(RBLX), Decentraland – US Dollar (CRYPTO:$MANA) – 12 Key Differences Between Web 2.0 and Web 3.0: Virtual Worlds, Games to Earn, Digital Tokens, NFTs, and More.

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The growth of the metaverse continues to accelerate, with companies making money bets and filing brands related to the new growth sector.

JPMorgan Chase (NYSE: JPM) recently filed a report on the Metaverse and a $1 trillion opportunity titled “Opportunities in the Metaverse: How Companies Can Explore the Metaverse and Navigate Hype and Reality.”

The 18-page report coincides with JPMorgan opening a lounge at Decentraland, one of several virtual land companies that also has its own token called Decentralized (CRYPTO: MANA).

JPMorgan sees a transition from Web 2.0 to Web 3.0 occurring over the next few years and lays out the key differences between the two as shown below.

virtual worlds
Web 2.0: Second Life, Roblox Corp. (NYSE: RBLX), Fortnite
Web 3.0: Decentralized, The sandbox (CRYPTO: SAND), Crytpovox, Espaces Somnium
Organizational structure
Web 2.0: centralized ownership, decision based on adding shareholder value
Web 3.0: Community governance such as DAOs and native tokens, decisions are based on community feedback
Data storage
Web 2.0: centralized
Web 3.0: Decentralized
Platform
Web 2.0: PC, consoles, virtual reality, augmented reality, mobile and applications
Web 3.0: PC, virtual reality, augmented reality, mobile and applications coming soon
Payment infrastructure
Web 2.0: Traditional payments like credit cards and debit cards
Web 3.0: cryptocurrency wallets
Ownership of digital assets
Web 2.0: rented in the purchasing platform
Web 3.0: user ownership via non-fungible tokens
Portability of digital assets
Web 2.0: locked in the platform
Web 3.0: portable
Content creators
Web 2.0: game studios and developers
Web 3.0: community, game studios and developers
Activities
Web 2.0: socialization, multiplayer games, game streaming, competitive games (esports)
Web 3.0: play to win games, experiences, socialization, multi-player games, streaming competitive games (esports
Identity
Web 2.0: in the platform avatar
Web 3.0: Interoperable Identity, Anonymous Private Key Based Identities
Payments
Web 2.0: In a virtual currency platform like Robux for Roblox
Web 3.0: Cryptocurrencies and tokens
Content revenue
Web 2.0: platform or app store earns 30% of each game purchased, 70% of purchases go to developers
Web 3.0: Peer to peer, developers earn direct revenue and royalties on secondary NFT exchanges, users can earn by playing or participating in governance.

Related link: What is Web 3.0?

Why it matters: JPMorgan sees multiple virtual worlds being created and expanding the amount of digital social interactions.

RPG worlds have been around for years, with JPMorgan citing “Second Life” and “The Sims.” Other examples of popular digital worlds where people spend hours each week interacting with other users include “Minecraft” from Microsoft Corp. (NASDAQ: MSFT) and “World of Warcraft” from ActivisionBlizzard (NASDAQ: ATVI).

Virtual events hosted by musicians and trademarked by metaverse-related businesses might once have been a standout event. JPMorgan now views these events as the vision of the metaverse.

“We are now at an inflection point,” JPMorgan said in the report.

A shift to play-to-win games and NFTs could forever change the way video games are played and give gamers a way to own the items they buy and also financially share in the success of the game.

Tokens also give holders a vote and a voice in decision-making.

The growth of Web 3.0 could expand the use cases for crypto wallets and cryptocurrencies.

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