Metaverse development on Blockchain 101 : Complete Guide to Metaverse on Blockchain technology
The term “Metaverse” has become popular in the past few years. But the term was coined back in 1992 in a sci-fi novel “Snow Crash,” written by Neal Stephenson. But, little did he know that his sci-fi term would become a reality and grow to be a $23 million market after 30 years. This virtual realm has become available for the public using AR and VR. Blockchain-based metaverse realms have immense financial and social potential. With blockchain technology, they can have access to the wider crypto economy. This has made metaverse on the blockchain a commercially successful business opportunity in the digital space. If you’re an entrepreneur looking to find your way into the metaverse realm, You’re at the right place. Let’s jump straight in.
Metaverse
The metaverse is a shared virtual realm where users are represented as avatars who can interact with each other, construct experiences, play, and build in-world objects and landscapes. Users can experience this immersive realm of metaverse using devices like smartphones, PCs, and VR headsets. These metaverses built on blockchains have their own economies and currencies with which players can buy, sell, and trade entities, accessories, real estate, and more.
Features of a blockchain-based Metaverse
Decentralized: Early versions of metaverses were completely owned and controlled by centralized entities. Blockchain-based metaverses are completely decentralized and differ from the mainstream business and extraction models. Metaverses built on blockchains offer users equitable engagement and open platforms. The ownership of the metaverse is shared among the participants and would continue to function even if the original creators of the platform walked away.
User governance: With DAOs (Decentralized Automated Organizations) and governance tokens, users can control the usage of the metaverse and have a say in its future. Users can decide changes and drive future updates of the platform through voting. Through this, metaverses can be entire entities with open and transparent social economies.
Economy: Blockchain-based metaverses have access to the wider crypto economy due to the use of crypto tokens. This enables users to buy, sell and trade in-game assets, real estate, and other assets on DEXs and NFT marketplaces using the metaverse’s tokens. This offers the users real-world value for their metaverse investments.
Provable provenance: In-world assets in metaverses are represented by crypto tokens such as NFTs. They offer these in-world assets transparency and access to the asset market. This gives an enormous value to the assets and acquisitions. And also, since each NFT is unique, metaverse NFTs can be easily used to prove the provenance of in-world assets.
How to create a Metaverse
Many leading companies like Microsoft and Apple have already started to invest billions of dollars in metaverse development. The US army is reportedly developing a metaverse with Microsoft for their soldiers to train in an immersive virtual environment. But fear not, metaverse development is not all about large companies and corporates. You can develop your own metaverse and have a hand in this highly profitable market. The metaverse development process is as follows.
- Decide on the niche and use case of your metaverse.
- Create UI for your platform
- With the right technical stacks like Javascript, WebXR, and WebGPU shader language, work on the development process of your metaverse project.
- Develop smart contracts for your platform
- Create IPFS storage
- Create a metaverse database and develop your core AI and VR functionalities.
- Integrate smart contracts, IPFS storage, front-end, and back-end
- Test your platform for errors and bugs with a competent QA team
- Deploy your metaverse platform
How can a Metaverse be a rewarding business opportunity?
Blockchain-based metaverses have all the potential to be the next big thing in the digital space. They offer a unique model where users can play, interact, invest and earn. This unique model promises intriguing business opportunities for entrepreneurs in the future. Furthermore, the possibility of interoperable metaverse game realms could make blockchain-based metaverse games an integral part of the global gaming market. With the immersiveness of VR, compulsiveness of gaming models, the interactiveness of social media, and the value that cryptos offer, the metaverse is sure to shape the next phase of the internet. Sensing this encouraging future of the metaverse, many entrepreneurs have already started to invest millions of dollars in metaverse development.
To wrap it up
PwC, an accounting, and advising firm, estimates that the global VR and AR technology market will reach $1.5 trillion by 2030 from $46.5 billion in 2026. This massive rise of metaverse technology is due to the rise of digital ownership and the lack of physical constraints within the metaverse. As mentioned above, many leading companies have already jumped into the metaverse realm, determined to maximize their profits from this highly liquid market. If you’re planning on launching your own metaverse, note that metaverse development requires many standards and prerequisites for effective functioning. Without any professional help, metaverse development can take you to your wits’ end. Therefore, we recommend hiring an experienced metaverse development company to guide you through the process.
