Here Is Why The Metaverse Cannot Exist Without Blockchain
Posted By : Priyansha Singh | 18-May-2022
Metaverse in Blockchain
With new and continual innovations in blockchain technology, many concepts that conventionally existed only as theories have started to take real and concrete shapes. One of them is the actualization of a hyper-realistic virtual realm, reckoned as the metaverse. However, the question arises – how will this digital world transform the traditional internet and the entire online economy?
The answer is blockchain. Blockchain technology is inevitably going to have an immensely bright future. It is the perfect and responsive solution to the overly-complexifying digital landscape that is only expanding.
That is why in order to accommodate and empower our own physical decentralization, blockchain solutions have indubitably stepped in as a central infrastructure on which new virtual lives, societies, economies, and identities are being built. In this blog, we will delve into the fundamentals of how metaverse and blockchain work in tandem and how blockchain technology has become the linchpin of metaverse development.
Understanding Metaverse and How Does It Relate To Blockchain
The term ‘metaverse’, in the modern context, refers to a virtual environment created with the new internet or Web 3.0 using next-gen 3D technologies. This concept is fundamentally related to futuristic technologies such as augmented reality, virtual reality, mixed reality, blockchain, NFTs, and many other advances in recent years.
In the metaverse, the user is immersed in an ultra-realistic virtual space where they can do almost anything that they do in the physical world. It includes activities such as meeting new people, visiting exciting locations, selling real estate, purchasing works of art, and more. Experts from all across the globe agree that constructing a blockchain-powered metaverse will open up an engaging and exciting virtual world with the potential to change and revolutionize everyone involved interacts.
So what exactly does blockchain have to do with the metaverse development concept. At the current stage, many blockchain-based platforms use NFTs, providing an ecosystem of owning, creating, and monetizing decentralized digital assets. Without the neoteric blockchain technology, the entire foundation of the metaverse would be fragmented and incomplete because of the multiple shortcomings related to centralized governance and storage.
Moreover, blockchain networks can function on a global scale whilst being a digital source operating on the core principles of decentralization and immutability. This fact fundamentally distinguishes the expansive metaverse from the capacities of the traditional internet, which of course, comes in the shape of websites and applications. The blockchain-based metaverse offers access to any digital asset and activities as well as helps in navigating the borderless virtual space without any interference from a centralized institution.
What Role Does Blockchain Play Inside the Metaverse?
Even though the concept of the metaverse is depicted in multiple aspects, the idea itself is being actively implemented by a plethora of businesses across various industries and mega-projects such as Google Blocks and Meta (formerly Facebook) Horizon. The key operational principles, functionalities, and fundamentals have already been developed and are being progressively embraced by enterprises of all shapes and sizes around the globe.
It is important to note that any metaverse has two pivotal components: software and hardware. The hardware components entail all sorts of wearables, sensors, controllers, and devices, enabling users to comfortably and seamlessly interact with augmented reality and virtual reality environments. On the other hand, in the case of software, we are talking about immersive digital ecosystems where engaging content and digital media are readily available to the users.
Many technophiles and experts in the industry have already come to agree that software should be entirely based on the futuristic blockchain technology which represents a robust, secure, transparent, and decentralized database where independent nodes can parallelly interact with a single and dynamically updated network. With stringent developments and innovations inside the metaverse, it has become quite obvious that blockchain solutions can efficaciously meet the requisites of the entire process of metaverse development, once you take a glance at its most pivotal characteristics. We have enlisted the key characteristics of blockchain below:
- Smart contracts
- P2P networks
- Digital asset management
- Proof of ownership
- Digital collectibility
- Value transfer
It is certain that centralized ecosystems and governance carry a lot of perils in terms of the creation, management, and functioning of virtual worlds. These can be malware, hacks, and even centralized decision-making in relation to the operations and functioning of the metaverse. However, blockchain technology mitigates these risks and helps in making the construction of virtual ecosystems a reality.
Also Read: The Growth of Real Estate Tokenization in the Metaverse
Blockchain in Metaverse: How Does it Work?
Although metaverse is still in its nascent stage, the buzz around it is only increasing with each passing day. While it has many meanings, at the core the metaverse is first and foremost an expansive network of virtual worlds, largely 3D, that is focused on fostering social interactions and connections. For instance, mega-companies are now encapsulating a massive network of interconnected cross-platform social media to traverse the metaverse and offer lucrative and engaging opportunities to the users.
In a social setting, user identity is extremely important and it is basically everything that separates them from the rest. For example, your face signifies your identity whereas your Instagram account also portrays your identity. Blockchain technology furnishes the ability to securely verify and authenticate your identity across not just a single platform but all of them.
This becomes especially relevant when cross-blockchain compatibility is more excessively and predominantly implemented, laying the foundation for the hyper-real future metaverse. Currently, cross-chain protocols are still in their early stages and are being steadily utilized by a few businesses.
Moreover, when cross-chain compatibility does become widespread and more common, cryptographic tokens, both fungible as well as non-fungible can be transferred and networked from one blockchain to another. For instance, with multi-blockchain and inter-blockchain communication protocols, it is now possible to make your Ethereum NFTs verifiable on other blockchains such as Cardano, Solana, and more.
All in all, identity verification is perhaps the basis and one of the most pivotal aspects of the metaverse because it secures ownership. And since we as humans are defined by the tools we use and the toys we play with, it is undeniably evident that there cannot be any existence of metaverse without blockchain.
Blockchain is an integral part of the metaverse since the technology enables users to protect and validate their digital assets and identities in the virtual world. Moreover, in terms of development and adoption, metaverse services have a very long way to go. One thing to note is that the number of projects based on blockchain metaverse is on a continuous rise. Whether it is a huge virtual gaming platform or a mid-scale metaverse NFT project, the development in this technological sector is taking place at a breakneck speed.
Oodles Technologies has established itself as a trusted metaverse development company, enabling businesses to access and traverse the expansive metaverse with neoteric technologies. If you are looking for enterprise-grade metaverse development services or seeking to implement blockchain solutions for your business, feel free to drop us a line. Our team will help in selecting the right blockchain network in accordance with your business workflow and aid you in building an immersive, interactive, secure, and feature-rich metaverse platform from the ground up.
Priyansha is a talented Content Writer with a strong command of her craft. She has honed her skills in SEO content writing, technical writing, and research, making her a versatile writer. She excels in creating high-quality content that is optimized for search engines, ensuring maximum visibility. She is also adept at producing clear and concise technical documentation tailored to various audiences. Her extensive experience across different industries has given her a deep understanding of technical concepts, allowing her to convey complex information in a reader-friendly manner. Her meticulous attention to detail ensures that her content is accurate and free of errors. She has successfully contributed to a wide range of projects, including NitroEX, Precise Lighting, Alneli, Extra Property, Flink, Blue Ribbon Technologies, CJCPA, Script TV, Poly 186, and Do It All Steel. Priyansha's collaborative nature shines through as she works seamlessly with digital marketers and designers, creating engaging and informative content that meets project goals and deadlines.