In this Digital transforming world, a new technology pops out every day and changes how we see reality. Blockchain Metaverse is the term that has been in talks recently amongst Blockchain experts. Blockchain technology has taken over many industries, and people are keen to learn this technology. In the past few years, it has been observed that billions of dollars have been spent on digital items and services. That includes any digital file, data, media like NFT or digital tokens like Cryptocurrencies, or it can be any other digital service available online. Also, due to COVID- 19, we have experienced high-level detachment from the real world and worked virtually.
Now, the term “Metaverse” describes a set of virtual spaces created where you can explore and meet other people who are not in the same place. The question is how blockchain is related to the Metaverse and what exactly Metaverse means?
This article will throw some light on the Blockchain Metaverse and what does it matter in today’s world?
Table of Content
- What is Metaverse?
- How is Blockchain related to Metaverse?
- Metaverse Basic Foundation
- How Metaveres Works?
- Why does blockchain Metaverse Matters?
The idea of Metaverse came from the Sci-fi novel “Snow Crash” by Neal Stephenson in 1992. At that time, metaverse referred to the online shared world where people could meet their friends, visit different palaces, buy things, work, and attend events virtually. Metaverse can be something that can replace today’s Internet.
Now, Blockchain technology promotes the virtual world and is strongly connected to the Metaverse. Cryptocurrencies and NFT’s make it possible for users to buy and sell these virtual assets online without making any physical contact. People tend to make huge money from it, and some enjoy creating their art as an NFT. Also, people are using NFT as a form of ticket for virtual events. Cryptocurrencies have been utilized for various things, including buying virtual land, creating NFT’s, and many more. All these blockchain technologies are creating a metaverse that can be experienced as an evolution on the Internet.
What is Metaverse?
Metaverse can be many things, but the meaning of the word “Meta” is beyond, and “Verse” means universe. To simplify the meaning, the term Metaverse is generally used to define the concept of the virtual space that can create a new Internet using 3D virtual and augmented spectrum. Behind the metaverse creations, many omnipresent technologies are involved: blockchain networking, crypto networks, cryptocurrencies like Bitcoin and Ethereum, Extended reality, Mixed reality including AR/VR, Non-fungible tokens (NFT), and many more.
Metaverse has been referred to as the world where everything interacting is virtual except you. For instance, land, avatars, buildings, art, and in fact, names can also be purchased online using cryptocurrency. The time is not that far when blockchain metaverse technology will allow us to explore different environments where one person can virtually interact with a different person, attend events, visit lands and buildings, and even buy goods and services. Blockchain technology has contributed to creating a fantastic virtual space where both users and businesses can benefit.
How is Blockchain related to Metaverse?
Many new platforms running on blockchain technology use Non-Fungible Tokens (NFT) and cryptocurrency to build, own, and monetize innovative decentralized assets. Before blockchain technology, metaverse was incomplete because everything was stored in the centralized network. Thanks to blockchain’s capacity of working globally as a digital source where crypto makes decentralization possible.
Metaverse is unlike what the Internet offers today. For instance, content is available in the form of apps and websites on the current Internet. Whereas, Metaverse is connected through individual nodes worldwide. So, no specific platform will be required to access any digital space. Blockchain Metaverse offers proof of existence to every digital thing.
Now crypto and blockchain are the best examples of live Metaverse. Companies like Facebook, Epic games, Roblox, Fortnite, Minecraft, and many more gaming platforms are building metaverse technology that makes the virtual world possible. Decentraland is an Ethereum-based virtual world, where users can play, interact and explore and play games with each other. It also allows you to buy virtual lands, build your own surroundings, applications and marketplace. Decentaraland is the best example of blockchain metaverse. It is a 3D virtual reality decentralized platform using the Ethereum blockchain.
Metaverse Basic Foundation
Metaverse is created using many technologies, but precisely to the combination of the internet, 3D items, Open standards for media, Open programming language standards and decentralized ledgers, and smart contract platforms like Blockchain.
The basic foundation of Metaverse is explained below:
- Internet- Metaverse uses a decentralized network of computers where no centralized authorities like the government are required. There will be one entity in charge of giving permission to use the system or make any transaction. It would be controlled by every user out there.
- Open Standards of Media- it uses 3D items, audio, texts, images, geometrical figures, sequences, vectors, and any other combination of other digital media, Pixar’s USD (Universal Scene Description) and NVIDIA’s MDL are great platforms to explore to achieve interoperability for the 3D Application
- Hardware- Extended Reality (XR) and Mixed Reality (MR) Hardware like Smart glasses, holoLens, haptics, and Omni treadmill
- Decentralized ledger and Smart Contract- Blockchain technology is used to achieve the Bst metaverse experience. Blockchain technology offers highly secure, transparent, permissionless transactions. Blockchain technologies like Bitcoin, ethereum, Theta, Binance Smart Chians, NFT’s, etc., offers excellent opportunities in the field of Metaverse. It makes it publicly available and provides support to the blockchain metaverse ecosystem.
How Metaverse Works?
Haven said that Metaverse is transforming the digital ecosystem of the Internet, but the one question that comes to mind is- How Metaverse actually works?
Firstly, Metaverse is owned by all the people as it works on a decentralized network like blockchain. It works for the viable public good, where all the people around the world can be a part of it, and a single company does not control it. Be connected to the technology by investing in the services, architecture, and development of the Metaverse.
Currently, Metaverse is in its early stages and is not fully implemented for public usage. The following are the two ways how Metaverse works and why it is much different from the existing platform-based internet.
- Decentralized Nodes- This is the one significant aspect that Blockchain has contributed to the world. There are a total of 1100+ nodes that are currently hosting the Ethereum network worldwide. Meaning that there is no single company or server that holds the network and is not dependent on a single entity for processing and doing the transaction for any other work required from the particular network. Therefore, Decentralized node provides major benefits to blockchain metaverse. Blockchain also offers the consensus mechanism, which promotes high-level security for the metaverse foundation.
- Portability- In metaverse, the content is not siloed. In simple words, any content uploaded on the Metaverse Foundation, whether it is an artwork or any other type of content, can be moved to any other application without any interference. Also, the Metaverse foundation can not change, modify, or take down that content.
Why does blockchain Metaverse Matters?
There are many interests that Blockchain Metaverse can contribute to the entire world. Metaverse combining with blockchain technology will produce considerable enhancements to the Internet ecosystem in terms of technological growth.
The main advantages of metaverse are given below:-
- It enables the user to own their data.
- Metaverse works on decentralization where all the users can own their data and travel freely without any thyroid party interference.
- Blockchain enables metaverse to emerge the digital space entirely, and users can experience more autonomy within digital spaces.
- Blockchain Metaverse offers a creative human experience. It uses 3D expressions developed using Augmented Reality, Virtual Reality, Mixed Reality, and Extended Reality technologies. All these create a virtual space giving the best experience in terms of communication and interaction with each other.
- It removes the limitation of any physical works and creates a virtual space with is limitless.
- It also increases the global economy as cryptocurrencies, and digital assets are continuously booming the market.
Blockchain Metaverse is the future, and people will be using virtual spaces to interact, explore, communicate, do business and even build virtual communities to get along with each other. Blockchain technology holds high potential in transforming the digital world into the Metaverse, also known to be a new Internet. So if you want to be a Blockchain Expert and are keen to know more about blockchain technology and cryptocurrencies, check out online certifications and courses on Blockchain Council.