If you are a regular Internet user, then you have most likely heard about the term “Metaverse” especially from the recent Facebook rebranding to Meta. You might have heard about it from Fortnite creator Epic Games about their $1 billion funding to focus on their “long-term vision for the Metaverse”.

What is The Metaverse exactly?

The Metaverse is an immersive digital reality that allows users to participate in social activities from the comfort of their own homes. The basic concept of the Metaverse is quite optimistic that is by working to replicate the real-world environment and enable interactive activities by combining augmented and virtual reality.

It garnered interest since its inception especially after the world pandemic due to COVID-19 as many people participated in a variety of virtual events whilst staying at home.

Its unique feature of it is that it focuses on the concept of presence to make all users feel like they are having a face-to-face interaction with this new iteration of the Internet. The concept may seem all daunting but here are 5 things about the Metaverse that will help you to understand it better:

1- Is The Metaverse a completely New Technology?

Just imagine that you could fully experience and participate in any sort of concert, business event or gaming by simply wearing a headset. You’ll feel like you’re physically present there just because of the 3D features the Metaverse has.

The question remains “Is Metaverse a completely new technology or not?”. Realistically, it is just a combination of two previous technologies: Augmented Reality (AR) and Virtual Reality (VR). Both these technologies are combined to create an exciting 3D environment that can be simulated through glasses, headsets or watches. Not only these but it can also be accessed through other existing technologies like computers, gaming consoles or even cell phones.

2- What type of Businesses will be in The Metaverse?

Several business opportunities are available in the Metaverse. Some of the possibilities are endless and will involve multiple industries like:

– Virtual Concerts, Events and Meetings

– Shopping Experiences

– Virtual Augmented workspaces to offer a more collaborative connection between employees

– Better learning experience through Virtual Institutions

– Social Media Platforms that will allow users to interact using their 3D avatars

3- Blockchain Technology in The Metaverse

Everyone is quite familiar with Blockchain nowadays and its effect today in the modern world of digital transactions. It is a system for recording all trackable assets and financial transactions within any business network. Any sort of valuable asset whether it is tangible or intangible can be traced in Blockchain Technology to minimize the risks of any third-party involvement. Incorporating Blockchain Technology into the Metaverse is still an ongoing process. Two of the most well-known cryptocurrency platforms, Bitcoin and Ethereum are working and helping to establish Blockchain technology in the Metaverse which provides digital transactions in that virtual reality.

4- No Ownership of The Metaverse

The idea of the Metaverse is entirely a shared concept even though Facebook changed its name to Meta. Facebook couldn’t be considered to take complete credit for developing this new technology. A lot of companies are exploring new features to enhance their own pockets with this technology. Big Tech companies like Microsoft, Roblox, Unity, Nvidia and others are all building their ideas of a better virtual world to develop new digital experiences.

5- Is The Metaverse Safe?

Many users have already sparked conversations about safety concerns and analyzed if it could be a responsible & secure immersive environment. Qualified experts on digital privacy have explained the activities in the Metaverse will be monitored and under surveillance to ensure user safety & privacy. It will also have a legal framework of guidelines that will help focus on prevention and implement consequences of the action in case of any sort of virtual harassment is to occur. The Metaverse will take all precautionary measures and help users to trust the technology. By the end of 2024, there will be 1.7 billion AR mobile users worldwide. Accessibility, cost and safety are the top three factors cited by Extended Reality (XR), industry experts as driving the AR market past the VR market.

The Conclusion?

The Metaverse is a catalyst of the future that will add to the next generation of the Internet. If you look back historically at the existing major tech trends, no one had envisioned it as it is today. While everyone knows it’s a game changer in the future, no one is exactly sure where it will end up. We would all have to wait and see what exactly the Metaverse holds for everyone in the future. Most likely, Metaverse is the future and will revolutionize the way we see the world right now.

The internet is continuously growing — today’s version is significantly different from the sluggish, text-dominated one we all believed was the bomb in the 1990s. Tomorrow’s internet will have its wonders.

If you’ve been following any forecasts about how the internet of tomorrow will appear and work, you’ve probably heard the phrases “Web 3.0” and “The Metaverse“ thrown around, but they’re not the same thing.

Here are the differences between Metaverse and Web 3.0 & what each means for your online future.

Web 3.0

Web 3.0 is frequently referred to as the next phase of internet development. It is a revolution in some ways in the fundamental principles underlying how the internet operates. It’s also crucial to remember that web 3.0 is not explicitly defined. Why? It is still an idea that is being worked on. Tim Berners-Lee, the guy who created the internet, believes that the semantic web will be the next significant development in its development.

The semantic web is concerned with making all online material machine-readable. People can question whether virtual assistants like Siri and Alexa are already making the same claims. Does this indicate that the third generation of the web has already begun?

Since 2020, there have been significant changes in how people view web 3.0 and the metaverse, particularly with the introduction of blockchain. As a result, developing a decentralized web is now the primary goal of web 3.0. Given that everyone may use the internet in the modern world, you must ask why decentralization is necessary.

However, a significant portion of the web is owned by large tech companies, making the case for a decentralized web strong. In addition to decentralization, web 3.0 covers various essential subjects, including non-fungible tokens, decentralized finance, decentralized autonomous organizations, or DAOs.

Before learning the distinction between web 3.0 and the metaverse, you may think of web 3.0 as a new strategy for creating a new financial universe. Web 3.0’s primary emphasis will be combating competition from well-known platform companies. It would also try to introduce new ways for online users to collaborate.

Step into the Metaverse

The metaverse is one of the most discussed topics in technology, which has led many professionals in the field to speculate about its possible ramifications. The involvement of major corporations like Meta, Microsoft, and Epic Games demonstrates promising futures for the metaverse. Additionally, comparisons between the metaverse and web 3.0 also highlight the importance of the metaverse.

What precisely is this metaverse, then? The metaverse is a digital environment that combines virtual environments with physically persistent virtual realities. The metaverse may be viewed as a 3D depiction of the digital world you can access through your smartphone.

Consider using an avatar to shop for clothing at a virtual store and fitting the clothing to ensure a proper fit. In a future where users could easily navigate the various locations, the metaverse would essentially merge several digital realms. Participants may be able to use certain features through the different digital places in the metaverse.

For instance, they can cooperate with coworkers for work in the metaverse or play games with pals. The metaverse’s potential to replace the internet as we know its fundamental concept demonstrates it. From this, you can see how the web 3.0 and metaverse debate has become crucial today.

Difference between Metaverse and Web 3.0

Definition

A simple comparison between the metaverse and web 3.0 should start by looking at their definitions.

Metaverse

The metaverse is a virtual environment where three-dimensional objects may be interacted with. The metaverse will enable users to interact with other users and virtual things using virtual reality headsets.

Web 3.0

Web 3.0, on the other hand, is essentially an advancement of the methods through which users may manage their digital assets and online personas. With web 3.0, individuals might manage and monetize the material and produce the content of their choice. Web 3.0 is a vision for the internet’s future in which people can claim ownership of their works.

Fundamental Technology

The underlying technology of web 3.0 and the metaverse would be the next crucial aspect to consider.

Metaverse

Various essential technologies exist in the metaverse that supports the ecosystem. You would want connection, interfaces, decentralization, the creator economy, experiences, and supporting technology for the metaverse development.

Web 3.0

The goal of Web 3.0 was to build a decentralized internet that would exclusively employ cryptocurrencies and blockchain technology. Blockchain can facilitate user interaction with online services governed by a decentralized computer network. Web 3.0 can also use public blockchain capabilities to provide open and permissionless access to anybody with an internet connection.

Application Range

The possible uses of both technologies would be another significant distinction between web 3.0 and the metaverse.

Metaverse

Movies, entertainment, video games, education, simulation-based training, and social media platforms are all combined into one platform by the newly emergent metaverse dimension. All of these metaverse applications are still in the development phase, though. Therefore, it would be premature to presume that practically all real-world behavior could be mirrored in the metaverse.

Web 3.0

In reality, Web 3.0 is the new internet generation’s norm. It may be viewed as a guideline that all internet users must follow. Therefore, web 3.0 would apply to the whole web rather than just certain apps.

Conclusion

The conclusion from the discussion of web 3.0 and the metaverse is that the two technologies work flawlessly together. It is easy to see how metaverse and web 3.0 are more interconnected and reliant on one another. The web 3.0 movement promotes a decentralized network, which may be the foundation for connectivity in the Metaverse, a virtual environment.

Additionally, the metaverse’s creator economy can support web 3.0’s goal of creating a new financial system by providing decentralized solutions. The metaverse, however, is still in its early stages of development and would need a significant jump in the underlying technology. On the other hand, with the recent impressive rise of NFTs and DeFi, web 3.0 is taking the proper shape. Let’s wait and see how web 3.0 and the metaverse develop in the future.

Services

Careers

Digital Marketing Executive

Company