Currently, Metaverse and Web3 are subjects that interest most people. If the two notions are for some a big blur, the big names of Silicon Valley, on their side, are investing more and more in the matter. What are the stakes of these technologies? What links them? We take stock.
Metaverse and Web3:
Let’s start by defining these two elements. The Metaverse is a term invented 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 totally immersive 3D environment where individuals would interact with each other, but also with avatars as if they were real. The objective is to allow users to play, socialize, meet new people and even work in dedicated 3D spaces.
The concept of Web3 is more recent. It refers to a decentralized version of Internet after the Web 1.0 and the Web 2.0. Through it, the Internet users would have the possibility of controlling their data without intermediary, of protecting them and thus, of treating the information more intelligently.
Web 3.0 and Metaverse: two complementary words
The two concepts are closely related. At one point, they were even the subject of a common name Web 3.0, the third major version of the Internet. These two technologies, coupled with artificial intelligence and Big Data, could be the pillars of the Internet of tomorrow. In effect, they could offer users the opportunity to enjoy more real-world interactions and to access online services in a completely autonomous way.
Let’s take the example of travel. Metaverse and Web3 could allow people to travel to the other side of the world without having to leave home. Besides, the entertainment industry could become even more interactive. The size of a concert hall would no longer matter. Fans could move around freely and get up close and personal with the artists. Movies and TV shows could become a form of Metaverse in themselves. Individuals could immerse themselves virtually and live extraordinary experiences.
Faced with the media hype surrounding the Metaverse and Web3, it’s interesting to wonder what French companies think about it. A Sortlist study was conducted in March 2022 on the subject. Out of 200 companies surveyed that had already invested in Metaverse, it was found that, in its current state, the technology seems to target mainly men (64%), high-growth companies (60%) and Generation Z (55%). In addition, 26% of brands expect to make a return on investment in Metaverse, while 17% hope to collect data. 68% of brands surveyed believe the device will grow within 5 years, and 55% believe it is a risky but worthwhile investment.
In addition, 92% of companies revealed that the pandemic has accelerated their investments in the Metaverse. A second survey of the general public revealed that 54% of people are not yet ready to trust a possible virtual world. Of course, the economic model is promising on paper, but some doubts remain, notably concerning cybersecurity, personal data protection.