The metaverse feels vague and speculative because it is; it hasn’t really taken form yet. While some technologists want to anchor the vision along the lines of Meta’s Ready Player One-esque keynote presentation, the reality is the metaverse will require everyone’s input and participation to truly take form. It should encompass the confluence of different iterative efforts and technological advancements and have no discrete end.
Web 3, on the other hand, is a far more specific paradigm that provides clear solutions to specific shortcomings of the Web 2 internet. It is a reaction to the walled-garden ecosystems that platforms like Facebook and YouTube created, which caused people to have their data extracted, privacy breached and ability to control the content they create oppressed. Web 3 subverts that model because it directly addresses the issues of ownership and control.
While the latest development of Web 3 and efforts to make use cases of the blockchain mainstream is a huge leap forward in our progress in making a better internet, it’s simply one component and it should not neglect other complementary initiatives.