you may have recently come across the terms “metaverse” and “web3.” At first glance, these emerging concepts may seem similar or even interchangeable. However, there are some key differences you should understand. The metaverse refers to a hypothetical iteration of the Internet that incorporates virtual and augmented reality to create a network of 3D virtual worlds. In contrast, web3 signifies a decentralized version of the Internet that incorporates blockchains, cryptocurrencies, and non-fungible tokens. While the metaverse focuses on an immersive virtual experience, web3 aims to shift control and ownership of the Internet to users. Both represent exciting possibilities for the future, but have distinct visions for how technology can empower individuals and transform society.
The metaverse refers to a shared virtual space that combines multiple virtual realities. It incorporates virtual reality, augmented reality and video to create digital spaces where users can interact with each other and virtual objects. Web3, on the other hand, refers to a new iteration of the Internet that incorporates decentralization, blockchain technologies and token-based economics.
While the metaverse focuses on creating immersive virtual worlds, Web3 aims to build a more open, trustworthy and equitable Internet. The metaverse operates on Web3 infrastructure, utilizing blockchain, cryptocurrencies and NFTs. However, Web3 extends beyond virtual environments and impacts Internet technology and governance.
Some key differences:
- Infrastructure: The metaverse is built on Web3 technologies like blockchain, cryptocurrency and NFTs. Web3 also includes protocols for decentralized identity, storage, bandwidth, and other foundational Internet services.
- Purpose: The metaverse aims to create immersive virtual environments for work, education, social connection, and entertainment. Web3 seeks to decentralize the Internet, giving users more control over data and digital assets.
- Scope: The metaverse incorporates virtual and augmented realities. Web3 impacts all areas of the Internet, including infrastructure, data, digital assets, and governance.
