Build a stronger economy in evolving digital ecosystem wih metaverse and web3
The revolutionary advancements in technology have marked significant milestones in the course of history. Almost a decade ago, nobody would have thought that blockchain would lead to a massive technological transformation in the future. The examples of metaverse technology and web3 prove that communication and digital experiences can evolve according to user requirements.
Do you know the cost of communicating with your friends through social media? Apart from the internet service provider charges, users put their data at risk. Web3 aims to offer a democratic form of the internet, where users would be in control of their data. The metaverse has also emerged at the right time with the promise of virtual, persistent, and interoperable worlds. The following post reflects on how Metaverse and web3 can help in creating a robust digital economy.
New Definitions for the Internet with Metaverse and Web3
Web3 or Web 3.0 is the third step in the journey of advancements in the internet. The distinctive highlight of web3 technology is the fact that it allows more power to users. The first stage of the internet, web 1.0, included only static read-only websites for disseminating information. Web 2.0 introduced social media and e-commerce, thereby enabling the participation of users in contributing to the expansion of the internet. However, web 2.0 presents significant limitations, such as the involvement of centralized intermediaries. Web3 introduced decentralization, among many other features, for transforming user experiences on the internet.
The interplay between the metaverse and web3 technology can help in creating a new generation of web technology with immersive experiences. Blockchain can help in removing intermediaries alongside serving as an ideal platform for creating secure, automated, and transparent applications. As a result, web3 would gradually become a way of using the Internet, and the metaverse would become the 3D interpretation of the Internet.
Are Metaverse and Web3 the Same?
The confusion regarding similarities between metaverse and web3 is also one of the highlights in discussions about the two terms. Metaverse is a 3D virtual world with multiple interoperable virtual spaces. You can access the metaverse through VR/AR technology and explore the virtual worlds in the form of digital avatars. Web3 is a set of principles that aim to democratize user experiences on the internet while adding semantic capabilities.
How Can Metaverse and Web3 Create Digital Economy?
The impact of web3 on the future of the economy is clearly evident in the fact that it provides a new version of the internet. As a result, it would open up new independent economies and new classes of products and services. Similarly, the use cases of the metaverse have been attracting the attention of big brands. The metaverse has emerged as the top spot for virtual real estate and branding initiatives. On top of it, the use cases of metaverse for the future of work, as envisioned in the case of Microsoft Mesh for Teams, validate the potential of the metaverse.
The steps to build an economy with Metaverse and web3 would also point to how users can enjoy secure web experiences. Most important of all is the impact of the metaverse as a prominent channel of communication for businesses. Established companies, as well as startups, also use web3 protocols for creating networks that could provide an exchange of value and membership by allocating NFTs. On top of it, the web3 future would also point to the prevalence of DAOs over conventional organizations. The paradigm shift in technology with Metaverse and web3 would encourage many existing businesses and new startups to rethink their business models.
The discussions about web3 and metaverse primarily emphasize the radical pace of digital transformation induced by the technologies. Even if the metaverse future might take some time to translate to reality, the examples of platforms such as The Sandbox prove what the metaverse is capable of. At the same time, the interplay between Metaverse and web3 creates new prospects for innovation.
You should prepare for careers in web3 and Metaverse with the help of professional certification courses. The Certified Metaverse Professional and Certified Web3 Professional certifications on 101 Blockchains can help you learn how the two concepts can combine to create the future of the digital economy. Start learning the fundamentals of Metaverse and web3 alongside figuring out their impact on businesses and users.