Imagine a secure, yet decentralized, user-controlled vision of an online universe that’s untethered from service-provider terms and servers; this concept is called Web3. This new internet is envisioned for the specific use of the metaverse among other emerging 3D network of virtual worlds. The metaverse is a “device- and -vendor independent collective virtual space created by the convergence of virtually enhanced physical and digital reality” (Patrizio). It is enabled by digital currencies and nonfungible tokens (NFTs) and has its own independent virtual economy. The metaverse is not to be confused with Facebook changing its corporate name to Meta in 2021. While it isn’t a Facebook initiative, Facebook heavily participates in the metaverse.
Web3 consists of five components: semantic web, 3D graphics, blockchain and cryptocurrency, AI and ubiquitous connectivity. Many high-profile firms are currently testing Web3 and many are reaping major benefits and successes from this integration.
Web3 and the metaverse are inseparably linked to one another but differ from one another in many ways. As mentioned before, Web3 focuses on decentralized ownership and putting the web in the hands of users. Web3 is built on blockchain and cryptocurrencies, while the metaverse uses various technologies such as digital currency and AR/VR. Usage between the two also differ; Web3 is a set of standards for how the internet should be used, while the metaverse is about gaming, retail experiences, and social media. Despite their differences, we know that Web3 and the metaverse are inseparable. Both are built on advanced AI technologies that will continue to evolve, which is integral to building an even more sophisticated user interface. Furthermore, every new blockchain concept is a considered module for the Web3 engine that would power the metaverse good and services.
Sources:
Patrizio, A. (2022, November 18). Web3 vs. metaverse: What’s the difference? WhatIs.com. Retrieved March 23, 2023, from https://www.techtarget.com/whatis/feature/Web3-vs-metaverse-Whats-the-difference
Web3 & Metaverse. (2023). Retrieved March 23, 2023, from https://www.ces.tech/topics/topics/web3-metaverse.aspx
