Of the many buzzwords, catchphrases and trending terms floating around the technology industry, the Metaverse and Web3 have got to be in the top 5. And no, these terms aren’t referencing the next Avengers movie. The Metaverse, web3 or web 3.0 are relevant for everyone, especially businesses. Since The Metaverse and Web3 are often spoken about in similar circles and contexts, there tends to be some confusion between the terms. Are they the same? Are they different terms? Where do they overlap? What are the similarities? Let’s answer these critical questions!
What Are The Metaverse and Web3?
Both Web3 and The Metaverse are relatively new terms that refer to a changing digital and online landscape. And while there are a few similarities, and the concepts certainly overlap in places, they are actually two different things. Let’s break it down.
What is Web3?
Web3 is the decentralized version of the internet. While the internet as we know it is built on servers that organizations and people control, the decentralized web is built upon DAOs (decentralized autonomous organizations) and blockchain technologies. The basic idea is to take the internet out of the hands of centralized entities and democratize it and give it to the people!
The 3 in web3 refers to the third wave of the internet. When it first started, it resembled a library that you go into and browse for things you’re interested in. Web2 saw the introduction of user-created content and, of course, the force that is social media. Web3 is the next logical step, and we’re currently in a transitional period between web2 and web3.
The vision for Web3 is very much based on the decentralized nature of blockchain and cryptocurrency. There are no owners and bosses, only a democratic system that people all get to share and have a say in. Besides ownership and decentralization, the following are also closely related to Web3.
- The Semantic Web – The semantic web is seen as an internet extension that facilitates linked data that can be understood and interpreted by computers. All data will be described in greater detail, allowing easier access and connectivity to information for everyone.
- Artificial Intelligence – AI will play a massive role in Web3 as computers become more intelligent and interpret data effectively. The semantic web is only possible with AI and the ability of computers and machines to make informed decisions.
- Ubiquity – With Web3, the internet is everywhere, and everyone has constant access. The Internet of Things (IoT) comes in here, which refers to physical devices and objects that can constantly connect to the internet.
What is The Metaverse?
The Metaverse consists of virtual online environments where people can interact, trade and connect apps and services. It is essentially society going from total reliance on the internet to society formally moving into the internet and finding different ways to coexist and live our lives.
Currently, it is an all-encompassing term for virtual reality environments and immersive experiences, including games like Fortnite. The future is the complete immersion into virtual environments where you’ll work, do business, socialize, and exist.
Why The Confusion?
The Metaverse is undoubtedly a feature of Web3, and that’s probably where some of the confusion between the terms comes in. But whereas Web3 is the blanket term for the new immersive and cohesive shape of the internet, The Metaverse is a significant part of web3 and perhaps also the later evolution of web3 itself.
Another important consideration is that both concepts are new, and nobody is 100% sure about the exact definitions yet. Of course, you can label something and define it, but because the technology and capabilities are moving so quickly, definitions are constantly evolving and interloping with one another.
One thing is obvious, though – The Metaverse and Web3 are here to stay, and they will shape the future of every person reading this article. The question is, as always, how will you harness these incredible forces to improve yourself or your business?
How does your business need to plan for or respond to this changing technology? An experienced technology expert can help you make sense of the way in which changing technology impacts your business. Conscious Networks provides solutions that work in the present but are adaptable for the future too. For more information about how your business should prepare for Web3 and the Metaverse, or any other technology support, let’s chat.