Since its launch in 2009 to secure the Bitcoin network, blockchain technology has gone to find many use cases outside its original role. Today, the technology is used by major firms in the banking world, logistics industry, and many others.
The blockchain sector has been one of the fastest-growing in the past decade. Another technology that has come to the fore in recent years is virtual reality technology. While it existed for many years, it was only in 2014 that major companies began to make serious investments in VR technology. That was after Facebook’s CEO announced that year that they had acquired Oculus, a VR/AR company for $2.3 billion. Since then, the technology has been receiving attention from tech companies, and increasingly, by consumers.
How Can Blockchain Enhance the VR Revolution?
As has been demonstrated many times in the past, every time the blockchain is applied to an existing industry, it leads to massive improvements in inefficiency. As a result, many have wondered if the blockchain could do the same for the VR sector. Thus, the few use cases where the blockchain has been applied in the VR sector have shown that it is possible. Here is how the blockchain could be used to hasten the VR revolution.
Efficient VR Marketplaces
One of the most immediate applications of VR technology has been the ability to host virtual concerts. These events allow users to have the full experience of attending a live concert but without the hassle that it would require traveling halfway around the world to attend a one-day concert.
One of the most efficient use cases for the blockchain would be to facilitate payments at these events. With a blockchain-secured ticketing system, organizers would not have to spend huge amounts of money to secure a platform. These cost savings could be passed on to consumers, who would also get to enjoy the security of a blockchain-powered payment system. In a virtual event where there could be millions of attendees from around the world, using blockchain technology to secure payments is an efficient and sensible solution.
Monetization of VR Games
In today’s mainstream VR games, users do not have control over the in-game assets. However, the blockchain could change all that. By creating in-game tokens secured using the blockchain, users could enjoy full ownership over in-game assets.
Giving users full ownership of in-game assets could provide them with the economic incentive to participate in the VR games ecosystem. As with any ecosystem, the more people there are, the more likely it is that it will grow to achieve its full potential.
One of the ways that blockchain-based VR games can achieve this is by using non-fungible tokens (NFTs). These NFTs can be enhanced and modified to increase the chance of winning an online competition. In addition, the NFTs can be modified so much that they become collectible items, which can be sold on secondary marketplaces.
Increased User Control
For many years, VR games have been trying to build economies for virtual reality environments. However, the problem with this model is the centralized control. For instance, while a user may have the right to buy and sell virtual real estate, they do not have complete control over it. At any moment, the platform that runs the VR environment could decide to increase land sizes or remove a plot without prior explanation.
With a VR game that is blockchain-based, power belongs to the community. Consequently, people feel inspired to continue being part of the VR game, since they have some control over its future development. There is no risk of a centralized body coming in and deciding their VR plot should be removed.
Enhanced Ad Tracking
One of the biggest sources of revenue for games developers, especially on mobile platforms is ad revenue. Game developers earn millions of dollars each year from ads. However, such a model could be harder to replicate in the virtual environment. The reason for this is that in a virtual world, you would need to be sure you accurately log how many times people see the ad.
One of the easiest ways to achieve this is via the use of virtual blockchain-based tokens. These tokens can be awarded to gamers within a VR environment every time they interact with an ad. Doing so will help to ensure advertisers can accurately track how many times their ads were viewed while incentivizing viewers to interact with ads.
Summary
Blockchain technology and VR technology both represent a break from established norms. These two technologies would work great together. They make it possible to come up with new concepts and actualize new ways of doing business. By combining the two, it would help to ensure improved efficiency while keeping VR environments free of centralized control.