Web 3.0 and the Metaverse are among the most broadly talked about technologies currently. According to research, Web 3.0 is poised to revolutionize the internet, permeating a new way for people to interact with each other and businesses online.
As Web 3.0 gains traction, it’s opening avenues for new technologies, specifically the metaverse and other elaborate virtual worlds built for gaming, social interactions, and business. These peer-to-peer networks also power technologies such as IoT that are being used to power smart homes and businesses.
Your business needs to look into its future using Web 3.0 to reach new customers and sell in a highly digitized world. Here’s what you need to know about Web 3.0, its link to the metaverse, and how the two work together.
What is Web 3.0?
Also referred to as Web3, Web 3.0 is the next evolution of the internet, built on decentralized systems, improved user utility, and openness. It succeeds Web 1.0 and Web 2.0, also called “the read-only Web” and “the participative social Web,” respectively.
Web 3.0 is also called the “read, write, execute Web.” That’s because, using Web 3.0, users can interact with the Web more effectively, paving the way for exciting developments that will change how we use the internet.
Web 3.0 is based on blockchain, which allows it to be more secure, decentralized, and automated for various applications and services. Blockchain enables users to interact with DApps, also known as decentralized applications, and smart contracts, which remove the need for a third party or intermediary to handle most web applications or services.
With Web 3.0, tracking data and facilitating transactions is much easier, introducing a new and robust way for businesses to operate online. Therefore, with Web 3.0, experts expect the emergence of new economies, classes of products, and online services.
More importantly, Web3 will allow users to own their data and have more control over their online activities, providing a safe and reliable platform for online interactions.
What is the Metaverse?
The metaverse is a virtual universe accessible via the internet, consisting of several interconnected virtual worlds. It is a persistent, three-dimensional, and immersive environment where users can interact with each other in an almost life-like fashion.
The metaverse has redefined several technologies, specifically virtual reality (VR) and augmented reality (AR). Through these technologies, users get a new way to create, explore, and interact with virtual environments and objects. Therefore, they get to experience the world differently.
The metaverse is already getting a lot of traction, with data estimating that the global metaverse market size will grow at a CAGR of 41.6% between 2023 and 2030. Therefore, within a few years, it will significantly impact the economy, businesses, and the internet as a whole.
The Core Components and Characteristics of Web 3.0 and the Metaverse
Web3 and the metaverse are made up of several key components. They include the following:
Blockchain
Blockchain is a critical feature in Web3 and the metaverse. Blockchain technology allows for decentralization, which allows data to be open and distributed. This means that users can own and freely trade their data without worrying about losing ownership, privacy, or depending on untrusted intermediaries.
More importantly, decentralization ensures you can log into the internet without being tracked by any third party. These are essential features propagated by Web 3.0.
Using blockchain-based cryptocurrencies and tokens is essential for the metaverse to provide a fully functional virtual universe. Users and businesses can monetize their virtual world, allowing trade and commerce to happen seamlessly on the platform.
Artificial Intelligence
AI is one of the biggest drivers of the fourth industrial revolution. Most companies and businesses use AI to make useful predictions that can affect business strategy and sales. AI is a powerful recommender for users, allowing them to view curated content online that fits their needs and interests.
AI in Web 3.0 works differently from the current implementation of AI in Web 2.0. Instead of being largely human-driven, with big-tech companies controlling most of the traffic, AI in Web 3.0 is fully autonomous and greatly devoid of harmful biases and manipulations that some tech companies often use to influence product reviews and manipulate consumer perceptions about their services.
Therefore, it is a more trusted platform for deploying and using AI.
AI is also essential to the metaverse, allowing businesses to monitor and predict user behavior in their virtual world, thus improving the experience for better sales and revenue.
Augmented Reality (AR) and Virtual Reality (VR)
AR and VR are core technologies for the metaverse and Web3. They allow users to learn, work, entertain, and play with other people online in an almost life-like manner, using decentralized apps found in Web3.
The Differences Between Web 3.0 and the Metaverse
Perhaps the most significant difference between Web 3.0 and the metaverse is their approach to decentralization. While Web 3.0 focuses on a completely decentralized system, the metaverse still imposes some form of corporate control on who owns the virtual world.
This is crucial for businesses to control their user’s shopping experiences in the metaverse, allowing them to provide superior experiences compared to their competition.
We enable businesses to do this through our unique metaverse and virtual showroom solutions. Recently, we partnered with VNTANA to allow brands to quickly develop metaverse showrooms using existing 3D designs of their stores.
Therefore, they have control over how their store looks and feels, along with the customer experience.
Web3 is built on blockchain and cryptocurrencies. However, the metaverse uses specific iterations of these to allow a corporation to offer unique services such as social media, gaming, and retail.
Typically, Web 3.0 provides the gateway to the metaverse, providing the underlying technologies used to build the virtual universe. Therefore, while some differences might exist, the underlying technology and concepts are the same.
The Big Drive Towards Personalization and Customization
Web 3.0 and the metaverse are among the biggest catalysts towards modern personalization and customization. Users on Web3 and the metaverse demand more tailored experiences fitting their specific needs and wants.
Through AI and machine learning, businesses using Web3 and the metaverse will be able to gather more data on consumer behavior and preferences, allowing them to create more effective and targeted marketing campaigns.
Start Your Journey into the Metaverse
Web 3.0 will push for the rapid adoption of the metaverse across businesses as users seek a more personalized and rewarding online shopping experience. Contact a metaverse expert and start looking into how your business can embrace these two revolutionary technologies.
