The metaverse and Web3: the unbelievable future of the internet

The genesis of the internet made way for new hope, revolutionizing our lives. The internet is a powerful platform that has changed the way we communicate, interact, work, make payments, and even play. The more we explore the internet, the more of its darker side we see. From massive data breaches to political interferences, the internet is no longer the safe space we imagined it to be. The social dilemma is real, with the ownership of our posts or content constantly under question. Today’s internet is centralized in nature, with corporations wielding significant control over our online presence. With the metaverse and Web3, it’s time for a new decentralized internet.

The evolution of interaction

Our digital interaction experiences go back a long way. Stage 1 computers were large mainframes that large organizations used for critical jobs like bulk data processing, mainly for tasks like censuses, industry statistics, and enterprise resource planning. Later came the advent of personal computers (PCs), which are smaller in size, and suited for an individual person to use on their own rather than relying on a technician.

In 1989, the world wide web (WWW) was born, bringing people closer through a series of interconnected devices. WWW made information and services readily available with a click of a button, shaping a new wave of digital interaction. Soon, mobile computing became a trendsetter, bringing people even closer. People could access data, services, and more from any location.

Now, the dawn of metaverse and Web3 is here. The powerful combination of these technologies offers humans a whole new level of digital interaction that is immersive, social, and persistent. The way we communicate with others or brands is changing forever, with individual users gaining more control over how we use the internet.

What is Web3, and why is it important?

Web3, the third generation of the internet, was born out of the philosophy of a decentralized network of computers. The current internet is a centralized network, with the user having no control over the usage of their interactions and data. In reality, we do not actually own the content we post on social media platforms like Facebook, Twitter, Instagram, or TikTok.

Web3 brings decentralization, which means that there is no central authority or a single point of failure that controls the flow of data on the internet. Instead, the user gets to control, own, and monetize their digital assets and online content.

Blockchain and cryptocurrencies act as the piledrivers of Web3. The same technologies also lay the foundation of the metaverse and NFTs, which have a close relation with Web3. Blockchain lets users interact with different online services via their peer-to-peer network, which is a decentralized network. Here, users get total control over their content and enjoy the power of peer-to-peer, permissionless transactions. Web3 is bringing a notable change to our online presence and behavior, creating a new digital revolution.

Our digital behavior has led to the metaverse

How will the metaverse change the future of interaction?

Today, the internet is a platform for socializing, from conversing via text chats and video conferences to attending virtual events and concerts. The significance of the metaverse opens up a whole new world of digital interaction, where users can create their own avatars, buy clothes, or attend events or concerts, all in a digital world. As for businesses, they can hold virtual yet face-to-face meetings, run marketing campaigns, provide nearly real-life customer support, and much more. Millennials love the metaverse, preferring to spend more time in the digital world than ever before. Aided by cryptocurrencies and the recent boom of NFTs, the metaverse has become a perfect channel for commerce and trading.

Many technology, media, and telecom (TMT) companies believe that the need for more immersive communication is what powers the expansion of the metaverse. Telecom partners provide more extended and advanced connectivity, encouraging a more immersive and collaborative environment. Media and the entertainment industry leverage the metaverse to offer users content and compelling storytelling that is immersive, richer, and interactive. In short, the metaverse, along with Web3, takes users to new horizons of digital interaction.

Difference between the metaverse and Web3

Though the Metaverse and Web3 share similarities, they are not the same.

The vital difference between the metaverse and Web3 is that people use the latter to access the former, similar to how people use automobiles to access the road. While the core principle of Web3 is to create a decentralized internet and give ownership and control to people and communities, the goal of the metaverse is to build a digital world that connects people, builds economies, and makes interaction in real-time possible.

Technologies like blockchain and cryptocurrencies act as the base of Web3. On the other hand, AR/VR and digital currency power the metaverse. Web3 emphasizes creating a decentralized internet and using it. Meanwhile, the metaverse is all about creating new forms of gaming, social media interaction, and immersive entertainment experiences.

Web3 and the metaverse: A deadly combo

Now that we explored Web3 and the metaverse, let’s see how this dynamic duo shapes the world.

The perfect metaverse is decentralized, with no single entity having total control over the data and assets of its users. However, the scenario of today is distant from such a utopian world. Separate service providers have acquired ownership of the early stages of the metaverse. With Facebook rebranding its name to “Meta” and venturing into the metaverse, questions arise about whether decentralization is even possible. Various analysts and researchers say it’s a mere tactic to disassociate themselves from the recent data security and user privacy issues. However, Facebook’s venture into the metaverse caused its popularity to skyrocket, with the whole world investing its attention in technology.

The digital identities of users and the content on these centralized platforms are under the control of corporations, with individual users having no control. These corporations act as the decision-makers and primary custodians of your sensitive data.

As we move towards a decentralized internet, Web3 is a necessity to navigate the metaverse. New players are entering the digital world and sketching out their vision for the future of the metaverse. With the metaverse bridging the gap between the real and virtual world, it’s crucial to have an interoperable and open-source public network. The need for a decentralized network is high, acting as the interlink between virtual worlds to bring assets from each other and overlap in a seamless way. Web3, with its rules and regulations, opens up an opportunity for decentralization and restoring the ownership of user-made content.

The metaverse and Web3 are entirely compatible with each other. Even though Web3 acts as an advocate for a decentralized internet, the metaverse acts as a foundation for connectivity. Similarly, the creator economy of the metaverse holds the potential of fulfilling Web3’s goal of creating a new distributed computing financial system. Together, the metaverse and web3 act as a deadly combo that could build the decentralized internet of the future.

What is the future of the metaverse and Web3?

The metaverse and Web3 are yet to reach their full potential. Though people want to experience a decentralized internet, with interest in cryptocurrencies and NFTs proving the same, Web3 has various obstacles yet to overcome. Even though the metaverse is still in its nascent stages, it shows the potential to create an immersive interactive experience. Together, the metaverse and Web3 are the ultimate combinations for the future.

Want to know more about how the metaverse and Web3 can boost your business? Let’s take a step further.