate their avatar, or their “home” in the game, or just to show off.

This is why NFTs are needed.

NFTs are another key element in Web3 that enables “unique” items that exist in the digital world. That’s because, unlike much of the data that makes up the internet, social media, and virtual reality, it cannot be copied infinitely just by “copy-pasting.”

Metaverse and Web3 look alike: what's the most important difference?

Manufacturers will naturally not miss such an obvious business opportunity. Currently, companies like Nike have started to create NFT shoes and clothing that exist only in the digital world. After all, people spend hundreds of dollars on expensive limited-edition sneakers in the real world, so in the virtual world, they are also limited editions, so why can’t they just buy them?

Finally, from a technical point of view, Web3 provides the foundation for building the entire digital world on a decentralized platform.

Metaverse and Web3 look alike: what's the most important difference?

For example, Decentraland is a whole world built on the Ethereum blockchain. Users can use ether to buy land that is truly theirs. The owners of these lands are the users, not the companies that store the servers that store the data on these parcels.

Not only does this mean that users can profit as the land appreciates (similar to real estate flipping), but they can set rules for their land.

In a decentralized virtual world, the management of land can be carried out through smart contracts, which are embedded in the blockchain and enforced autonomously. Users can vote and exercise democratic rights to influence how the entire world works.

So actually, Web3 and the Metaverse are two fundamentally different concepts, but at the same time closely related in many ways. More importantly, they both have the potential to make each other stronger, which is why we’re excited about the interaction between the two.

References:

https://www.forbes.com/sites/bernardmarr/2022/02/22/the-important-difference-between-web3-and-the-Metaverse/?sh=a4eaec15af33

This article is from the WeChat public account “Xinzhiyuan” (ID: AI_era), editor: David

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/metaverse-and-web3-look-alike-whats-the-most-important-difference/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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