We frequently come across concepts like Web 3 and Metaverse as the digital world around us rapidly develops. However, what are these phrases, how much of an impact do they have on our lives, and are they really necessary as they are being exported to us? Virtual reality is progressing quite quickly. Nowadays, the majority of transactions between businesses and their clients take place online. Recently, two new ideas termed Metaverse and Web 3 that are reminiscent of sci-fi movies and virtual worlds have emerged. Although there is a complicated relationship between these two concepts, they are not the same. Web 3 is a more developed version of the Internet we use today, with many features and opportunities. The Metaverse, on the other hand, is a digital and virtual world that will eventually come to pass, and for this, it requires Web 3 capabilities. We will go into more detail about these two ideas and how they relate to one another in the paragraphs that follow.
What is Web 3
We must refer to Web 3 as an improved version of the current Internet if we wish to explain it in layman's terms. What makes them choose the number three for this term? In actuality, Web 1, the first generation of the Internet, is the same version that has been in use globally since the invention of this technology. The majority of Internet material was created by big businesses, and the sole users of this content were regular people, which was the defining characteristic of Web 1. There were hardly any interactive features available on the internet throughout this generation, and there was essentially no user involvement.
The second generation of the internet, or Web 2, is still evolving and growing. Users' interactions with one another and the contents are crucial in this generation. The users themselves are acknowledged as the primary content creators on the Internet, but this does not imply that they have total authority over it. In the Web 2 that we are currently seeing, it is still the large corporations that establish the fundamental rules for the internet and provide the infrastructure for online communication. In Web 2, there are a lot of online services and platforms that allow users to exchange files, thoughts, and experiences as well as access a variety of material.
Web 2 has unquestionably vastly improved over Web 1, but it also has certain disadvantages. The concentration of power in the hands of big businesses that serve as go-betweens for user communication is the biggest issue Web 2 is currently facing. These businesses have complete access to all user information and are able to abuse it for a variety of reasons. Additionally, these businesses may simply enforce any filtering and restrictions on user-generated information because to their influence over it. More than ever, upgrading from Web 2 to Web 3 was necessary due to these issues.
We support entirely open source initiatives in Web 3, which are not only free to use but also allow for user development, making the Internet more dynamic than ever. Web 3 offers a platform where individuals can communicate with one another without the use of middlemen. Web 3 gives customers unrestricted access to a wide range of services because it was built on the foundation of edge computing, decentralized blockchain networks, and artificial intelligence.
What is Metaverse
In the totally virtual and digital world known as the Metaverse, individuals can interact and communicate with one another while maintaining their genuine identities. Science fiction was where the concept of the Metaverse was first introduced. Neal Stephenson, a fantasy novelist, created "Snow Crash" in 1992, which features a fully virtual world that is comparable to the contemporary Metaverse concept. Films like The Matrix or Ready Player One, where the Metaverse may be directly experienced, were inspired by this novel and subsequent literary works.
Today, a number of significant digital companies, like Microsoft and Facebook, are eager to fulfill this long-held ambition and have made significant strides in this direction. Building a fully virtual world and ushering humans into the digital age are not at all improbable given the speed of technology advancement in our day and age. It's interesting to note that, according to a recent, trustworthy survey, over 70% of respondents think the Metaverse will be fully achieved by 2030.
Differences and common points between Web 3 and Metaverse
Despite having numerous similarities, Web 3 and the Metaverse are two entirely separate ideas. The fact that they both belong to the so-called decentralized world is maybe their most significant resemblance. On the other side, we require technologies like blockchain and virtual currency in order to implement these two technologies. Blockchain technology can offer the foundation required to build both Web 3 and the Metaverse. Digital currencies can be used for safe transactions in virtual worlds and can be utilized to meet economic needs as an improved payment system.
What is the relationship between Web 3 and the Metaverse with NFT and encrypted games ?
The use of non-fungible tokens, commonly known as NFTs, is one of Web 3's significant and noteworthy characteristics, which is also how the Metaverse operates. Because they are displayed on the blockchain network as a single token, these tokens are truly a type of unique asset that cannot be reproduced.
Aspects of the Metaverse are still coming to fruition today. Users can, for instance, trade various in-game products with one another to get money. Additionally, each player in well-known games like Fortnite has an in-game persona or avatar that already serves as a representation of that individual in Fortnite's virtual world. In this game, players can engage in a variety of real-world entertainment options, including a party featuring a famous singer that is truly happening within the game's environment and to which anyone is welcome to attend.
Among the new terms in the technology lexicon that are connected to ideas like blockchain, NFT, and even crypto games are Web 3 and Metaverse. Whether we keep up with technical advancements or are unconcerned about them is irrelevant. Metaverse and Web 3 worlds will eventually take hold and have a significant impact on how we live our lives. Therefore, it is best to acknowledge these ideas and embrace them.
