How does Web3 fit with that other vision of the Internet's future — the Metaverse?
The Web3 movement has been catching fire over the last year, but how does it fit with that other vision of the Internet's future — the Metaverse?
As computers began to make their way into people's homes in the 1990s, many saw the dawn of a new era.
Rather than going from place to place as one would in the real world, these "natives" imagined digital natives moving from room to room on the same computer screen within digital spaces that simulated physical locations.
It seems like it was just yesterday when the media hype and investment buzz crowded around Web 2.0, which saw the worldwide web move from the static web page approach to dynamic content.
This dynamic content also spawned a big wave of user-generated content. Companies such as Facebook were born in this era.
There is a lot of buzz and excitement by the term "Web 3.0" and the "Metaverse".
Venture Capital funds are piling investment into the future of the Internet. But what is Web 3.0, and how does this relate to the massive investment by companies such as Meta to build the Metaverse?
What is Web 3?
People often refer to the future of the Internet as being "Web 3.0" or "Web 4.0" — Web 3 is just a fancy name for the concept of "decentralized" websites, or what some people call the "distributed web".
There is a bit more to Web 3.0 than just pure hype, using technology such as artificial intelligence (AI), edge computing, and decentralized data networks at its core.
The rise of NFT's has contributed to Web 3.0, but it's still early days.
The NFT space is still immature, with new entrants trying to carve out a unique niche.
The growth of NFT's will help mature a lot of the standards and underpinning technology and eventually give rise to several new players that will redefine the space and emerge as the victors.
So what the hell is the Metaverse? Metaverse is a virtual reality technology that can be bigger than the entire Internet.
Meta, previously Facebook, has set its sights on building its version of the Metaverse.
A network of 3D world's that enhance and drive social connection and collaboration.
So is there a scenario where Web 3 meets the Metaverse?
There are overlaps between both in terms of the technology underpinning the enablement of these ecosystems.
A Metaverse application running on a decentralized data network owned and controlled by the public is a definite reality.
What will the next few months and years reveal? Watch this space.