Reporting by XinZhiyuan
Edit: David
【New Wisdom Yuan Introduction】The recent fire of "Web3" and "Metaverse", some people think that it is the same thing, in fact, it is not, today's article mainly talks about their most important differences.
At present, in the field of commercial technology, there are two hot words that constantly brush the screen.
One is Web3 and the other is metaverse.
Judging from some reports, many people think that these two words are the same thing. In fact, although they are related in several important ways, they actually describe different concepts. This article focuses on the differences between the two.
What is Web3 and metaversics?
Simply put, Web3 is the decentralized Internet, which is built on distributed technologies such as blockchain and decentralized autonomous organizations (DAOs), rather than being centralized on individual or company-owned servers.
The idea of Web3 is to create a more democratic Internet. No entity can control the flow of information, much less disrupt the network because someone who owns the hardware can "plug it."
Theoretically, the servers, systems, and networks on which applications run in Web3, as well as where data is stored, will be owned by the users themselves, who vote to determine the rules and regulations of the network.
Why is it called Web3? Because it is thought to be the third major transformation of the Internet after the global web (Web1) and the user-generated web (Web2, social media).
On the other hand, the "metacosm" is currently indeed short for the virtual world, where users can communicate with each other and engage with applications and services in a more immersive way.
The term "metaverse" first appeared in Neil Stephenson's science fiction novel Avalanche, which describes a virtual reality world. Since then, the concept has increasingly become mainstream through books and movies like Ready Player One and The Matrix.
Today, technological developments are rapidly catching up with the pace of science fiction.
A survey found that 70% of respondents believe that by 2030 we will be able to enter a virtual world that is almost "completely real". More broadly, the term metaverse is used today to refer to any online space that strives to create immersive environments.
So, games like Fortnite, which are used as virtual concert venues, and Roblox, which provides companies with the opportunity to build a brand world, are also considered a kind of space experience in the metaverse.
Why do anyone think they're the same thing?
There are several reasons.
First, one of the most obvious reasons is that probably not many people are really completely sure exactly what Web3 and the metaverse really are.
Both are largely "built" by many different people and organizations, all of whom have different ideas about what exactly will be built.
For example, Meta (formerly Facebook) says it will spend at least $10 billion in 2021 to develop the concept of a metaverse. But its vision of the metacosm is very different from those who believe that the metacosm should be decentralized and not controlled by large corporations.
Second, both the decentralized web (Web3) and the metaverse have been called "Web 3.0" at different times.
The term is just to illustrate that these two things represent the third large-scale iteration of the Internet. If you search for "Web3" on Google right now, most of the results will mention the concept described in the first section of this article.
In addition, some people simply describe Web 3.0 as a new generation of "immersive networks" to distinguish them from previous networks. In other words, it is actually described as a "metacosm".
The third and perhaps most important, another reason why the two are often conflated is that they do intersect in some very important ways.
The technologies used to build Web3 — including blockchain and blockchain-based cryptocurrencies such as Bitcoin and Ethereum, as well as NFTs — have had a huge impact on the way we leverage and experience the virtual world at work, play, social, and learning.
How Web3 and the Metaverse "Hold Hands"
Probably the most convenient way is through cryptocurrencies.
Cryptocurrencies can form the basis of the economic and monetary systems in the metacosm. If the metaspace is a digital equivalent of the real world, then people are likely to want to shop, make money, and start a business there.
Cryptocurrencies provide a ready-made platform for this; no banks, clearing houses, brokerage firms, or exchanges are required to allow people to trade and invest in these tokens. All you need is a wallet stored on your computer (or in the cloud).
So, what do you want to buy in the metaverse? Why would anyone want to buy "unreal" digital items?
In 2020, the market size of digital virtual items in video games has reached $54 billion. Most of these items are cosmetics, which players wear only to decorate their avatars, or their "home" in the game, or simply to show off.
That's why NFTs are needed.
NFTs are another key element in Web3 that enables the "unique" items that exist in the digital world. That's because, unlike most of the data that makes up the internet, social media, and virtual reality, it can't be copied indefinitely just by "copy-pasting."
Manufacturers naturally will not let go of such obvious business opportunities. Currently, companies like Nike have begun to build NFT shoes and clothes that exist only in the digital world. After all, people spend hundreds of dollars on expensive limited edition sneakers in the real world, so in the virtual world, the same limited edition, why can't you buy it?
Finally, from a technical standpoint, Web3 provides the foundation for building the entire digital world on a decentralized platform.
Decentraland, for example, is a whole world built on the Ethereum blockchain. Users can use Ether to buy land that truly belongs to them. The owners of these lands are users, not companies that store the servers for these plots of data.
Not only does this mean that users can profit as their land appreciates (similar to flipping houses), but they can set rules for their land.
In a decentralized virtual world, the management of land can be done through smart contracts, and these rules are implanted into the blockchain and enforced autonomously. Users can vote and exercise democratic rights to influence how the world works.
So in fact, Web3 and the metaverse are two fundamentally different concepts, but at the same time they are closely related in many ways. What's more, they both have the potential to make each other stronger, which is why we're excited about interacting with each other.
Resources:
https://www.forbes.com/sites/bernardmarr/2022/02/22/the-important-difference-between-web3-and-the-metaverse/?sh=a4eaec15af33