We have become increasingly reliant on the internet, and because of it, many limitations that we overlooked in the past have surfaced. Despite its growth, the world wide web has shown its dark side with data breaches to unreliable regulations by authorities. The potential of a newer web is boiling more than ever, with some terms, such as Web3 and Metaverse, carrying more virtuosos. Web3 is the transition to decentralization from the current centralized systems of web2.
The metaverse constitutes the ideal vision of what the internet, especially networking over the internet, would look like in the future. But both the metaverse and the web3 are crucial for the digital transformation of existing web technologies. Even though the metaverse is a more visually compelling and immersively stimulating term, web3, with its semantic and AI capabilities, is at par.
In this article, let’s put metaverse and web3 into the battle to discuss their differences and similarities.
Web3, or web 3.0, is the third most prominent evolution of the internet. The focus is to create a decentralized or democratic web where users own the content and have the power to regulate the internet. Web3 runs on the blockchain and aims to create an open, trustless, and permissionless internet. The concept of web3 is still evolving, but it emphasizes decentralized applications (dApps) and extensive use of blockchain-based tech, machine learning, and artificial intelligence.
Web1, also known as the world wide web, was the first evolution of the internet, where what existed was mostly static websites owned by companies. There was minimal to zero interaction between users. It was also known as read-only web and was mostly used to gather information on different topics. Participants were mostly consumers of content, and the creators were developers who built the websites.
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The Web2 period began in 2004 with the emergence of social media platforms. The web evolved into being read-write. In addition to providing content to users, companies also began providing platforms that allowed users to share user-generated content and engage in user-to-user interactions. Web2 also introduced the advertising-driven revenue model. However, while users could create content, they did not own it or benefit from its monetization. The web2 era has been one of centralization, where large tech giants (e.g., Facebook, Instagram, etc.) owned the content on their platforms. The corporates have the power to regulate and censor the content.
Web3 has been developed primarily to eliminate this authoritarian control and create a democratic internet where users or creators get the rights and benefits they deserve. It is a read-write-own model of the internet which uses next-gen technologies such as blockchain, cryptocurrencies, NFTs, and AI to allow users to own their content and data.
The term metaverse denotes a shared, online, 3-dimensional space where users interact with each other and with computer-generated objects and avatars. The metaverse is a virtual world that can be used for all activities people do in the real (physical) world, such as social networking, working, online gaming, education, training, banking, shopping, etc. In the simplest of terms, the metaverse is a virtual replica of the real world which, based on technologies such as blockchain, virtual reality, augmented reality, artificial intelligence, cloud computing, etc., allows users to live online.
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Virtual reality headsets (VR headsets) are generally used to access the immersive metaverse. The metaverse aims to give a never-seen-before immersive dimension to the internet. The metaverse allows people to have real-time interactions and experiences across the globe, irrespective of distance. Most experts look at the metaverse as a 3D model of the internet. It is a space parallel to the physical world, and users can spend their digital life there.
Most people use the terms web3 and metaverse interchangeably. However, these concepts have differing definitions, purposes, and scopes. In this next section, we have highlighted some of the core differences between web3 and metaverse.
| Criterion | Web3 | Metaverse |
| Definition | A new evolution of the internet that focuses on creating a decentralized web where users own and control the content and assets they create. | A digital space that blends virtually augmented physical reality with physically persistent virtual spaces. |
| Underlying Tech | Blockchain and Cryptocurrency, Decentralised Autonomous Organisations, NFTs, and Decentralised Finance | Connectivity technologies, human interface, decentralization tech, experiences, and creator economy. Heavy use of VR and AR. |
| Scope of Application | Applicable throughout the web. | Potential areas include entertainment, real estate, healthcare, banking, finance, etc. However, the scope of the application is still under development. |
| Target/Purpose | Peer-to-peer and blockchain-controlled facilities. | Better, more immersive work, leisure, and service experiences. |
| Application | A democratic/decentralized internet system and permissionless financial network, e.g., cryptocurrency. | Virtual gaming world, peer-to-peer virtual meetups, 3D surgeries, etc. |
| Depiction | Individuals can own and regulate the internet according to their needs/wishes. | Turning physical materials into virtual material in a virtual world. |
| Powering Tech | DAO, AI, and blockchain | 5G communication, XR, brain-computer interfaces, digital twins, blockchain, cloud computing, AI, and creator economy. |
The focus of Web3 is on changing who owns data and how information is transmitted with minimal human interference throughout the network. The technology used in Web3 is blockchain, where users are connected through decentralized, peer-to-peer networks. It can use public blockchain functionality to provide open, permissionless access to practically anybody with an internet connection. Web3 is working to make the web a completely independent entity where authority and control lie with the users instead of large corporations and tech giants.
On the other hand, the metaverse is aimed at changing the way users interact with the web. It wishes to integrate different virtual and fundamental elements to develop a conceptualized experience that hasn’t been seen before. Metaverse combines virtual, augmented reality, blockchain, interactive interfaces, and experiences to create a well-planned ecosystem. Unlike Web3, it has commercial involvement and can be bought or created by individual companies—who will ultimately control the virtual world and associated experiences. The core purpose of the metaverse is to create a virtual/digital world incorporated with 3D elements to offer innovations in virtual experiences, gaming, health, and entertainment.
Despite being different, the applications and scope of future use of metaverse and web3 are inextricably connected. Both use artificial intelligence and blockchain technology to achieve their respective purpose. However, observing closely, one can conclude that the metaverse would not exist if it weren’t for the web3 engine.
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Here are a few similarities between web3 and metaverse:
Though they share certain similarities, metaverse and web3 are different concepts with different applications and use cases. While one aims to enhance the way an average user interacts with the internet, the other is focused on ensuring that the internet becomes a democratic entity where no single authority benefits more than the other. Eventually, metaverse and web3 will focus on next-generation internet technologies that will only advance with time. Altogether, it will be interesting to see how each or both technologies together will shape the internet of the future.
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