- As more individuals become aware of the potential of AR and VR technology, the metaverse is quickly becoming a common topic of discourse.
- But it’s crucial to comprehend just how the idea will operate as a complete.
- The blockchain, Web 3.0 technology, and NFTs are a few examples of these.
Metaverse without a blockchain
you can’t imagine metaverse without a blockchain but You may imagine that the metaverse will consist of a network of interconnected virtual locations, similar to the internet but accessible through virtual reality. While the most of this is true, the blockchain, which is fundamental but a little more opaque, will distinguish the metaverse from the internet as we know it.
Web 1.0 was first a network of interconnected computers and servers that you could search, explore, and use. Typically, this platform was provided by a single corporation, such as AOL, Yahoo, Microsoft, or Google. Social networking sites, blogging, and the monetization of user data for advertising by the centralized gatekeepers of “free” social media platforms, such as Facebook, SnapChat, Twitter, and TikTok, came to define Web 2.0 around the turn of the millennium.
The metaverse will be built on top of Web 3.0. It will be made up of decentralised applications with blockchain functionality that support an economy based on user-owned digital assets and data. Decentralized? Blockchain? Crypto-assets? We can explain the technologies that will enable the metaverse as researchers who examine social media and media technology.
Blockchain is a system that permanently logs transactions, often in a ledger, which is a decentralised and open database. The most popular blockchain-based cryptocurrency is Bitcoin. For instance, every time you purchase some bitcoin, the transaction is added to the blockchain, which distributes the record to thousands of different computers all over the world.
It is incredibly difficult to trick or manipulate this decentralised recording system. In contrast to traditional banking records, public blockchains like Bitcoin and Ethereum are transparent in that all transactions are visible to anybody online.
Like Bitcoin, Ethereum uses a blockchain, but Ethereum can also be programmed using smart contracts, which are essentially blockchain-based software routines that execute when certain conditions are satisfied. For instance, you could use a smart contract on the blockchain to prove that you are the rightful owner of a digital asset, like a work of art or piece of music, and prevent anybody else from claiming ownership of it on the blockchain — even if they save a copy to their computer. Crypto assets are things that can be owned digitally, such as money, stocks, and art.
Nonfungible tokens on a blockchain are things like music and art (NFTs). In contrast to fungible goods like money, which are interchangeable and each worth the same as the others, nonfungible goods are singular and cannot be replaced.
Most significantly, you may utilize a smart contract that specifies that you are prepared to sell your work of digital art for US$1 million in ether, the cryptocurrency used by the Ethereum network. The artwork and the ether automatically transfer ownership between us on the blockchain when I click “agree.” No bank or third-party escrow is required, and if either of us were to contest this transaction — say, if you insisted that I only paid $999,000 — the other might just as easily point to the distributed ledger’s public record.
What is the connection between the metaverse and this blockchain crypto-asset stuff? Everything! You can first possess digital commodities in a virtual environment thanks to the blockchain. That NFT will be yours not only in the physical world, but also in cyberspace.
The metaverse isn’t being created by a single organization or group, though. Different organizations will create various virtual worlds, and in the future these worlds will be able to communicate with one another, establishing the metaverse. People will want to take their belongings with them as they switch between virtual settings, such as from Decentraland’s to Microsoft’s. The blockchain will confirm ownership proof of your digital products in both virtual worlds if two of them are interoperable. In essence, you will be able to access your crypto assets as long as you can access your virtual world wallet.
Be sure to bring your wallet.
What then will you save in your cryptocurrency wallet? In the metaverse, you will undoubtedly want to carry cryptocurrency. Your digital items that are exclusive to the metaverse, such as your avatars, clothing, animations, virtual accents, and weaponry, will be stored in your cryptocurrency wallet.
How will people use their cryptocurrency wallets? Shop, among other things. You will be able to buy conventional digital items like music, movies, games, and apps, just like you probably already do on the internet. The ability to examine and “hold” 3D models of the products you are shopping for will allow you to make more informed decisions. You will also be able to purchase items from the actual world in the metaverse.
Additionally, crypto wallets will be able to link to real-world identities, which might assist expedite transactions that need legal proof, like buying a real-world vehicle or house. This is similar to how you can use your old leather wallet to carry your ID. You won’t need to remember login details for every website and virtual world you visit because your ID will be linked to your wallet; all you need to do is connect your wallet with a click to log in. Access control to age-restricted sections of the metaverse will also be made possible through ID-associated wallets.
You might transfer your social network data from one virtual environment to another by connecting your cryptocurrency wallet to your contacts list. Join me in FILL IN THE BLANK-world for a pool party!
Future wallets might also be linked to reputation ratings that control your ability to communicate with people outside of your social network and broadcast in public spaces. If you behave like a destructive, disinformation-spreading troll, you risk harming your reputation and the possibility of the system reducing your area of influence. This might give users an incentive to act morally in the metaverse, but platform developers will need to give these systems top priority.
A large company
Finally, if the metaverse is profitable, then businesses will undoubtedly want to participate. Although the decentralized structure of blockchain may lessen the need for middlemen in financial transactions, there will still be plenty of chances for businesses to make money—possibly even more than in economies as they exist today. Large platforms will be provided by businesses like Meta for individuals to work, play, and gather.
Major companies like Dolce & Gabbana, Coca-Cola, Adidas, and Nike are now joining the NFT fray. In the future, you might also acquire ownership of a linked NFT in the metaverse when you purchase a real world item from a business.
When you purchase a desired name-brand garment, for instance, you may also acquire the cryptocurrency equivalent, which your avatar can use to attend the virtual Ariana Grande performance. Additionally, you could sell the NFT version for another avatar to wear in the same way that you could resell the actual garment.
These are just a few examples of how metaverse business models and the real world may coexist. Such instances will become more complicated as augmented reality technology become more prevalent, further fusing the metaverse and the physical world. The metaverse itself may not be here yet, but technology underpinnings like blockchain and crypto assets are steadily being built, laying the groundwork for a seemingly pervasive virtual future that is soon to arrive in a “verse near you.”
Is the metaverse built on blockchain technology?
Both virtual reality and video games are not what the metaverse is. According to Tony Tran, founder, CEO, and president of Peer, a startup developing the blockchain-powered technology required to enable widespread adoption of the metaverse, “the metaverse is similar to cyberspace.”
Is the metaverse dependent on the blockchain?
Blockchain becomes essential for creating a metaverse ecosystem where people may own, create, and profit from decentralized assets. Access to a digital environment devoid of the intervention of a centralized institution is made possible by the blockchain applications in the metaverse.
How metaverse is connected to blockchain?
Is blockchain really necessary to create the metaverse? Yes. Blockchain technology is essential to the metaverse because it allows users to safeguard their digital assets in virtual reality. Real blockchain initiatives like “Axie Infinity” and “The Sandbox” emphasize this concept.
What technology does the metaverse use?
The Metaverse is based on the fusion of virtual reality (VR) and augmented reality (AR) technologies, which allow for multimodal interactions with people, virtual surroundings, and digital objects. As a result, the Metaverse is a web of persistent multiuser social platforms and networked immersive experiences.
Can metaverse work without blockchain?
What’s more, Apple and Meta, the top two competitors in this race, do not need blockchain technology, proving that the metaverse may be created without it. Without this pioneer, the digital world may undoubtedly be constructed. Users can now own assets thanks to blockchain technology.