Web 3.0 Metaverse Innovations

Web 3.0:

The present Version of the world internet the Web 2.0 is distinguished with social media sites that permit a greater number of content that users create. This is quite a change from Web 1.0, which was completely static and inactive, which was a completely top-down approach to information dissemination.

At present, five major tech firms, which include Twitter, Facebook (now Meta), Google, Apple, Microsoft and Amazon, decide how data from us is used and the location it will be kept and processed. Their algorithms determine the data we use and have set alarm bells to ring.

Today, Web 3.0, with its cryptography, blockchain and metaverse uses is being hailed as a revolutionary technology that could take back control of the internet web from the five major tech firms. Instead of data being residing with centralised companies in the present, Web 3.0 would see it as residing within Block chained works and, consequently, being owned by the users.

It can be as easy as having a user from India and another from the US and holding a business conference in the virtual reality metaverse, like Decentraland, which relies on the Ethereum blockchain. They could then conclude their business plan with their crypto wallets connected to their accounts in the metaverse. That’s it. Facebook recognizes its role in shaping the web’s future and has therefore changed its brand name to Meta.

What is Metaverse?

Metaverse can be described as an enhanced web inside rather than just viewing. Imagine a virtual world where you can walk around in an avatar and connect with other avatars and take part in many activities like buying and selling virtual items, getting to work, joining communities, playing games, etc.

A step ahead of the competition, tech giants such as Google, Microsoft and Facebook have already revealed their plans within the field of the Metaverse.

It’s not like Mark Zuckerberg has renamed Facebook, Meta just like that. This move is a reflection of the firm’s intention to move beyond social media and capture the next frontier of technology that combines virtual, online and augmented realities that users are able to seamlessly navigate.

It is also important to note that the tech giant Microsoft is already involved in the race to create an entire virtual world. Microsoft is currently developing its own platform, called Mesh that will include the virtual world directly in Microsoft Teams. The project is expected to be completed in the next few years.

It’s true that the world is headed toward an online virtual reality that incorporates augmented reality, virtual reality 3D virtual reality, holographic avatars, and other forms of communication. The metaverse will become an alternate reality for people to live in, offering a blend of various elements of technology.

 

How Web 3.0 Metaverse Innovations?

In the last couple of months, the big tech industry has been active about the opportunities presented to us by metaverse. Mark Zuckerberg has been discussing for hours about the possibility of repositioning Facebook to create a fully interactive world that is where commerce, social interaction and the internet meet. He has described his idea to be “an embodied internet that you’re inside of rather than just looking at.”

Facebook isn’t the only one seeking to be a part of the action in the approaching metaverse explosion. Microsoft Chief Executive Officer Satya Nadella talked about the concept of an “enterprise metaverse” during last week’s earnings conference call.

It’s not only Facebook or Microsoft who are sceptical of the potential that the metaverse holds. Every Silicon Valley investment firm, the founder, and even tech influencers have been talking about the metaverse in recent times. It’s logical, since there’s a growing sense that this could be the next major area for growth in digital. Importantly, it’s an area that is not subject to central control or the pre-existing ownership of the audience.

Significance of blockchain in web 3.0:

Mark Cuban recently recognized the significance of blockchain technology for the development of the metaverse. He recently launched the first NFT company, Lazy.com, a digital art gallery that aims to show NFTs like traditional art galleries operate with the help of Polygon Studios, a new metaverse hub and gaming platform created to enable internet 3.0 games. The latter is funded by an investment of $100 million investment fund to speed up the mainstream adoption of metaverse-related projects.

“Metaverse” is a term that was coined by the writer of science fiction Neal Stephenson in his book Snow Crash. Stephenson described a fanciful virtual world experienced in first person by people equipped with technology that augmented reality. The concept was developed an additional step by the novel Ready Player One by Ernest Cline. He described the concept as a fully realized digital reality that goes above the analog world that we are living in.

The Next Version of the Web, and the Metaverse

Although this futuristic concept might sound far-fetched at first but the reality that is starting to emerge is just as thrilling. It is being described as the next version of the web, the metaverse is between the internet as well as augmented reality and blockchain. In the past you could only access the internet by going to it via an app or browser. The metaverse with its vast range of connectivity options and devices, will let us experience the internet through a vast range of devices — from standard screens and mobile smartphones to virtual reality (virtual real-time) as well as AR (augmented reality). The metaverse will let us play games and trade, shop and chat, or even go to concerts. It’s all happening in a virtual space.

This bridging between offline and digital realms that’s the most exciting. Closed loop systems, sandboxes and audience ownership that define the status of the art are going to be shattered by this type of experience. Imagine meeting acquaintances, investing, hosting meetings with clients, going to the latest movie or learning an entirely new skill all from one location. This is the future that’s on the line of the metaverse and is an incredible opportunity for current and new technology players.

There are new and innovative players entering the market each day. (Think Blockcities or Decentraland.) There are some gaming-related sites while others bring offline communities online to an international audience , creating new ways to shop or meet new people. Some are changing the method we plan our financial future. What connects them all is the fact that they’re turning old-fashioned thinking upside down and creating entirely innovative models that keep the future in the back of their minds.

Covid-19 imposed a variety of changes for our society. One of the most significant changes was the need to make social interactions and the workplace along with almost all other things on the internet. The trend of allowing individuals to connect in the way they prefer as well as where they want and at the time they prefer is going to continue.

The pandemic demonstrated to the world how possible it is to work remotely. A variety of industries have increased their capacity to work from home in those jobs in which it makes sense. There are also those who are vulnerable due to various reasons and are unable to integrate at the same speed as others. They also will appreciate the advantages of more efficient systems for working off-site.

Interoperability and Functionality in Web 3.0:

“When you combine these needs with the growing possibilities afforded by the metaverse, it’s clear to see this stands to be huge in the coming years,” says Shrey Singh, who is the head of the NFT and gaming infrastructure on Polygon. “Web 3.0 provides an even greater level of interoperability and functionality than the existing solutions, and the possibilities of remote work and teleconferencing, telemedicine remote socializing, and much more are greatly enhanced. It is plausible that the metaverse will be a major aspect of every person’s life over the next decade and beyond.”

The metaverse is evolving around the activities you can have fun with your friends as well as colleagues and a plethora of entrepreneurs are already spotting opportunities to put their businesses prominently in this new digital environment. We’ve seen that Facebook has already begun to enter the metaverse by combining its numerous services into virtual communities in which users are able to connect and shop, work and even play. Each of them is monetized by the commercial products they offer.

Aspects of Metaverse and Web 3.0:

The rate of change in the metaverse and web 3.0 are  increasing with every passing day and are likely to become an increasingly important aspect of our lives in the next few years.