Metaverse and Web3 are the two buzzing words constantly heard in the global marketplace. Today’s internet version is quite different from what we had earlier. The evolution of the web has surprised the world, and innovative technology is diversifying industries and society. Web3 and Metaverse will change the lifestyle of human beings, and both will address how industries can transform with innovative technologies.
Have you ever thought of flying cars, driverless transportation, or roaming around Disney land in Paris? Gosh! These are not dreams anymore. It is the next reality we will experience in a short while. Metaverse and Web3 are already grooving the industry and human life at best, and nobody knows what holds the future!
Article Breakdown
An overview Of Web3
The way we use the internet today differs from how we accessed it in the past. Thanks to Web3!
Web3 will utilize the decentralization technologies like blockchain, cryptocurrencies, and NFTs. It is more than just taking care of the rights to access for all internet users. It delivers major setbacks and implementations of new-age technologies to the end users no matter where they are from.
The core idea of the development of web3 is to facilitate all the users with complete control and accessibility to utilize as they want. The world has shifted to a small colony where the internet has become a giant master.
An Overview Of Metaverse
Metaverse is a platform that has the power to change how the next generation of the internet will be operated. It represents a 3D world that works like a bridge that connects the real world with virtual reality. This technology contrast merges all innovative technologies like artificial intelligence, machine learning, blockchain, AR, VR, MR, cryptocurrencies, and many more.
Metaverse utilizes augmented reality, the Internet of things, and blockchain to create an immersive world where humans can exist with the avatars, and they will be able to do what they can in the real world. It incorporates a virtual world where simulation is different from the real world.
Web3 & Metaverse: Important Facts
The internet is the pillar of all modern technologies. It has enormous capabilities and possibilities to take the world to the next level. It is continuously growing and expanding its scope to deliver sustainable, modern-age solutions to industries and society. Tech gurus have developed varieties of modern technologies and tools that are taking the world to an immersive globe.
Web3 and metaverse are the two possible technologies that have the capability to transform the entire world. It can change the paradigm of working scenarios and shift the world to a brand new virtual reality that may not sound good if you’re unaware, but both are the technologies that behold the future.
All industries have already transformed into an unreal reality, and enterprises are investing billions in shifting their platform to cutting-edge technology to meet modern-age norms. Industries are heading to Web3 Development Services to get their traditional platform shifted to innovative technology.
Interesting facts about Metaverse & Web3
- Grand view research data shows that accumulated values for the metaverse will be $678 billion in 2030.
- It is important to remember that the metaverse marketplace was shy of $39 billion in 2021. The metaverse annual growth rate is an uprising by 39%.
- In Q1 of 2022, Web companies raised more than US$1.8 billion.
- Blockchain-based games increased by 2000% from 2021 to 2022.
Differences Between Web3 Vs. Metaverse
- Web3 Vs. Metaverse: Methodologies
Metaverse methodologies present a unique concept of how end users will interact with the web. Metaverse targets evolving the concept from virtual models to develop an interface that connects the virtual and real world. On the other hand, Web3 takes care of how the data will be transmitted and who will be given the web ownership.
- Web3 Vs. Metaverse: Technologies
Web3 is an emerging technology that has changed the entire paradigm of the World Wide Web. Web3 evolves several technologies that make it more powerful and strong. Below are a few tech stacks used by Web3. Web3 Development Services
- Non-Fungible Tokens (NFTs)
- Cryptocurrencies
- Decentralized Finance (DeFi)
- Decentralized Autonomous Organizations (DAO)
However, Metaverse is a platform that can rotate the sphere in 360 Degrees. The concept of developing a metaverse platform is to create a bridge between the virtual reality and the real world. Teckstacks used by the metverse ae as below.
- Connectivity Technologies
- Blockchain technology
- Artificial Intelligence (AI)
- Machine Learning (ML)
- Augmented Reality (AR)
- Virtual Reality (VR)
- Mixed Reality (MR)
- Web3 Vs. Metaverse: Stakeholders
Metaverse is developed to bring full attention to commercial platforms. Many technical industries have designed it to introduce virtual reality in a real-world scenario. It aims to change the traditional medium to metaverse-based virtual reality experiences.
Whereas Web3 gives independence to its users or whoever is accessing it. It provides full authority and full control over the online elements. It is not a technology only for tech giants, enterprises, and stakeholders.
- Web3 Vs. Metaverse: Purpose
Web3 allows the end users to interact with the network. Users do not need permission to access the trusted, decentralized, and open web. Web3 integrates innovative technology to evolve and deliver to the real world.
Metaverse deals with 3D elements that provide innovation, virtual reality, fun, and entertainment. The metaverse integrates the real world with virtual reality to deliver sustainable solutions to the industry and reform them with the pace of technology.
- Web3 Vs. Metaverse: Use Cases
Blockchain gaming is one of the most powerful use cases of web3 technology. Different from traditional gaming, where players spend plenty of hours and end up in isolation, it makes no sense. Blockchain integrates cryptocurrencies and NFTs into (Play-To-Earn) P2E gaming. Players are entertained with gaming, digital goodies, and avatars, and they can buy/sell/invest in their content whenever they want.
Metaverse integrates with commercial platforms and reforms them to meet modern-age norms. All industries may seek the metaverse challenge to deploy this technology. Metaverse can be used in almost every sector.
Let’s say the health sector needs a promising solution to upgrade the system for patient care and management system, and improve diagnosis patterns. A healthcare industry on a metaverse platform can provide emergency services in virtual reality, or treatment procedures may evaluate by using AI, ML, & big data. A deep study of these innovative tools can give a better insight into the possible way for the treatment procedure by matching it with an early successful treatment procedure.
- Web3 Vs. Metaverse: The Future
Web3 is an upgradation of the earlier version of the internet called web2. Web3 allows everyone to have full access and control over it.
Metaverse is a platform developed using many technologies like blockchain, AR, VR, MR, AI, ML, and big data. Metaverse allows people to interact and feel the virtual reality in the comfort of the real world.
Similarities between Web3 & Metaverse
Certainly, they have a lot of differences, but with some of the features, they also have common elements. Let’s find out the similarities between them.
- Both of them are innovative modern-age platforms delivering high-end solutions to the industry and society. Both are implementations of the semantic web.
- Modern-age technologies like HTTP 2.0 and HTML 5.0 are used by the both.
- Artificial intelligence, machine learning, and big data are used by both the platforms. It helps develop complicated solutions for the industry.
- Both are involved with the decentralized network, where they are developing highly integrated tools, softwares, and platforms. However, the metaverse will remain centralized on social media channels.
- Both modern-age technologies are linked to each other.
Summary
Web3 and the metaverse are the two innovative technologies that revolve the industries and human lives. Since these innovative technologies came into existence, the world has been seen with hope. It is going to change how the industries have been behaving earlier before. Many of the Metaverse Consulting Company has already shifted many traditional platforms, and upon giving better insights, they are doing spectacularly.
Certainly, it will revolve around technologies that are introduced daily. It is hard to estimate how the metaverse will react after deploying upcoming technologies. It abbreviates the sphere, and virtual reality will be the next big thing in the world. Tech Gurus are wondering how all the industries will react once the metaverse is deployed everywhere.