Wondering what is metaverse in blockchain? Here’s a quick guide on blockchain metaverse that will help you know about the fundamentals of blockchain metaverse.
Many of the notable ideas in the world of technology often begin with a lot of confusion around them. You have the issues of jargon alongside many unexplained and overused concepts, just like in the example of cloud computing, the internet of things, and the sharing economy. At the same time, the world is witnessing massive growth of the digital economy. For example, Apple customers invested almost $1.8 billion on digital products and services in the time between Christmas 2020 and New Year’s 2021.
With blockchain networks and NFTs being considered as crucial aspects of the transformation of the global economy, it is inevitable to look at the possibilities of a blockchain metaverse. Furthermore, the pending convergence of various technologies could also lead to profound improvements over the course of the next decade. The following discussion offers you a detailed overview of the metaverse in relation to the blockchain.
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What is Metaverse?
The foremost concern of any individual aspiring to learn more about the metaverse would obviously refer to its definition. The first-ever mention of the term ‘metaverse’ is evident in the 1992 fiction novel ‘Snow Crash’ by Neal Stephenson. We have been coming across many new technologies which existed previously only in science fiction. So, why should we make an exception for the metaverse?
The answer to ‘what is metaverse’ will show that it is basically a superset of virtual reality, the internet, and augmented reality. Some of the notable applications of metaverse are already evident in different forms. For example, you must have come across the concept of the metaverse in different games such as Animal Crossing, Roblox, and Fortnite. The existing vision of the metaverse points out the common vision which many futurists have about the metaverse. It resembles the one which you can find in stories such as ‘Ready Player One,’ where the metaverse is termed as ‘The Oasis.’
Although no one is exactly sure of the possible appearance of the metaverse, experts have pointed out its basic traits. The metaverse would encompass the physical and virtual worlds alongside focusing on a completely functional economy. Another striking detail of the blockchain metaverse would be the flexibility for users to travel to different places in the metaverse.
At the same time, users could also maintain the items and avatars they purchase in the metaverse. It would look similar to a virtual theme park without any limits on creativity and size. Most importantly, it would allow seamless movement of users from one place to another along with others in the same virtual universe.
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Examples of the Metaverse
Before diving deeper into the search for ‘what is a blockchain metaverse?’ it is important to take a look at some examples. The examples of the metaverse could showcase the different approaches for a combination of virtual and real worlds in the metaverse. It is important to observe the possibilities for political, cultural, social, and economic interactions in the metaverse. Interestingly, the interactions in the metaverse resemble the interactions in the real world.
- The popular virtual reality game platform, Minecraft, which represents the Metaverse, served as a unique platform for social interaction. Students at UC Berkeley created a virtual campus within the Minecraft game and conducted an event for the virtual graduation ceremony. All the participants of the event joined as Minecraft characters and also enacted the tradition of throwing hats after graduation.
- Another important reason to focus on the Metaverse is the example of flexibility for users to take metaverse stock of goods and services and trade them in accordance with the currency and transaction methods offered by the platform. The virtual asset SAND of The Sandbox and MANA digital asset of Digital Land are presently listed on the metaverse exchange while being traded actively. Therefore, the money in the virtual world could gradually substitute real-world money.
- Roblox is also another example of the metaverse, which calls for attention towards the blockchain metaverse. The platform enables game developers to create games rather than visiting an online office. Roblox issues tokens as incentives for the work of game developers and allows developers to cash out their tokens outside the platforms.
What is a Blockchain Metaverse?
As you know the definition of a metaverse, it could be easy to find out the details of the blockchain metaverse. Digital assets presently account for a market with a valuation well above $10 billion. However, digital assets are functional only in the respective platforms, and the multi-billion dollar market of digital assets could vanish.
This is where NFTs or non-fungible tokens make their entry. They are basically digital items that you can create and sell or purchase on open marketplaces. NFTs are subject to ownership and control of an individual user without any need for support or permission from centralized agencies. NFTs could help in transforming the metaverse stock by attaching real and enduring value to digital assets.
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Components of Metaverse
Now, it is important to find out what are the essential aspects you would need to create a blockchain metaverse. Most important of all, the metaverse should be a completely open ecosystem rather than being one under a single organization. You could find different components of the metaverse. However, the following components are the fundamental foundations for establishing the metaverse.
The internet is an essential component of the metaverse as a decentralized network of computers, independent of a single agency, individual or government. It does not focus on the need for central permission of such entities for use.
Open Media Standards
The blockchain metaverse can achieve true interoperability only by allowing open standards for media such as audio, text, and video. The standards must govern the creation of media alongside their combination for creating new forms of media. Pixar has introduced the USD, and NVIDIA has introduced the MDL as critical steps in boosting open media standards for 3D applications to facilitate interoperability.
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Open Programming Language Standards
eXtended Reality (XR) Hardware
The eXtended Reality or XR hardware are also important components in answers to ‘what is a blockchain metaverse?’ for the right reasons. XR hardware basically focuses on establishing an interface between the real world and the metaverse. Some of the notable examples of XR hardware in metaverse include Omni treadmills, smart glasses, and haptics.
Decentralized Ledger and Smart Contracts
The final addition in the design of a blockchain metaverse would obviously bring decentralized ledgers and smart contract platforms. Blockchain networks are essential to ensure better transparency and censorship resistance in transactions. At the same time, the blockchain network must also ensure permissionless transactions.
The notable examples of blockchain platforms used for the metaverse include Ethereum, Theta, Bitcoin, Binance Smart Chain (BSC), and Flow, among many others. As a result, it can offer a significant base for the ownership economy that can help in boosting the metaverse.
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Importance of the Metaverse
While you can look at the different possibilities associated with the metaverse from its definition, it is important to worry about the factors which truly showcase its significance. Could metaverse become the all-inclusive virtual world futurists have been conjuring up in their visions? Even if that does not happen with the metaverse, we can witness many fundamental changes in the approaches we follow for interaction with the digital world. Here are some reasons to validate the significance of the blockchain metaverse.
- The collective virtual experience in a metaverse could open many new avenues for artists, creators, and gamers like NFTs.
- The virtual metaverse could become a favored platform for commerce, entertainment, and even modern workplaces, amounting to an industry with a trillion-dollar value.
- Experts have painted the metaverse as the successor to the internet and the emerging gateway for the majority of digital experiences.
The promises associated with the metaverse gain strength with the news of the Facebook metaverse. Facebook head, Mark Zuckerberg, announced the new initiative of Facebook for bringing the metaverse to reality. Towards the latter part of June, Facebook brought together a team of executives for spearheading its metaverse project. Zuckerberg emphasized the feasibility of virtual workspaces profoundly, referred to as ‘infinity spaces’ in the metaverse. In addition, he also presented arguments in favor of better collaboration, productivity, and scope for multitasking in a metaverse environment.
On a final note, it is quite clear that the blockchain metaverse is not just a topic of science fiction. If you take a closer look around you, then you can notice that everything is becoming digital. While it is important to understand the value benefits of the metaverse, you cannot ignore the challenges. The metaverse has been a concept long in the making, and the arrival of new technologies such as blockchain have sped up the process. Now, the news of a possible Facebook metaverse also indicates how the metaverse would not be limited to specific platforms.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!