The concepts of web 3 and the metaverse have been used interchangeably in recent years. While they both point to a vision of a better, future internet, it’s critical that the two concepts don’t get mixed up or become a source of disagreement over how we want to keep growing it.

The Metaverse
The metaverse, named after the 1992 science fiction novel “Snow Crash,” is more of a vision than a tangible reality. Many people see it as a 3D immersive universe with unlimited concurrent users that is synchronous, durable, and scalable. It’s a digitally native environment in which we’ll spend the majority of our time working, learning, playing, and entertaining.

Because it hasn’t taken shape yet, the metaverse feels hazy and hypothetical. While some engineers want the idea to be anchored in the style of Meta’s Ready Player One-like address, the metaverse will need everyone’s involvement and engagement to actually take shape. It should be a synthesis of various iterative attempts and technological breakthroughs with no clear endpoint.

Web 3
Web 3, on the other hand, is a much more focused paradigm that addresses specific problems with the Web 2 internet. It’s a reaction to the walled-garden ecosystems produced by platforms like Facebook and YouTube, which resulted in people’s data being mined, their privacy being violated, and their ability to manage the content they make being stifled. Because it directly addresses the issues of ownership and power, Web 3 subverts that model.

Data is open and distributed, and peer-to-peer networks jointly own it, thanks to the blockchain. Users control their data as a result, peer-to-peer transactions can circumvent middlemen, and data is stored on the blockchain as a public good that anyone can contribute to and monetize. We’ve already seen incredible new consumer behaviors emerge from Web 3 initiatives, such as creators being able to sell their content as non-fungible tokens (NFT), play-to-earn games that have allowed people to make a living playing game, and a community-organized investing collective (ConstitutionDAO) raising enough capital to bid for the United States Constitution at a Sotheby’s auction.

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TheGiftedOne:
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yuping:
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