The thing that makes the internet so unique is the fact it never stops evolving. Every day there is a new and improved technology that exceeds the older ones. Metaverse and web3 have set out to revolutionize our traditional net surfing practices in the coming years. It is predicted that by 2026, nearly 2 billion people would spend up to 1 hour in metaverse each day for work, school, or entertainment. With these new technologies surfacing the internet, a popular discussion on web 3.0 vs metaverse has come to light. mimAR Studios has come up with this article to help you familiarize yourself with metaverse and web3 by explaining their key differences and similarities.
Let’s get into it!
Overview of Web 3.0 and Metaverse
Web 3.0 is the new internet but it is nothing like the internet we are used to. Although it is often linked to Web 1.0 and Web 2.0, there are hardly any similarities. Unlike Web 2.0 (aka the internet) where everything is centralized and accessible to everyone, web3 focuses on creating a decentralized network. Web3 is built on distributed blockchain technology instead of centralized organizations and technologies such as those used in web 2.0. At this stage, web 3.0 is more of a concept that would soon revolutionize everything we do on the internet.
The metaverse is an innovative dimension of the internet that connects our physical world to a virtual one using technologies such as Augmented Reality and Virtual Reality. It creates a 3D virtual world where people can interact and work using digital avatars in an immersive virtual space.
A lot of technologies surround the web 3.0 vs metaverse and all of them have their own characteristics and distinctions. Different variations exist in these digital ecosystems and to understand them you must learn how similar or dissimilar they are.
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Web 3.0 vs Metaverse: Differences
Both of them use unique technologies, which is one of the major differences between the two. For web 3.0 the baseline technologies include Blockchain, Cryptocurrencies, Decentralized finance (DeFi), Non-Fungible tokens (NFTs), and Decentralized Autonomous Organizations (DAO).
On the other hand, the metaverse is based on technologies revolving around connectivity, human interface, experiences, decentralization, creator economy and human interface. Renowned technologies used in applications of metaverse are Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IoT) and 3D.
One of the key points in the comparison between metaverse vs web 3.0 is that of stakeholders and developers. Web 3.0 is developed on an open-source codebase so there is no single entity responsible for its creation and advancement. It is a fully independent ecosystem where each user has full control and authority instead of a few tech companies monitoring everything from the top.
Metaverse, in contrast, is initially controlled by a large network of tech giants such as Apple, Facebook and Android. It has commercial involvement which means the information and content on the metaverse would eventually be under the supervision of the associated stakeholders.
Understanding the differences between web 3.0 vs metaverse can be made easier by looking at the applications and scope of these two innovative technologies. Web 3.0 has applications for every aspect of the internet. Users will be able to access web3 to create, own, monetize and sell their content all over the world. For example, you can create and sell NFT art on the Blockchain or create and play games on platforms such as Decentraland and Sandbox.
Metaverse is still in its initial stages so the scope of applications is not that defined. However, at its peak, the metaverse will bring social media, entertainment, education and gaming to a single virtual platform. With the help of technologies such as augmented and virtual reality, people can view and access everything in a 3D world.
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The ideology behind web 3.0 is that the information on the internet should not be controlled by the organizations that have access to the hardware. This is to make sure that the internet is democratized and not just controlled by a few stakeholders. Every user on web 3.0 can own, and control the content and information and how it will be processed.
The idea behind the metaverse is to create an integrated virtual world where users can interact using different 3D elements. The purpose of the metaverse is to bring innovation using virtual ecosystems to the traditional ways of entertainment, business, education and gaming.
Web 3.0 vs Metaverse: Similarities
The comparison of metaverse vs web 3.0 is not on every person’s mind. The reason is that a lot of them think they are the same thing and they are not entirely wrong. There are indeed a few similarities between these two revolutionary technologies. The first one is that none of them is fully developed yet, they are both under construction and in their initial phases.
Similarly, both metaverse and web 3.0 were once called “web3” as they represent a third dimension of the current internet. Lastly, the significant technologies which regulate web 3.0 and metaverse cross over at many levels. For instance, NFTs, blockchains and cryptocurrencies including Ethereum and Bitcoin have major applications in the virtual worlds of the metaverse. Similarly, the base code for the metaverse might eventually become open-source like web 3.0.
Technology is changing the way we work and will continue to do so in the future. And what better way to prove this notion than by a comprehensive article on web 3.0 vs metaverse?
Now that you have a better understanding of how metaverse is different from web3, it’s time to explore its applications for your business. mimAR Studios provides a wide range of the latest metaverse services for real estate and architectural sectors all over UAE, Pakistan and the Middle East.
Get in touch and let us take your project into the metaverse.