Metaverse has been a topic for a long time, however, with Facebook being rebranded as Meta, the concept is apprehending a lot of attention. The general consensus is that it will bring an evolution across social media platforms. Meanwhile, blockchain technology has made an impact in different industries. Can it provide a contribution to the metaverse universe?
What is Metaverse And Its Relation With Blockchain
Metaverse is a virtual space that is based on 3D technology. Any individual can create their avatar in the virtual world. They can interact and socialize with other people, buy digital art, play games, perform transactions, etc. Meta verse pantomimes the real world with its VR technology. As the internet and smartphone use increase with time, VR goggles are gaining popularity. Many companies are adopting the technology to create a metaverse ecosystem.
Blockchain, on the other hand, is a digital ledger of transactions that is distributed across a decentralized network of computer systems. Every time a transaction is made through the technology, the data is stored in the form of blocks. The technology has revolutionized the way the industries work and optimize their businesses with the innovative solutions.
The question is if people can socialize in metaverse, how are they going to transact in it.? What will be the currency in the virtual world? Blockchain is a necessary addition to developing an ecosystem in the metaverse to create, own, and monetize decentralized assets. Blockchain applications provide access to a digital area that is free from any interference from a centralized institution.
The main use of the blockchain technology in Metaverse is the use of NFTs or non-fungible tokens. Since people like to imitate everything in the virtual world that they do in the real world, it is important to have replicas of the commodities available in reality. NFTs ensure the identity and ownership proof of these unique items.
Also Read: How Can The Metaverse Make An Impact Across Industries?
Metaverse Can Exist Without Blockchain, But Will it be Fruitful?
Jeremy Bailenson, a Stanford professor who mediated the Global Economic Forum Panel and is the founder of the Virtual Human Interaction Lab at Stanford, asserted that metaverse can exist without blockchain. Bailenson also asserted that metaverse second life, which was launched in 2003, registered seventy million accounts and developed a strong economy where virtual assets were exchanged. However, blockchain doesn’t play a role in running the metaverse.
Blockchain plays a significant role in the metaverse besides virtual reality and artificial intelligence. Firms like Meta need to jeopardize interoperability if they wish to participate. According to the CEO of SuperSocial, this means the avatars can access the switch from one project to another with their digital clothes. However, blockchain can play an important role in delivering crypto DNA which will help in the one-to-one mapping of the individual to the avatar, concludes Bailenson. Metaverse without blockchain is possible. However, if the focus is on democratising the internet, transparency, accessibility, and platform interoperability then it is important to include blockchain in metaverse.
Also Read: What connects the Metaverse and the Crypto?
Metaverse is a seamless intersection of digital and physical lives. It helps to create a virtual space where you can relax, work, play, transact, and socialise easily. Since the technology is still under construction, there isn’t a particular solution yet. However, the theme of metaverse and it’s future is still in the making. The main element is that there is no particular world, but many virtual spaces that help to extend social interactions. The virtual experience is provided by expanding a three-dimensional layer to the web that will help to create a natural user experience.