You have heard these terms- Metaverse and Web 3.0. But what do these terms truly mean? How are they connected to each other? Are these terms cooked up or do they even have real-life applications?
Let's get you some answers, shall we?
Metaverse
Metaverse is basically a made-up, 3D virtual world where you can have real-life interactions, create, integrate, and experience. Imagine having the ability to walk into the Jurassic World 3D movie and be a part of the cinematic experience as a 3D avatar yourself. That is basically a whole different universe created for you where you are also an avatar, playing a part. That world would be Metaverse where you are in a reality different than your own, virtually. You can experience this reality through a device like Jio MR Glass.
Web 3.0 and how it is different from 2.0
You know how you have generations of lineage in your family and each successive generation carries the same first name that goes up by a number? I think we all know a Michael III or Alexander IV. Web 3.0 is the third generation of the World Wide Web, starting from Web 1.0, Age 1994 - 2004, followed by Web 2.0, our social internet.
The new Web 3.0 is a revolutionized internet that gave the old-internet kingdom a democracy! Earlier the data you published was owned by the social platforms where you published the content. Your thoughts, photos, creations all belonged to the platform. The new internet, or what I would call the “Rebel” internet gives you freedom to create, own and control your online assets & identities! And to add to it, you can also monetize them by implementing blockchain and cryptocurrencies. NFT is a baby project of Web 3.0.
How are Metaverse and Web 3.0 related?
We know how Web 3.0 has decentralized the web solely to create full freedom of ownership and expanded every individual’s potential for being an artist and an entrepreneur. This is where Metaverse comes into the picture. Developers program a metaverse universe with the help of graphics animators using this freedom. Web 3.0 allows metaverse democracy, encouraging more and more talented developers to create and monetize this virtual world.
This universe will include different AR/VR usecases like gaming, learning, simulation, social interaction applications, etc. Like in a big expanding city where you can keep adding new “buildings”, in metaverse you can keep creating new usecases to expand the universe. One can keep adding extensions and create a whole new 3D world where everything they create, they own it.
Bound in chains!
Bound together by blockchain, Metaverse can’t live without Web 3.0. Blockchain Technology allows users in metaverse to monetize via crypto and run businesses. Blockchain is the base of Web 3.0 because it supports the freedom that the new internet stands for. This makes it easy for Metaverse to build VR space where users can access the monetizing feature. Blockchain technology holds these two technologies together, making the magic of the VR world happen. So, how does Web 3.0 and Metaverse come together?
Metaverse and Web 3.0 together form futuristic technology. It is safe to say that the future is here. In the metaverse, people can go shopping, have pets, and even go on dates. Your currency is Crypto and the device to access this world can be a Mixed Reality headset or Jio MR Glass.
More and more developers are creating AR/VR Applications that are changing the way humans interact, or run businesses. It is great how these assets are owned by the creators. But with great power comes great responsibility. The creators need to protect their own data and assets, which if not secured can lead to theft, viruses and serious cybercrimes. Developers are taking this challenge and building a safe metaverse universe on the Web 3.0 engine.
Metaverse; the center and driving force of Web 3.0
Even though Metaverse is dependent on Web 3.0, Metaverse is its center and driving force. Because of the AR/VR technology and the demand for several usecases, Metaverse keeps growing.
There are many new opportunities for job roles and businesses that are creating employment for thousands of people. Let's take the example of how Facebook, now Meta, is hiring 10,000 talents and invested funds of 50 million USD to develop Metaverse products which will be launched in the next coming future.
Metaverse and its technologies are creating opportunities for a whole new tech decade where the creator economy can supplement the vision of Web 3.0. Metaverse will be driving Web 3.0 to become the future of technology and solution to “what's next” for next-gen. It will transform the global economy.
Some real-life applications of Metaverse that you may have heard of
We have talked and talked about Metaverse and its applications. Let's check out a couple of real-life usescases in different industries that you are already aware of.
- IKEA AR: Ikea has its own AR application that allows you to check out a couch or a study table in the space you intend to set it up in. Just present your mobile screen in front of the empty room and select the furniture from the app. How convenient, right? It makes the customers become more confident with their choice and quicker with the decision process.
- AR Language Translator: Imagine going grocery shopping in a foreign country. You use your translator app on your phone and scan a soda can only to find out it was alcohol! Got saved? AR app directly translates languages on the screen from any object without the hassle of typing or asking locals.
- ModiFace by Nykka: Trying on samples of a product before buying is a shopping tradition. But how cool would it be if you can do that virtually, without using the sample product in a store that was used by others before? Simply use this Virtual Try-On App and check out lipstick colors & eye shadow shades on your avatar face. This technology has changed the shopping experience completely.
These three examples are just a small insight for you. Metaverse brings you limitless possibilities. There are so many more in sectors like healthcare, education, advertising, and more.
How is this impacting you?
Metaverse is everywhere. Every household will be using this technology for some or the other application in the coming decade. You will be using it for holographic virtual meetings and even learning the functions of human skeleton using MR Glasses. Metaverse will be the new normal for the next generation.
With access to full control over the digital creations, there is a major shift in consumer behavior for businesses and entrepreneurs. Even though metaverse is still reaching its full potential, the adaptation is incredible. It is impacting the global economy and transforming businesses. Some of the best examples are as simple as Advertising industry, where Pepsi Max AR Advertise got hits across the world, and as inspiring as in Healthcare industry where Fraunhofer MeVis created App that stores patient data in AR format to help save lives.
The Metaverse and Web 3.0 are completely transforming your very crux of everyday lifestyle, just like a few decades ago smartphones did. Get ready, Metaverse is aiming for the tech throne, it will rule.
If you are a developer and interested in building AR/VR apps, join the JioGlass Developers Program: Click Here
Source:
- https://www.connectionmodel.com/blog/digital-marketing-the-metaverse-and-web-3.0
- https://content.techgig.com/technology-guide/metaverse-and-web-3-0-all-the-hype-around-explained/articleshow/88857887.cms
- https://www.forbes.com/sites/bernardmarr/2022/02/22/the-important-difference-between-web3-and-the-metaverse/?sh=2f2f81f55af3
- https://medium.datadriveninvestor.com/the-insane-future-of-web-3-0-and-the-metaverse-4cec3f13895a
- https://www.entrepreneur.com/article/422122
- https://www.linkedin.com/pulse/10-captivating-real-world-ar-applications-web-30-metaverse-amin-/?trk=public_profile_article_view
- https://blockchain.oodles.io/blog/web-3-0-vs-metaverse/
- https://circuitstream.com/blog/examples-of-augmented-reality/
- https://www.socialmediaexaminer.com/nfts-and-daos-how-they-work-together/
- https://www.livemint.com/companies/news/nykaa-launches-ai-powered-virtual-try-on-tech-modiface-for-beauty-shoppers-11639539986118.html
- https://www.business-standard.com/article/technology/facebook-plans-to-hire-10-000-in-europe-to-build-metaverse-121101800740_1.html
