We speak with Merav Ozair, Blockchain Expert & FinTech Professor at Rutgers Business School about the differences between Web3 and the metaverse, and how soon they will be integrated into our daily lives, along with the biggest challenges standing in the way of adoption. Could you give us a quick rundown of what Web3 and the metaverse are, and what their similarities and differences are? People use the terms metaverse and Web3 interchangeably, as if they mean the same thing. They are not the same, although they do relate and can complement each other. Broadly speaking, Web3 is the evolution of Web2, the internet that exists today, from a centralized internet owned and controlled by centralized companies, to a decentralized peer-to-peer internet, where no one entity can claim control. Web3 is a concept for the next generation of the internet. It is the evolution of how users are able to control and own their creations and online content, digital assets and online identities. Unlike Web2, where centralized companies, which provide the service, control and own all of our data, Web3 users can create content while owning, controlling and monetizing them through the implementation of blockchain technology. The metaverse is how virtual spaces will merge and integrate into our lives that we will be able to interact with seamlessly. It's not yet a concrete reality. The vision of it is a 3D immersive world where we will spend time socializing, working, entertaining, learning and more. It is the combination of virtual reality (VR), augmented reality (AR), mixed reality (MR), gaming, cryptocurrencies, social media and much more. In other words, the metaverse is a new way for people to use the internet by transforming it from 2D to 3D. Instead of browsing and interacting with web content on 2D screens on computers or phones, these would be transformed into three-dimensional objects, where users could walk around inside the webpage and interact with other users’ avatars. The metaverse can be either centralized, owned by a centralized company like Meta, or decentralized. If users’ ownership is prioritized, then it is important that the implementation of the metaverse be a decentralized one. This can be achieved by the set of rules and guidelines Web3 provides, which is how the two different concepts can come together.
Continue reading: https://www.nasdaq.com/articles/challenges-facing-the-adoption-of-web3-and-the-metaverse
Continue reading: https://www.nasdaq.com/articles/challenges-facing-the-adoption-of-web3-and-the-metaverse
