Following the popularisation of cryptocurrencies in 2020, the concept of Web3 has become more relevant. Although it existed before, it is now well known for its implications for the digital market and the future role of users on the Internet. The same is happening with the metaverse, as both imply a substantial change in our relationship with the Internet.
What is Web3? It is the evolution of Web 2.0, which allowed users to write content and participate among themselves through social networks. In this way, Web3 is defined as a new, more accessible, private and secure Internet service that is committed to decentralisation, as was already the case with Web 1.0. As it is designed based on blockchains (or blockchain), users acquire more power of control, at the same time as cryptocurrencies and tokens appear. But, before we continue browsing Web3, let's see what all these concepts mean:
Therefore, Web3 proposes that each product is an investment opportunity. Furthermore, by relying less on advertising, it would strengthen the privacy of users and the security of their data (something that should be taken into account in the marketing sector). And, although for the moment Web3 is more of a theoretical than a practical concept, there are several real examples that currently use this network model. Let's look at two of them:
Although Web3 offers many advantages for the user, there is no shortage of critics who identify its weaknesses:
The metaverse, which proposes alternative and immersive realities that we can access from our homes with a computer, is closely related to Web3. Even so, it is important not to confuse the two. While the metaverse aims to create 3D virtual universes, Web3 has a more ambitious goal: to modify the functioning of the Internet to make it more democratic. They are two perfectly compatible but different projects. This does not exclude the fact that they have several aspects in common:
But the most important feature that unites both projects is blockchain technology and, therefore, the decentralisation of the Internet. It should be noted that the metaverse needs a decentralised model to be as revolutionary as it promises to be and to eradicate the physical limitations of virtual space. In this sense, cryptocurrency advocates consider Web3 an indispensable part of metaverse so that these alternative worlds are not controlled by a single company.
This point of union feeds back to them, as the vast majority of metaverses that exist today use cryptocurrencies and tokens as a means of financing, making them more attractive to users and investors by offering a booming business model that serves to monetise virtual space. For example, the avatars of a metaverse could be NFTs.
However, there are also differences in the way the blockchain is used between the two projects, i.e. Web3 is 100% based on this technology, but this is not the case with the metaverse. It is true that it uses the blockchain to identify the user and allow avatars to make purchases or acquire tokens, but it also needs other technologies to develop its universe, such as virtual reality and many other recurrent Web 2.0 technologies.