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The internet has come a long way since the slow and text-centered version of the 90s’. Today’s internet is like a fast beast, giving rise to novel concepts and fascinating technologies that people could not imagine even ten years ago. While scouting around the web, curiously looking for answers to how the internet will look tomorrow, people come across terms like Web 3.0 technology and metaverse.
These two terms have generated excitement and zeal in the world of media, entertainment, and business. Enterprises are looking for the best Web 3 development company here and there.
- The metaverse market worldwide will reach $1,525.7 billion by 2030.
- The web 3 market globally will ascend to 81.5 Billion by 2030.
It is a fact that Web 3 and metaverse are two of the most discussed technologies now. Still, many people need clarification about whether they are the same or different. You will feel amused to learn that most people are still unaware that the web world is shifting from web 2 to Web 3. When the world moves swiftly from physical assets to NFTs, from centralized systems to decentralized blockchains, is there any doubt about Web 3 existence?
Many tech enthusiasts are trying to familiarize Web 3 technology with the metaverse. These two technologies seem similar at first glance. However, they are different without any hiccups.
A Brief Overview of Web 3.0 Technology
Web 1.0 version of the internet was around from 1991 to 2004. Web 1 version was more consumer-centric rather than supporting creative minds. Then came Web 2.0, focussing on the creator’s requirements, demands, and well-being. During Web 2, people began interacting with each other on social media websites, creating and sharing videos on YouTube and started caring about comments and reviews.
And now comes Web 3.0 technology. The term Web 3 got first coined by Gavin Wood in 2014. Gavin Wood believed that decentralized technologies are the only hope of preserving liberal democracy. Web 3.0 technology refers to the decentralized internet based on distributed technologies like blockchain. The world is shifting fast from Web 2.0 to Web 3.0. Decentralized technologies like blockchain play a vital role in the Web 3.0 revolution. It aims to overcome a few significant drawbacks and flaws of the Web 2 internet era through data ownership and control.
The Chief Components of Web 3.0 Technology
Web 3.0 comprises the following components:
The semantic web leverages Artificial Intelligence to dig into user demand. It offers a more accurate understanding of searches on the foundation of the actual meaning of the search words rather than keywords or numbers.
AI offers a better understanding of what someone is searching for to provide more relevant results.
The use of immersive technologies and realistic 3D graphics allows websites and mobile applications to become realistic.
Blockchain ensures a decentralized environment, eliminating middlemen and facilitating transactions between parties.
Freeflow of Connectivity
The constant connectivity through broadband, Wi-Fi, 5G, and IoT is another excellent characterization of Web 3.0 technology.
What is Metaverse? How Does it Work?
Metaverse is all about a virtual world. Yes, it sounds fancy, but real. Metaverse technology refers to the abrupt shift in how users engage with advanced technologies like Augmented Reality, Virtual Reality, Mixed Reality, NFTs, blockchain, and many more.
Metaverse is a shared digital space where people can socialize, play games, learn concepts, trade assets, and many more. Metaverse world will include VR Chat Rooms, online platforms for playing games, virtual social networking platforms, online activity centers, and so on. There, people will hop on their 3D digital avatars to represent themselves, communicate, and virtually expand the community in the metaverse. Every metaverse world will hold its distinctive digital currency. Users will need to use the in-world currency to make their purchases. A metaverse development company is all you need for a metaverse project.
How is Web 3.0 Technology Different from Metaverse?
Web 3.0 and metaverse technology differ from one another in the following ways:
The chief foundation of Web 3.0 is a decentralized blockchain system restricting the centralized ownership of information, services, or platform. While the metaverse is a 3D interactive virtual space, allowing users to connect and interact with other people and objects virtually using AR and MR.
Web3 targets blockchain-enabled and peer-to-peer controlled facilities. On the other hand, metaverse pivots around AR, VR, and MR/XR facilities.
Blockchain, DeFi, NFTs, DAOs supports Web 3.0. While AR/VR, 3D Reconstruction, IoT, AI, and blockchain are the foundations of the metaverse.
Ways of Application
Web 3.0 is applicable to democratic internet systems and permissionless financial networks like Crypto. On the other hand, the metaverse applies in the virtual gaming world, virtual education, 3D surgeries, virtual corporate meetings, etc.
So, is there no Similarity between Web 3.0 technology and Metaverse?
Well, it is not a matter of similarity or difference. While Web 3.0 is all about owning and controlling of internet, metaverse concentrates on how users will experience Web 3.0, the internet of tomorrow. You can consult with a Web 3 development company to learn better about the internet version and how to leverage it well.
So, don’t let yourself hang in the debate on whether go for a Web 3 company or metaverse consultant. They are similar yet different. Choose wisely according to your project demands.