The prospect of a new internet – Web3 & the Metaverse

Since it first appeared in the 1960s, the internet has advanced significantly. From being a tool for communication and information sharing, it has now evolved into a platform for commerce, entertainment, and social interaction. 

However, with this evolution has come to a growing concern about the centralization of power and control over the internet. From big tech companies to government entities, a small number of actors hold significant power over the flow of information and access to online services.

This is where the concepts of Web3 and the metaverse come in. Web3 (decentralized web) seeks to move from centralization to decentralization. Its aim is to create a transparent, open internet using blockchain tech for decentralized apps and smart contracts.

The Metaverse is a virtual reality space that only exists online, allowing users to interact and experience digital objects in a realistic, immersive way. Web3 builds the metaverse’s foundation, and the two concepts often go hand in hand.

In this blog, I would like to introduce the concepts of Web3 and the Metaverse. Here we will also explore the potential implications of these emerging technologies on the future of the internet. We’ll also be taking a look at the current state of their development and what we can expect in the near future.

WEB3

Web3 Vectors by Vecteezy
Web3 Vectors by Vecteezy

Web3 (also called Web 3.0) represents the latest web technologies. As it operates decentralized and without permission, anyone globally can access, create, and own digital assets without the need for intermediaries. This effectively equalizes the playing field for all nations and returns us to the original promise of the World Wide Web.

Static pages and content dominated Web 1.0, the first version of the Internet. Early on, there weren’t many publishers or content producers. Back then, the Web was rather unorganized and limited, but it swiftly developed into Web 2.0, ushering in a new era of social interaction and digital involvement with countless applications. 

People were free to post articles, exchange comments, and interact with others on this new Web, which led to the boom of user-generated material we see today.

However, despite its immense success, Web 2.0 has brought forth significant problems. For instance, only a few giant IT monopolies are substantially in charge of, in control of, and profiting from user data.

By decentralizing information systems and returning ownership of data and standards to the community, Web3 and the underlying blockchain technology make it possible to strive to address these issues. 

The transition from Web 2.0 to Web 3.0 enables new business models, such as decentralized autonomous organizations (DAOs), to eliminate intermediaries through secure automation (smart contracts). With projections of explosive growth from $33.5 billion from 2022 to 2030 and a CAGR of 44.9%, Web3 attracts significant funding and engineering talent to explore new business models.

Early adopters will almost certainly encounter difficulties, such as murky and changing regulations and immature and nascent technology platforms, as with any new technology disruption.

Anticipate policy changes to impact Web3 authors in various ways in 2023 and beyond. New legislation is likely to focus on asset classification, the legality, and enforceability of blockchain-based contracts, capital provisioning, accountability systems, and anti-money laundering standards.

The Metaverse: The Next Frontier of the Internet

Many consider the metaverse as the Internet’s next natural progression in development. Metaverse gains from venture investments and interest from companies, and celebrities despite challenges in technology and user experience. 

Nike, Gucci, Snoop Dogg, and TIME invest in metaverse projects, while Meta continues Horizon Worlds’ experiment.

The metaverse is also too significant to ignore. With the potential to have a $5 trillion economic influence across many industries by 2030. There will likely be a large increase in demand. For a number of technological and creative services in order to guarantee completely immersive experiences in the metaverse. 

Digital designers, architects, software engineers, and machine learning engineers provide specialty services expected to remain in high demand in 2023 and beyond to support the metaverse.

The metaverse can be experienced without the need of specialist equipment like AR (augmented reality), VR (virtual reality), or MR (mixed reality) glasses and headsets. However, improvements in haptic, MR, VR, and AR technologies can significantly enhance the experience. It can likely to encourage more people to adopt the metaverse and increase involvement.

The metaverse is expected to expand in part due to necessity. The majority of businesses unexpectedly had to get used to web conferencing and virtual meetings during the early stages of the global epidemic. Virtual offices in the metaverse are a logical progression, driven by businesses and brands. 

One in four of us is anticipated to spend at least an hour daily in a metaverse by 2026. Furthermore, it is anticipated that around one-third of all businesses have something prepared for the metaverse.

Virtual environments can be utilized in the metaverse for onboarding, on-the-spot brainstorming, and continuing education and training. The metaverse can facilitate design and engineering collaborations by providing high-quality and immersive 3D experiences. 

Virtual realization of idea designs before spending on real-world production is one example. For companies, the metaverse will also see the creation of areas (almost like digital lounges) where ardent evangelists can hang out. And they take part in virtual experiences, form their own brand-centric groups, and enter brand competitions.

How the Metaverse is built on Web3?

The metaverse is built on the foundation of Web3, the decentralized web. Web3 provides the underlying technology and infrastructure for the metaverse, including blockchain-based identity verification and digital asset management. This enables the metaverse to be a decentralized and open platform, where users have control over their data and assets.

Potential applications and use cases of the Metaverse -

The potential applications and use cases of the metaverse are vast and varied. Some possible examples include:

  • Virtual reality gaming and entertainment
  • Augmented reality-based and virtual education and training
  • Virtual teleconferencing and remote collaboration
  • Augmented reality-based and virtual e-commerce and marketplaces
  • Virtual and augmented reality-based social networking and community building

Current state of the Metaverse and its development

The metaverse is still in the early stages of development. But there are already several companies and organizations working on building the infrastructure and applications for it. 

However, the Metaverse is still far from being a reality. And there is still a long way to go in terms of technological advancements and adoption by the general public. But it is an exciting time for the metaverse. As we are seeing significant investment and interest in this space from both private and public sectors.

Building capacity for tomorrow

In the midst of all the buzz and commentary around Web3 and the metaverse, it can be challenging to negotiate such a great deal of change and discontinuity. The underpinnings of Web3 are already in place, and they will keep looking for value and eliminating issues. 

The metaverse offers immense opportunities for businesses to create unique and engaging experiences, improve operations and manage regulatory compliance. To take full advantage of these benefits, companies need to assess their internal capabilities and understand their target audience. 

This will help them to create effective strategies that align with the goals of their organization and meet the needs of their customers. Through their metaverse experiences, some people might be able to commercialize virtual commodities, grow their brands, or provide corporate services. While adding the skills required to implement these next-generation capabilities, some organizations would need to expand their networks, clouds, computation, and storage capabilities. 

Interactions in the metaverse generate data exponentially, requiring businesses to continuously and effectively operate on that data. While also complying with growing regulatory and compliance regimes. Furthermore, firms may use smart contracts and cryptocurrencies to manage money much more quickly, basically automating capital and making money programmable.

Businesses may also struggle with maintaining and safeguarding user identities, managing the complexity of so much data, and having problems monetizing it. Even though it may appear dangerous, letting go of outdated methods could liberate many top businesses.

As alarming as it may appear, many top companies might be liberated by letting go of outdated methods and collaborating with partner ecosystems to develop data management in a more integrated and agile manner. Business leaders will probably need to coordinate more on standardization and interoperability to serve entire markets—and communities—beyond the current market leaders in order to achieve this.

Leaders should carefully assess the acceptance and growth rates, especially for immersive experiences. Some things might progress quickly, while others might take time. The ability to build in the short term, plan for the middle term, and get ready for longer horizons should be understood by business executives.

Businesses may also struggle with maintaining and safeguarding user identities, managing the complexity of so much data, and having problems monetizing it. Even though it may appear dangerous, letting go of outdated methods could liberate many top businesses.

As alarming as it may appear, many top companies may liberate themselves by letting go of outdated methods. And collaborating with partner ecosystems to develop data management in a more integrated and agile manner. Business leaders will probably need to coordinate more on standardization and interoperability to serve entire markets—and communities—beyond the current market leaders in order to achieve this.

Leaders should carefully assess the acceptance and growth rates, especially for immersive experiences. Some things might progress quickly, while others might take time. Business executives should understand the ability to build short-term, plan middle-term and prepare for long horizons.

New business models may establish by experimenting with Web3 and metaverse solutions for current issues.

There is a lot more to comprehend. Regulation will bring about changes, and use cases will have an impact on networks, semiconductors, software, and consumer electronics. How might entertainment and the media change? What role does artificial intelligence play in enhancing these capabilities, and how will risk management and cybersecurity develop in the future? 

In the end, this significant change is a response to the needs of people, businesses, and technology to lay the next foundation for advancement. But these tectonic require careful handling, with societal concerns that go beyond commercial objectives and the inertia of technology.

Summary

Web3, also known as the decentralized web, is an emerging concept. It aims to shift the current internet paradigm from a centralized model to a decentralized one. The goal of Web3 is to create a more open and transparent internet by using blockchain technology. Because it enables decentralized applications (dApps) and smart contracts. 

It is used to refer to the Metaverse, a virtual reality space that exists entirely online. In the metaverse, users can interact with each other and digital objects in a highly immersive and realistic way. The metaverse is built on the foundation of Web3, and the two concepts are often discussed together. 

Both Web3 and the metaverse are still in the early stages of development. But they have the potential to revolutionize the way we interact with each other and with technology.

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