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What do they really mean and how will they work together?

Web3.0

Within the Metaverse and the Web 3.0, we found that Web 2.0 drove us into an era pressuring us to hand over our individual information and freedoms in favour of the value of the services that a handful of companies provide us. Over the last few years, there has been a desire for platforms where information is our own and is not sold to the highest bidder. As a result, the world is now entering a new era of the internet: Web 3.0, which will champion open, trustless and permission-less networks. With Web 3.0, end-consumers taking back the ownership of their own data.

When Web 3.0 says it wishes to open, this means that the web will be built on open standards by an accessible community of developers and implemented with transparency. Users can interact with comfort that all information is correct and authenticated as Web 3.0 works on a trustless internet to ensure third-party verification is not needed. Furthermore, web 3.0 will be providing the users with permissionless internet, which will ensure no one is barred from participation, even from authority figures such as the government.

Some of the driving forces behind Web 3.0 includes Bitcoin, Ethereum, NFTs and other blockchain platforms. The vision behind this is to create an open financial system that anyone can build and participate in.

We can expect the world to move quickly into Web 3.0 and this will include some of the below internet changes from the following:

  • Pocket Network, a blockchain data ecosystem for web 3.0 applications, is a platform built for applications that use cost-efficient economics to coordinate and distribute data at scale. It enables seamless and secure interactions between blockchains and across applications.
  • DAO (Decentralised Autonomous Organisation) describing a group, company or collective that are bound by rules and regulation boded into a blockchain

The Metaverse

With the Metaverse, we are currently in the beginning stages of an innovative revolution. The Metaverse is going to change the way in which we socialise, work, play games and interact with each other. Once the Metaverse starts, it won’t take long before businesses create office buildings in the Metaverse. Additionally, meetings will be held remotely and job interviews will be conducted in the virtual world.

We can expect a boom in digital commerce within the virtual world with major companies, such as Nike, diving into the Metaverse. The apparel company is taking the first steps into the market by filing for several new trademarks that indicate its intent to make and sell virtual Nike-branded clothing and shoes.

With the increase in spending in the virtual world, there is a need for virtual interfaces to be more immersive, natural and expressive. However, the developments by Meta in AR, VR and motion sensing technologies will not undermine the work of Web 3.0 and the decentralisation of the web.

Bringing Web 3.0 and the Metaverse together

For the Metaverse to work within the decentralised world, it will need ensuring that it follows the rules and guidelines set out by Web 3.0.

Henrique Centieiro explains that “as we move towards decentralised Web 3.0, we need to consider what kind of internet we want to underscore in the Metaverse. As the Metaverse is all about the merge between virtual and physical worlds, it is very important to have an interoperable and open source public chain to ensure different virtual worlds will be able to interlink, bringing assets from one to another and able to overlap each other in a seamless way.”

As the creation of Web 3.0 is shaping up with the increased growth of NFTs, P2E games and DAOs, there is still a long road ahead until the full development of the Metaverse is completed. However, we can already start seeing how Web 3.0 and the Metaverse will work together and complement each other in the future.

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