Metaverse and Web3: two closely related concepts

Currently, Metaverse and Web3 are the topics that interest the largest number. If both concepts are for some a great ambiguity, the big names of Silicon Valley, for their part, invest more and more in this matter. What are the challenges of these technologies? What connects them? We make a balance.

Metaverse and Web3: what are we talking about?

Let’s start by defining these two elements. Metaverse is a term coined in 1992 by Neal Stephenson in his science fiction novel “Snow Crash”. In his book, he describes a futuristic world based on virtual reality. Today, the Metaverse is mostly defined as a fully immersive 3D environment where individuals will interact with each other but also with avatars as if they were real. The goal is to allow users to play, socialize, meet new people and even work in dedicated 3D spaces.

The concept of Web3 is the latest. It refers to one decentralized version of the Internet, after Web 1.0 and Web 2.0. Through it, Internet users would have the opportunity to control their data without intermediaries, protect it and therefore process information more intelligently.

Web 3.0 and the Metaverse: two complementary notions

Both concepts are closely related. At one point they were even subject to one common noun, that of Web 3.0, defining the third major version of the Internet. These two technologies, along with artificial intelligence and Big Data, could be the pillars of tomorrow’s Internet. In fact, they can offer users the opportunity to enjoy more real interactions and access online services in a completely autonomous way.

Take the example of travel. Metaverse and Web3 can make it possible to go to the other side of the world without ever leaving home. In addition, the entertainment industry can become even more interactive. The size of a concert hall would no longer matter. Fans could move freely there and evolve closer to the artists. Movies and TV series can become a form of Metaverse themselves. Individuals can immerse themselves in it virtually and live extraordinary experiences.

And the French companies in all this?

In the face of the media frenzy experienced by Metaverse and Web3, it is interesting to ask what French companies think about it. or ranking study looked right into this topic in March 2022. Of the 200 companies surveyed that have already invested in Metaverse, it turns out that, in its current state, the technology seems to be mainly aimed at men (64%), high-growth companies ( 60%) and Generation Z (55%). Otherwise, 26% of brands expect to make a return on investment in Metaverse, while 17% expect to collect data. 68% of brands surveyed think the device will boom in the next 5 years, and 55% believe it’s a worthwhile investment.

Additionally, 92% of companies found that the pandemic had accelerated their investments in the Metaverse. It should be noted that a second study conducted this time with the general public reveals this 54% of individuals are not yet ready to trust a possible virtual world. Undoubtedly, the economic model is promising on paper, but doubts remain, especially regarding cyber security, personal data protection or even the loss of value for mental health. To be continued…

(Photo: iStock)

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