3 mins read

Metaverse and Blockchain: How Do They Link?

3 mins read

Metaverse has all the eyes and ears towards it and why not it the sole technology
that has given life and breath to an alternate world in the virtual environment that
consists of all the materialistic objects, life-like identities and characters, diverse
work spheres, anything and everything that one can imagine relative/non-relative
to our real life, our planet, and the universe.

Meta implies beyond and verse comes from the universe.

Simply put, Metaverse is a hypothesized iteration of today’s internet that unveils
new, innovative, and pique possibilities in the virtual world, thus, making us
understand the significance and power of technology for current and future

As said earlier, Metaverse can include everything that can be thought of by our
imaginative and creative mind, many people wonder how the virtual world can
facilitate the use of the latest inventions under Blockchain, cryptocurrencies,
NFTs, etc.

Well, we all realize by now that Web 1.0 dealt with supercomputers and servers
connected to explore information through a centralized company’s software.

Web 2.0 formed the basis of social networking sites and platforms and facilitated
monetization of data by centralized gatekeepers, but the revolutionary Web 3.0
powers the introduction of Metaverse that will pivot all the latest technologies
amalgamating Artificial Intelligence, Machine Learning, Cloud, Blockchain,
Extended Reality (XR), Internet of Things (IoT), and more.

Blockchain in the Metaverse

Metaverse is known to consist of blockchain-enabled applications that will further
support the economy of user-owned crypto assets and data. The virtual world will
unlock the true potential of blockchain in the metaverse where companies can
build a truly decentralized and open-source metaverse ecosystem that isn’t
controlled by any central entity.

On major accounts, blockchain will regulate many areas like collection and
transaction of digital assets, exchange of values/currencies through cryptos, digital
proof of ownership, a record of immutable data, facilitate interoperability, and
much more.

Own Digital Goods
As you can buy assets via cryptocurrencies and NFTs, blockchain allows you to own digital goods in the virtual world. Your artwork or music can’t only be owned in the real world but is facilitated in Metaverse too.

Here again, not only a single company will build a metaverse, different organizations with unique purposes and contexts can create diverse virtual worlds where they can be made interoperable. And when a virtual identity/avatar moves from one metaverse to another, Blockchain will authenticate the proof of ownership the individual carries for all its digital assets and streamline the transfer, effortlessly without involving any intermediary.

As long as you can access your crypto wallet in a virtual world, you can access any crypto stuff with their fool-proof security and encryption.

Carry Cryptocurrencies in your Wallet
Certainly, blockchain is to empower crypto wallets in Metaverse where every user would want to carry their digital currencies to make purchases in the virtual world. The crypto wallet will also hold metaverse-only digital assets like your avatars, avatar animations, virtual decorations, avatar clothing, etc.

Crypto wallets will help individuals shop for any digital product that is relatable to the real world like apps, music, games, etc. all types of physical world items can be bought in the metaverse.

The crypto wallets will also carry and link your real-world identities which are legally verified to facilitate transactions. While you navigate any website or virtual world, you would just need to connect with your wallet and you’ll be logged in. (as your ID is linked with the crypto wallet, your need to remember your login information)

Crypto wallets in the virtual world will also be linked to your contact list so that you can invite your social media friends to the virtual world or invite them from one metaverse to another inviting them for attending an event, a seminar or a meeting, etc. Say, Join me in a pool party in _____ metaverse.

Crypto Gaming
Gaming is a wide industry and will not escape in the metaverse too and innovation in the games played or bought virtually will be driven by blockchain. Crypto gaming already is a big and high revenue-generating business and in the metaverse will be allowed to create and play games to earn.

Sandbox is a popular name in this field in the virtual world where one can create and own games and environs using an Ethereum-based blockchain currency $ Sand.

Another brand that facilitates gaming in the metaverse and allows players to earn cryptocurrencies (which are convertible to physical money) is Oneto11. To win proprietary blockchain tokens, players use their sports knowledge to compete against each other.

Blockchain-Powered Metaverse Ecosystems Are On The Rise!

While metaverse is still in its infancy, blockchain and crypto are becoming mainstream in Metaverse’s medium of exchange in terms of utility and adoption. Blockchain promises to augment digital innovations just like the dynamic physical transformations that occur in a decentralized architecture.

Metaverse offers massive opportunities for blockchain and cryptos. If you would like to know how your business can make a difference in the metaverse or how blockchain can be embedded into your software applications before stepping into the metaverse, get assistance and full guidance from Blockchain Experts at CodeGlo.