Metaverse is a virtual world that is created by the combination of numerous digital services and can benefit from blockchain technology. The term “Metaverse” es first created in a sci-fi novel named “Snow Crash” in 1992 by Neal Stephenson.
The current state of the tech world shows that this term isn’t a myth anymore and is going to become a reality. We currently see many examples of this digital world in video games. But the ultimate metaverse is where we see a completely new world in the digital format. A place that everything can be done in a virtual world but very near to the actual experience.
Technologies like virtual reality, augmented reality, virtual assets, with the help of a robust infrastructure like the internet, can create a metaverse.
In this case, blockchain technology can helo the virtual world become more mature by providing the necessary tools and platforms for better interaction between users. Besides, security and data ownership can only be done with the help of decentralized technologies like blockchain.
What is the Metaverse?
No one really has a complete image of what a metaverse will look like ultimately. But the fundamental concepts are somehow ready. We know that a comprehensive metaverse should combine the digital and physical world. It should be something more than a video game with near-to-actual experiences.
The metaverse completes the connection of the digital and physical world. There are all aspects of the physical world like the economy, jobs, traveling, and people, for sure.
But everything is done easier with more control for the people in it easier. They have a reliable economy in this space and can do many things like traveling while keeping their assets and characteristics.
What can be done in the Metaverse?
The metaverse can be the next world you live in. It changes the way we interact with the digital world. In a nutshell, it changes the virtual world somehow, and it becomes more real. People can do many things in this world that even affect their real life. With a reliable economy, it can be the next stage of the digital revolution with considerable effects on the whole world.
People can use this new digital invention to interact more realistically with the digital world. Consider NFTs like digital arts as one of the nearest experiences of the metaverse. In this world, digital assets have real value and can even become a way of storing the value of your real money.
People can migrate to the new world for better digital entertainment, e-commerce, and even work. Yes, there can be jobs in the metaverse. All of these concepts show that the metaverse can become a reality more with the help of blockchain and decentralized technologies.
Blockchain and the Metaverse
As a combination of the physical and virtual worlds, the metaverse needs many fundamental technologies to create a complete user experience. Creating and managing identities, creating a reliable economic system, and transferring data are the biggest needs in this world.
A reliable decentralized technology like blockchain has answered these needs before in other shapes. It can now combine systems and serve the whole new world, too.
There are currently numerous virtual worlds that run on blockchain and use the cryptocurrency concept for creating and managing their economy. Decentraland, Axie Infinity, and The Sandbox are some of the most successful examples. They have primary cryptocurrencies for exchanges in their virtual worlds.
These cryptocurrencies have value in the real world, too. In conclusion, we somehow see the connection between the worlds, and it just needs expansion to serve more people.
An initial metaverse can be created with the connection of current digital worlds. Consider interoperability between virtual blockchain-based worlds. You can buy an asset in one of them and sell it in another world. In this case, cryptocurrencies will become the fundamental tool for exchanges in the metaverse.
AI and the Metaverse
As you may know, other innovative technologies can help to create the metaverse, too. AI scientist Jon Radoff thinks that initial intelligence with the help of its subsidiaries like machine learning can help this new world, too. He says:
“The metaverse will be enabled, populated by, and supported with artificial intelligence (AI). It will drive all seven technology layers of the metaverse: powering spatial computing, providing scaffolding to creators, and supplying new and sophisticated forms of storytelling.”
When a virtual world gets help from AI, there will be no limits for its expansion. Think of numerous forms of creativity that this intelligence can bring to the metaverse. It can also helo creating other fundamental layers of the new world like interface design and even designing chips for the needed hardware.
NFTs and the Metaverse
As mentioned above, NFT, as one of the biggest products of the blockchain industry, can play a vital role in the metaverse. Every digital asset can become an NFT in this new world.
Even consider your own avatar as an NFT that can be sold. In this way, people “really” own their assets and identities. The ability to exchange these NFTs is another example of the connection between the two worlds.
Examples of Metaverse Blockchain Projects
As mentioned above, many of the current blockchain games are based on a virtual world. They have created the digital economy and even jobs. Some of them are:
OVR is a blockchain-based virtual world that uses the augmented reality technology to create a near-real experience. Virtual lands, digital arts, and even digital products are available to trade in this world. OVR is the primary token of this world that has many use-cases, especially for trading assets.
One of the most successful blockchain games with numerous experiences for gamers is the Decentraland. You can create, explore, and, more importantly, trade in this virtual world. Buying digital lands and creating digital art is one of the fundamental things you can do in this virtual world.
This game uses the theme of space exploration and adventure for creating a virtual world. You can live in a future world with numerous new technologies and products. ATLAS is the primary token in this network.
The Sandbox provides an experience for creating a virtual world. You can create limitless forms of things in this game, own them, and trade them in a virtual world. The marketplace feature in The Sandbox has gained traction and incentivizes players to create more digital assets.
What is the future of the Metaverse in Blockchain?
The future world of metaverse surely needs a fundamental technology that can serve its growing needs. Blockchain has shown the potential of creating digital worlds and connecting a large number of gamers.
The next step can be connecting these worlds and creating a global economy around them. It shows the world that a new universe is being created that can even help them work in it.
Big tech companies are considering the metaverse as the next big thing in the digital world. Most of them believe that distributed technology can be the best answer for creating this world.
The metaverse can show mainstream users the next level of innovation. They have seen many possibilities like interacting easily with friends, e-commerce, online services, and social media in the last decade.
These are the products of innovative technologies in the 21st century. But people still need better experiences. A combination of digital and physical worlds can be a great answer for their needs.
This world should be made on a technology layer that is reliable, secure, and fast. Blockchain technology can answer all these needs.