Are Web3 and the Metaverse the same thing?
Not quite! These two buzzwords are frequently used in the same context and are often, understandably, confused with each other.
Essentially, Metaverse is a virtual world where users can interact with each other in real-time, often via voice and gestures traced by a VR headset and controllers. On the other hand, Web3 enables decentralized ownership of digital assets such as NFTs.
Metaverse and Web3 can work together in tandem. For example, users can buy and sell virtual lands and avatar wearables for use inside Metaverse via Web3 technologies. Instead of making in-app purchases with government-backed local currencies, or engaging in auctions run by third-parties, users can leverage Web3 digital tokens to exchange virtual assets on a decentralized blockchain.
Web3 enables an open market for Metaverse. It can augment any industry by leveraging Web3 technologies such as a smart contract, DeFi, DAO, the creator economy, etc.
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