What is the Difference Between Web3 and the Metaverse?

The two most common yet difficult to understand terms – ‘web3’ and ‘metaverse’- are often used interchangeably on the internet. Typically, they have gained popularity with the growing trends in blockchain technology and the surrounding hype created by the maximalists. While it is great to be a part of this revolution of technology it is also equally important to have accurate information about what exactly web3 and metaverse are and to understand the underlying technologies used.

What is Web3?

Web3 is the next generation of the web, where users are in control of their data and the applications that they use. Decentralization is a key part of web3, as it allows for a more distributed and open internet, where there is no central authority controlling the platform. It is a revolutionary and significant movement towards a token-based economy. The term ‘Web3’ was coined by the Ethereum co-founder Gavin Wood in 2014 and has recently gained international interest from tech as well as non-tech folks.

While web1 is considered to be the world wide web that served only static content, the evolution of the web to its second generation has bridged the gap between seamless processing of digital content and has made interactive digital conversations possible. Web3 depends on the core principles of decentralized, permissionless and trustless systems and focuses on the concept of ownership. Control is not in the hands of any central authority and the decision about how to deal with users’ data is up to the users themselves.

Web3 is a new set of standards to govern the internet which is owned by no one. Web1, being static, is read-only and with the evolution of web2 in the early 2000s interactiveness of applications on the internet became a common thing and thus it can be classified as read-write. With web3 in the current picture, we can rightfully categorize it as read-write-own as creators are publicly recognized for the content they create.

What is Metaverse?

Metaverse is a decentralized virtual world built on blockchain technology. In Metaverse, users can own digital assets (such as avatars, land, and digital assets) and use them in a decentralized way. The key technology behind the metaverse is blockchain.

A blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as “completed” blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This allows for a secure and decentralized platform on which users can interact and transact, hence giving birth to the ‘metaverse’.

Metaverse is also built on top of several other technologies such as virtual reality and artificial intelligence. Virtual reality (VR) is a simulated experience that can be similar to or completely different from the real world. Applications of virtual reality include entertainment (e.g. video games) and education (e.g. medical or military training). Other potential applications include manufacturing, design, and engineering.

With blockchain at its core, metaverse has the potential to provide a truly unique and immersive experience for users. Augmented reality (AR) is a technology that superimposes digital information in the real world. It is often used in gaming and entertainment applications but has other potential uses, such as in training and education, industrial maintenance, and even medicine.

Why are the Terms ‘Web3’ and ‘Metaverse’ Used Interchangeably?

Web3 is the third generation of the World Wide Web, while the metaverse is a virtual reality that users can interact with and explore. They are often used interchangeably because they both represent the future of the internet. Web3 is used to describe the third generation of the World Wide Web, which is still under development.

The third generation is characterized by a focus on user-generated content, decentralized applications, and increased security. Metaverse is used to describe a virtual reality that users can interact with and explore. The term is often used interchangeably with web3 because they both represent the future of the internet.

The Connection Between Web3 and Metaverse

There are a few key similarities between web3 and metaverse:

1. Both are decentralized platforms that allow for the creation and exchange of digital assets.
2. Both platforms use blockchain technology to power their respective networks.
3. Both web3 and metaverse aim to provide a more user-friendly experience than traditional centralized platforms.

Difference Between Web3 and Metaverse

With some similarities there are also huge differences which we can observe between web3 and metaverse, following being some of them:

Web3	Metaverse
Web3 is the third generation of the internet that aims to build decentralized tools, services & applications.	Metaverse is a platform that allows users to experience a virtual world social connection with other people.
Web3 provides developers with the ability to create and interact with decentralized applications.	Metaverse allows users to experience Google Earth’s Street View Mode in real life using technology.
Web3 is decentralized.	Metaverse is quite centralized with respect to some organizations controlling the platform’s operation.
The core technology behind web3 is blockchain.	The core technology behind the metaverse is a combination of blockchain, virtual reality and augmented reality.

Conclusion

Metaverse is like a 3D virtual world which is still at a very early stage of development. Web3 overall is a very young and evolving ecosystem that will bring huge differences in the future and much more surge in the number of people gaining interest to learn, build and ship.