Just as the internet contains different websites assessable through a single browser, so is the idea of a metaverse to connect multiple platforms on an online 3D virtual space.
Metaverse is the latest buzz in the tech world; according to many experts, it is the future of the internet. There is an increasing relationship between the financial, virtual and physical worlds. In this article, we will consider the role Blockchain plays in the Metaverse.
What is Metaverse
Metaverse could be defined as a parallel universe which is beyond ours; it is an innovative universe.
Metaverse can also be explained as multiple, distinct virtual spaces that work together or combine to provide an online 3D universe or space where users can work, meet, play and socialize together in this virtual world or space.
For example, nowadays, many work from home, but in Metaverse, a space will be provided where you can enter a 3D office and interact with the avatars of your workmates.
In simple terms, the Metaverse is a virtual world where you connect and interact with other people from your home with the aid of a series of devices that will make it seem as if you are really inside the world (i.e., the virtual world).
It is a virtual world that provides an alternate reality in which you can perform the same thing you do today outside your home when you are actually in your room.
How does Metaverse work
- In the Metaverse, the avatar represents you in the virtual world. Avatars are icons or figures representing a particular person in the virtual world.
- Utilizing an avatar, you can communicate, interact, touch, move around, and move objects in the virtual universe.
- To connect to a metaverse, you will need a virtual reality (VR) headset or a smart computer device that takes you into a particular metaverse via their websites.
- It allows you to play video games as if you are the one performing the act.
- It gives you the opportunity to enjoy concerts or exhibitions, leaving you with the feeling that you are live in the concert, but in reality, you are actually in your room.
- In the Metaverse, you can interact with brands, and shop representatives, ask for opinions or try new clothing.
- It allows you to interact with other users and socialize in group experiences.
How are Blockchain and Metaverse connected
Understanding what Blockchain is will help us comprehend its relations. The truth is Blockchain is also a metaverse that aids other metaverses to function properly.
What is Blockchain?
Blockchain is a digital ledger that records public and private transactions and facilitates peer-to-peer (p2p) transactions without the aid of a third-party intermediary.
Just as commodities are available in a physical world where we buy anything we want, such is replicated in the virtual world for daily activities.
For example, just as having a Nike shoe in the physical world, it will also be cool to have a digital version of Nike shoes in the Metaverse. NFTs (non-fungible tokens) are digital assets that also serve as a currency embedded in a Blockchain. NFTs allow you to create digital twins of your physical world.
NFTs and cryptocurrency are embedded in a Blockchain and serve as a token that can be used to purchase digital asset on the Metaverse; such assets include unique avatars, virtual real estate, unique artwork, and every other asset that are available on the Metaverse.
Below are the relationships between Blockchain and Metaverse:
- Blockchain provides a secure platform where owners of digital assets can sell, and users can buy digital assets on Metaverse without requiring a third party. In a normal online transaction, a third-party mediator like banks and payment gateways are required. Peer-to-peer transactions powered by cryptocurrencies would allow people in the Metaverse to perform transactions without dependency on a third party.
- Blockchain technology offers metaverse users the convenience of doing transactions on Metaverse.
- Blockchain provides another important asset enabling the Metaverse to have a unique digital identity as metaverse applications host avatars. It is essential to have an identity verification mechanism within the Metaverse to avoid unauthorized access and malpractices. This user identity verification can be implemented with the help of Blockchain, which provides identity certificates to the users.
- Blockchain eliminates the possibility of someone committing illegal actions under a false name within the virtual ecosystem.
- Blockchain provides monetization opportunities in the Metaverse through a smart contract.
- Blockchain is a form of the Metaverse and provides a data structure which guarantees trust in transactions.
Why it is fundamental to implement a Blockchain for Metaverse
Having seen how Blockchain and Metaverse are connected, let’s understand why it is essential to implement Blockchain on the Metaverse. We will also discuss the key aspect of Blockchain suitable for the Metaverse and the role of smart contracts housed in Blockchain in ensuring the workability of the Metaverse. Below are why Blockchain is fundamental to the Metaverse.
- Blockchain technology is a bedrock for trust in the Metaverse. It is fundamental to the Metaverse because it provides secure storage devices essential for the virtual world to function appropriately. Tokens are used in Blockchain to securely store virtual content, personal data, and authorization keys.
- As a result, users can rest assured that their personal information is secure and will not be disclosed to third-party companies. This will boost users’ trust in the virtual ecosystem, attracting more people to the Metaverse.
- Security: The decentralized nature of Blockchain is ideal for the Metaverse. The safety of the power of Blockchain comes from its peer-to-peer network. This means that its computing power is distributed across a public network. As a result, technology is an essential component of a fully-fledged virtual ecosystem. Fortunately, the Blockchain can keep track of this. It’s similar to having a virtual social security number, but only in the Metaverse. Age, online activity, changes in appearance, and other details are tracked for transparency. This reduces the likelihood of virtually committing a crime, such as hacking or other data breaches.
- Blockchain has smart contracts embedded in it: Ethereum is a virtual reality platform that uses smart contracts to function. Smart contracts ensure the regulation of legal, economic, social, and other relations among the virtual ecosystem participants within the Metaverse to regulate Crypto assets and these digital objects that can be owned, including cryptocurrencies, artwork, and securities. In-game assets are a good example. These in-game items will be converted into NFTs that you can sell. Your assets will not be harmed even if the VR game is deleted or an unfortunate event occurs in the Metaverse.
- Blockchain facilitates interoperability: Metaverse is created by many companies, and when they finish building each of their digital worlds, it will be merged to form the Metaverse. This can only be made possible with Blockchain, which facilitates interoperability. Because Blockchain enables shared interoperability, working with different interfaces and systems without limits is possible. This is especially important in NFT valuation and turnover. For example, users can bring digital goods when they move between virtual worlds. The Blockchain will validate proof of ownership of specific digital assets in both virtual worlds.
- It provides virtual currency: The Metaverse cannot exist unless a first-rate financial system operates. As a result, the combination of metaverse crypto is unavoidable. It is obvious that once the Metaverse is established, cryptocurrency may be a viable alternative to fiat or conventional money. However, the price of a cryptocurrency can fluctuate because it is no longer tied to a single entity or group to assign a price to it. On the other hand, the Blockchain will ensure the monetary effectiveness and transparency of the metaverse marketplace. Creating digital truth necessitates using trustworthy algorithms to replace physical properties with virtual ones. As a result, the best solution is to set up an honest monetary transaction within the Metaverse. This will not happen if crypto is not present. Because online purchasing is becoming increasingly popular, the day when customers buy digital goods and services isn’t far off. Cryptocurrency will be implemented quickly in that decentralized digital ecosystem.
- Decentralization: All members must see the same digital world to be fully functional. A decentralized environment based entirely on Blockchain generation enables the synchronization of hundreds of independent nodes.
- Digital Collectability: Just as you can determine who owns something, you can also prove that an item is original and unique. This is critical for metaverses that want to incorporate more real-world activities. NFT allows you to create completely unique items that cannot be copied or counterfeited. The Blockchain can also represent physical object ownership.
- Governance: Users must also be able to manipulate the policies governing their interactions with the Metaverse. In reality, we have the ability to vote in agencies and support leaders and governments. The Metaverse may also seek approaches to enact honest governance, and Blockchain is already a proven way to do so.
- Accessibility: Anyone in the world can create a wallet on a public Blockchain. Unlike a bank account, you are not required to deposit money or provide any personal information. As a result, it is one of the simplest ways to manage your finances and digital identities on the Metaverse.
What are the most recent Metaverses?
We’re not referring to a specific platform or brand when we talk about the Metaverse. The concept refers to a digital area beneath construction; for the time being, it’s a concept, and Zuckerberg isn’t the only one developing this idea. In fact, companies such as Microsoft, Apple, and Google are developing equipment or software for use in this revolutionary world.
In any case, the Meta (formerly Facebook) concept is the most developed to date. They have already released several projects, including Facebook Horizon, an online game in which players create avatars and interact with their surroundings using digital reality glasses.
Epic Games, the creators of Fortnite and Roblox, announced last year funding of nearly 1000000000 (one billion) dollars to build a metaverse in collaboration with other companies, including Sony Group Corporation. It makes sense because he has extensive experience in the digital world and organizes important events on his platform.
How do you take advantage of the Metaverse’s possibilities?
Companies like Microsoft, Google, Apple, Epic Games, and many others within the technological world are developing programs and equipment to be a part of the brand-new digital universe.
However, there are corporations from various industries interested in taking advantage of the business opportunities provided by using the Metaverse, so that one can configure a brand-new monetary environment entirely based on Blockchain and cryptocurrencies, which is identical to that of the physical world.
For example, Nike provided Nikeland, a parallel reality positioned on the Roblox gaming platform that allows customers to exercise or dress inside the logo’s apparel utilizing their avatars.
The automobile logo provided by BMW intends to make a genuine duplicate of one in each of its factories and conduct digital tests that could later be transferred to real life.
The real estate organization Metaverse Property sells plots in many of the already-created metaverses in addition to dealing with the apartment or caring for the digital properties.
NFTs (non-fungible tokens) are also a part of the metaverse economy, allowing them to be purchased, sold, and discovered in those digital worlds. Creating digital arts, digital lands and other digital assets and converting them into NFTs can help you benefit financially by selling them in the Metaverse.
What is the Metaverse’s fate?
Facebook is one of the most powerful advocates for a unified metaverse. This is especially exciting for a crypto-powered metaverse because of Facebook’s Diem stable coin challenge. Mark Zuckerberg has explicitly stated his intention to use a metaverse challenge to support remote artwork and increase economic opportunities for people in developing countries.
Facebook’s possession of social media, communication, and crypto structures gives it a head start by combining these worlds into one. Microsoft, Apple, and Google, among others, are attempting to create a metaverse.
Regarding a crypto-powered metaverse, it appears that integration between NFT markets and three-dimensional digital universes is the next step. NFT holders can already sell their items from various platforms on marketplaces such as OpenSea and BakerySwap, but there is no well-known 3D platform for this as of yet. On a larger scale, Blockchain developers can create well-known metaverse-type apps with more natural users than a large tech giant.
Conclusion
While a single, united metaverse is probably a long way off, we can already see characteristics that could lead to its creation. It appears to be just another scientific application for Blockchain generation and cryptocurrencies.
It’s no longer clear if we’ll ever truly arrive at the metaverse concept. But, in the meantime, we can experiment with metaverse-like tasks and continue incorporating Blockchain into our daily lives.
See you soon,
Scaling Parrots
