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Metaverse and Blockchain

Metaverse is the biggest buzz going around the world for amateurs and geeks alike. But what a large section of people isn’t knowing is what exactly is the Metaverse. How it will affect us and how we can make the most of it! Seems interesting right? Surely! It will be, as here we will be knowing how inseparable is Blockchain technology with Metaverse and how can both cohesion with each other to bring a world of whole new possibilities.

Leading corporates including Facebook, Google, and Microsoft Corporation have invested a major chunk in emerging technologies like virtual reality and cloud computing, as they are anticipating a huge boom in those industries that would help Metaverse in altering our online lives.

What is Blockchain technology?

Blockchain technology can be defined as a digital ledger that is immutable and such a list of records is interconnected by cryptography techniques. Every such record or better known as a block on the network possesses a cryptographic hash or mathematical algorithm that describes the preceding block along with a timestamp, having information regarding when that particular block was accessed or modified.

Blockchain derives its security from the peer-to-peer mechanism, where the computing power for a block is shared across a public network. Every node on the network has a copy of the blockchain and this conveniently makes it virtually impenetrable to fraud, as any sort of malicious attempt can be quickly checked.

As of now, Blockchain can be found in a varied range of industries and this had been possible due to its innate quality of being able to connect and function in sync with other emerging technologies.

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What is Metaverse and how it is related to Blockchain technology?

Metaverse can be referred to as a 3D virtual space that focuses upon social connections using new age internet and 3D technologies. Metaverse can be said a convergence of virtually enhanced physical and digital reality having its independent virtual economy powered by digital currencies and NFTs. Metaverse is free from any sort of monopoly of any vendor as it is largely democratized and independent. In the future Metaverse can help people experience hypothetical iterations of the internet in a single universal virtual world with the help of virtual and augmented devices.

In Metaverse it is made sure that a user is kept immersed in such a virtual space where they can do a wide range of activities like meeting people, doing transactions like selling or buying something, or even visiting some exciting locations.

It is a well-known fact that there are many Blockchain platforms out there that use cryptocurrencies and NFTs for their various services like creating or owning a digital asset or even monetizing them. Now, without such a feature of Blockchain, Metaverse literally remains incomplete as it would lack decentralization and get entangled in various centralized data storages. Globally Blockchain can function independently being a digital source operating on the principle of decentralization and this distinguishes Metaverse from the traditional internet.

Why Blockchain is the key technology for Metaverse?

The concept of Metaverse as a whole is still clouded in mystery as there is no single concept for it and till now it is being implemented partially. Even various tech giants like Google and Facebook have developed the key operating principles of the ecosystem for Metaverse.

When we talk about understanding the Metaverse, we need to differentiate it into two different components – hardware and software. The hardware part includes various controllers and devices such as virtual reality headsets manufactured by OEMs that lets users interact comfortably with virtual or augmented reality. While the software part consists of the digital environment along with final content that is available to the end-user is developed by Metaverse Development Company.

In industry-wide there is consensus among Metaverse experts that the software part for Metaverse must be based on Blockchain technology, so that a secure decentralized database can be created where independent nodes can interact in a single, dynamically updated network. Blockchain technology is perfectly suited to cater to the needs of Metaverse due to its innate features listed below –

  • Security
  • Trust
  • Decentralization
  • Smart Contracts
  • Interoperability

Some Blockchain use cases for Metaverse

Here are some applications of Blockchain in the Metaverse and these can serve as some of the great use cases –

In-game assets

The concept of the metaverse is going to rock the gaming arena, as here technology will be used to predict how virtual assets will be used by the players and those will be presented in the form of non-fungible metaverse tokens. Further, during gameplay, these tokens will enable players to earn digital currency, that can be used as a means of payment within a mentioned ecosystem.

Now, in case during the gameplay any user falls victim to any sort of adverse digital world life event or deletes the game due to some reason, their earned digital assets will be kept safe with the help of Blockchain. A massive amount of resources are put into this arena, where developers of advanced technologies are working over to explore every possible way to make breakthrough development in the Metaverse ecosystem.

Let's build together on Metaverse

Self-identity authentication

Self-identity authentication in Metaverse works in a similar way just like social security number works. All crucial data about the users like age, gender, appearance, and biometrics are securely stored in the Blockchain so that maximum transparency is ensured while preventing any sort of malicious activity.

Real estate

This is one of the main digital assets in the Metaverse and one of the main concerns in this sector is how to assess a virtual real estate object. Moreover, if the metaverse actually represents an infinite digital space, then how to regulate this market? Now, this is where Blockchain comes to play its prime role, as Blockchain here can be used as a kind of registry that records all actions performed with virtual land or real estate assets.

What is the future of the Metaverse?

Currently, it is pretty unclear to say how aptly or quickly Metaverse would mimic the actual life of people. It is observed that many Blockchain-based Metaverse firms and metaverse development are working vigorously over virtual and augmented reality technologies.

But one thing is pretty sure that Blockchain will be an indispensable technology for Metaverse, as without Blockchain the ability to find any virtual object without the need for any centralized system is not possible. The ability to identify and track their digital assets in a decentralized manner is an integral part of Metaverse. In terms of economic transactions, Blockchain ensures transparency in the Metaverse market and this very well lets us know how inevitable integration of the metaverse crypto will happen.

A worldwide leading accounting and advising firm say that virtual reality and augmented reality would enhance the global economy by around $1.5 trillion by 2030. There is great scope for businesses to go for Metaverse development, like in past big corporates had during the age of the world wide web to mint money in certain supporting platforms or services like advertising, gaming, payment services, and media.

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In an industry where being first to market is critical, speed is essential. Rejolut's rapid prototyping framework(RPF) is the fastest, most effective way to take an idea to development. It is choreographed to ensure we gather an in-depth understanding of your idea in the shortest time possible.

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