The digital age comes with its unique vocabulary, comprised of a confusing variety of buzzwords, abbreviations, and terms that are just as likely to mislead as to educate. Although the meanings of many of these new words are often unclear, they have become part of our daily language. The development of technology and a step forward in the use of the Internet brought a whole new world that represents the future of our daily lives where the next digital era will change everything.
There are different terms we are listening about. A global computer network is calling us and showing a lot of digital stuff that runs parallel to our physical life. That’s why we need to start explaining the words we often come across.
What is Web3?
The first version of the Web was formed by a small number of individuals creating web pages and material for a big audience of readers, enabling them to find the information they need. That’s what we call Web1 which is focused on reading.
On the other hand, we have Web2, the era of social networks. Platforms like Instagram, Twitter, TikTok, and others represent Web2. Users began to communicate with other users, and the center of gravity of content production shifted from the platform to us. Unlike Web1 portals that users only consume, Web2 relies heavily on user-generated content.
The problem with Web2 is that is highly centralized and allows ultimate authority over the users. Because people want to be independent and refuse to be controlled, they are searching for alternatives where they can be a part of a new economy built around blockchain technology where individuals exchange services without a central authority. The discovery is owed by Ethereum co-founder Gavin Wood who begot the term Web3 and had a vision stronger than any other before.
So, what is Web3? The concept of a new kind of internet service was constructed utilizing decentralized blockchain, cryptocurrencies, and NFTs to give power back to users. The necessity to decentralize systems and release users from the burden of being “the one who sends data to the megacorporation” gave birth to Web3. The internet of today alienates our data, and an increasing number of gadgets are joined to the network. Web3 delivers the continuity of connection across numerous devices, such as TVs, cars, refrigerators, and watches. On the other hand, Web1 and Web2 were based on personal computers, mobile devices, and individual devices, separately. To learn in depth about web3 read our full guide to web3!
Ownership over digital assets
Web3 is decentralized, permissionless, trustless, and has native payments. A well-known example of a Web3 application would be MetaMask wallet, which gives you total control over your money through a browser extension or mobile application. Thanks to non-fungible tokens (NFTs), nobody has the authority to revoke your ownership over something created in a digital world. For example, if you are a game player, you may sell or trade your in-game possessions on open marketplaces to recuperate their worth if you decide to quit playing.
New income streams and business models may also be unlocked with Web3. Decentralend, for instance, is a virtual world driven by the Ethereum blockchain. People can buy, sell, or rent virtual land that they may utilize to construct anything they wish. Simple games, instructional materials, and social interactions are all possible types of virtual experiences.
When it comes to identity, you are used to changing the display name or profile picture across every account. In certain circumstances, social sign-ins are an option, although censoring is a well-known issue that arises. Different apps you are using, such as Twitter, YouTube, Instagram, etc. can shut you out of your whole online existence with just one click. Far worse, to make an account on numerous sites, you must provide them with your personally identifying information. Luckily, Web3 solves these issues by enabling you to manage your online identity using blockchain technology.
Web3 focuses on technology that runs in the background and is generally hidden from the user. As the technology develops, Web3 platforms and cryptocurrencies will take some time to reach their peak in acceptance.
What is the Metaverse?
Envision a virtual world where individuals can communicate with one another, live, work, and shop from the comfort of their sofa in the real world. That is what we call the Metaverse, a network of 3D virtual spaces focused on social connection.
This is not the first time you hear about the word “metaverse”. If you’ve read the science fiction book, Snow Crash, by Neal Stephenson, written in 1992, you must have been run into this term. It is depicted as a virtual environment where users may engage while exploring the online world and escape the dismal reality.
In October 2021, Mark Zuckerberg, the founder, chairman, and CEO of Facebook changed its corporate name to Meta and that was the beginning of a new era called Metaverse. He revealed his vision for the future of the Metaverse, where it will take various forms, including online forums, gaming, and professional settings, where participants interact with a digital replica or avatar of themselves.
The Metaverse is about bridging the digital and physical worlds, despite the misconception that it is a futuristic fantasy. It brings individuals together to connect and create in a common, virtual area. If it’s difficult for you to understand the word “metaverse”, simply try to replace it with the word “cyberspace”. To learn all about the metaverse read our in-depth guide!
The future of the Metaverse
Numerous facets of our everyday life will be influenced by the Metaverse. It will determine the way we gather and analyze information, the way we interact with one another, and the way we shop. It will become a part of our everyday life and will enchant us with novelties that are beyond anything we could have imagined.
When it comes to the business world, say goodbye to your traditional workspace because you will witness the change in the way meetings are organized and planned. Companies are already investing in their virtual offices in Metaverse. The main goal of these changes is to link the best of two worlds – remote and office work. The traditional way of doing business will rise to a higher level.
People will be able to express themselves through avatars regardless of their status. It is possible to define people’s identities in ways other than via their clothing choices or financial status. Metaverse brings more freedom of expression.
How do NFTs fit into the metaverse?
NFTs (non-fungible tokens) are expected to have a significant impact on the utility and acceptance of the metaverse. Based on the same blockchain technology as cryptocurrencies, NFTs are a safe kind of digital asset. Therefore, a new monetization model for digital objects was born. An NFT may stand in for anything other than money, such as a work of art, a song, or digital property. A digital deed or evidence of ownership that may be purchased or sold in the metaverse is provided to the owner via an NFT.
When you use NFTs, you join a club and get access to membership benefits and real-world events. Bars, clubs, and lifestyle brands centered on certain NFTs are commonplace. But it’s crucial to comprehend how communities are developing as a consequence of these NFTs if you’re someone attempting to enter this market.
There is no doubt that the Metaverse won’t evolve entirely at once. Its technology and capacity requirements will emerge gradually, and as a result, so will our adjustment to the new way of life. The Metaverse is unquestionably the next major technological revolution, albeit it will take many smaller innovations and modifications to build up to the current Metaverse.
How do Web3 and Metaverse fit together?
The Web3 technologies and the Metaverse work flawlessly together. They are creating value in the future digital economy. Web3 may provide the foundation for connection in the Metaverse, even though it advocates a decentralized web while the Metaverse is a virtual environment. On the other side, Metaverse’s creator economy may complement Web3’s ambition by creating an entirely new financial system via the use of decentralized solutions.
Blockchain technology will likely provide the foundation for both Web3 and the metaverse, allowing new levels of democracy. Both are anticipated to be cutting-edge technologies that improve over time and depend on the most recent web technology.
Additionally, both parties will probably use artificial intelligence to provide a more seamless transition. We may anticipate that the Metaverse will employ AI for 3D building and Web3 will use AI for semantic correlations.
We must think carefully about the kind of internet we want to emphasize in the Metaverse as we transition to decentralized Web3. Since the Metaverse is all about the fusion of the virtual and real worlds, it is crucial to establish an open-source, interoperable public chain so that various virtual worlds may connect, transfer resources between them, and seamlessly overlay one another.
The new open and decentralized global reality that will exist in a virtual world will be made evident by Web3 Metaverse.