The idea of a metaverse has enthralled people for many years, and now it is finally happening. With virtual reality, the public’s attention can be grasped in unprecedented ways, since the technology offers a plethora of virtual worlds for people to engross themselves in. Moreover, it will blend real-world interactions with virtual reality; all of which will take immersion to the next level.
As to be expected, it has generated a lot of hype since it was announced by Meta. However, the metaverse is not something that will be constructed by a single organization. Many distinct organizations will create different virtual worlds that will interconnect to form the metaverse. But the technology still has a lot of development to cover, and the groundwork for it is already being laid with blockchain applications in the digital world. These include NFTs, cryptocurrencies, crypto wallets, and many more.
NFTs
NFTs stand for non-fungible tokens. They are digital proof of ownership that is assigned using blockchain technology. Since network nodes each have a copy of the transaction which validates that ownership, any potential tampering or duplication is nulled. Furthermore, this ownership can extend to various digital items such as artwork, music, and videos.
But with the metaverse, NFTs could extend to avatars, apparel, music, virtual homes, or even worlds. All of this will be made possible by the security, and transparency of blockchain technology, which will confirm the ownership of these items. In addition, people will use cryptocurrencies to pay for them. So, they will require the use of crypto wallets that will not only store their cryptocurrencies but also their avatars, virtual decorations, apparel, etc.
Crypto Wallets
Crypto wallets are used to store all sorts of digital assets. But in the metaverse, they could be a lot more. As people could use their crypto wallets to buy real-world products in the metaverse, and make better judgments by examining 3D versions of those products. Crypto wallets could also be linked to real-world identities, i.e., potentially making legal verification processes, and regulating access to certain sections in the metaverse easier.
Furthermore, people’s contact lists could be linked to their wallets which would make social network data transfers easier. Other data such as reputation scores could also be linked, which would incentivize reasonable conduct in the metaverse since inappropriate behavior would lower reputation scores.
Final Thoughts
The blockchain applications mentioned so far, are only a few among the many that could be integrated into the metaverse. Businesses could benefit from the decentralized structure of blockchains, and can therefore come up with innovative revenue-generating opportunities in the metaverse. Blockchain gaming, for instance, could be made even more immersive in virtual reality.
Although the metaverse is still a bit far-off from arrival, its developments are taking place at a breakneck pace. This is due to the immense potential it offers to change the way industries operate. As such, blockchain technology can be a fundamental pillar in supporting the metaverse infrastructure, as decentralization reduces costs and security risks.