Web3 and the metaverse promise to change the way we use the Internet; but even though they a're closely related, they don’t mean the same thing. One will be decentralize the Internet, and the other will create a virtual “new world” in 3D.
Web3 and the metaverse are two buzzwords about the future of the Internet. It’s easy to find lots of information about them on websites, in specialized and mainstream media, and on social networks. But it can sometimes be tricky to understand what each one means, and how they're different.
These two innovations could change the way we interact online and are still developing at a the project stage. Their actual potential will mainly depend on how people use them. Web3 and the metaverse will rely largely on blockchain technology, which is used to create, store and transfer data and digital assets in a secure, decentralized manner with no central server.
In the metaverse, asset portability and self-managed decentralized identity will depend on blockchain technology.
What is web3?
If we’re talking about web3 today, it’s because there are a web1 and a web2 (or also called web 2.0). Web1 was mainly based on content consumed by users in a passive (non-interactive) way on blogs and websites created in an open protocol infrastructure (i.e. they did don't belong to one company). With web2, which we are still use, social media came about and users could become content creators, but only on social networks that keep and distribute their data information.
Web3 promises to combine the best of its predecessors: the open protocols of web1 and the users' creation of web2. It will rely on blockchain technology: a decentralized infrastructure in which users will own their data and will be able to exchange digital asset tokens.
Let’s look at an example: If we want to join a social network nowadays, we must give our personal data to create a user account, interact with others and post content. Owners of social media monetize their services by using this data and content for customized advertising. However, web3 users can own their data and obtain tokens for their content directly from other users. In short, in this new form of Internet, developers and users own their work, which they monetize with “tokenization".
What is the difference between web3 and the metaverse?
The difference between web3 and the metaverse might not be clear because they are under development with blockchain technology. In general, the metaverse is a new virtual 3D ecosystem. It offers users an immersive experience similar real world. It enables them to work, study, play, buy and sell and do other everyday things virtually.
The metaverse creates a “new world” online; however, web3 decentralizesd an infrastructure for users to create and manage digital assets (in the metaverse and elsewhere).
What do web3 and the metaverse have in common?
Basically, for the metaverse to become what it's supposed to be, it needs users to transfer everyday activities to it in 3D. If this occurs, the interaction between participants will This will lead to a new digital economy, with business and social interaction based on digital assets that web3 will decentralizes to enable secure transactions with NFTs, or other assets.