How Blockchain technology can be seamed into extended virtual experiences; An ideal AR, VR and MR Metaverse.
It’s no real doubt that Extended Reality (encompassing Augmented reality, Virtual reality and Mixed reality) is taking over the world by storm; the Metaverse as we may have it is rapidly evolving and inevitably approaching total immersion and virtualization of actual life. But, can we judge that it’s a wise move? Or is it somewhere in between? Well, the answer is Yes and No!
Yes, because it would revolutionize the approach in which a lot of activities are performed, significantly reducing unsolicited expenses and breaching the transportation barrier. I mean, you don’t have to spend a dime to exhibit your next big product; just get your audience plugged in and the rest is history.
No, because it would disrupt actual physical interactions; which is crucial to in-depth connections (in-person meetings and events tend to be more involving and “real” altogether; you hardly really make a deep connection virtually).
My aim in this article is to air my opinion with regards to how Blockchain (web3.0) can be seamed into XR experiences.
Understanding the concept of Extended Reality
Extended reality (abbreviated for some reason as XR; probably to make it look good), is an umbrella term for virtual experiences other than the physical that offer interactions which cut across the various facets of senses (vision, touch, sight, and we hope for the sense of smell someday).
It is classified into Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR), each having slim differentiators which will be discussed shortly.
Note that special accessories in form of helmets or headsets are worn to perceive these realities.
Virtual Reality
Virtual reality entails a person being immersed in or ushered into a simulated (or computer-generated) environment or world; i.e. somewhat like being put in a dream world, where you’re the only real person (even if you have a graphical representation within its premises, as the 1999 Matrix Movie would call a “Residual Self Image”).
In most recent applications, there is support for peer-to-peer virtual reality experiences that enable multiple users to share the same virtual experience from different locations as seen in Ready Player One, a popular 2018 Sci-Fi movie.
The world you can be immersed to could look as toon-ish as seen in the image above; VR worlds are mostly with very rich, addictive and intriguing graphic content.
So, the concept of VR is simple; A user is immersed in a simulation.
PS: A VR sensation cannot be inflicted on your physical body (probably not yet though).
To get a detailed explanation of the concept, visit this article. Don’t leave just yet though :) Even if you do, ensure to come back 🙂
Augmented Reality
The concept of Augmented reality is the other way around, but… there is an issue; one cannot interact with the elements. Augmented reality entails a projection of virtual components or modifications into one’s physical world. The last time you used a Snapchat filter, you had an AR experience maybe without even knowing. As you must have observed, the real world (which had to do with your face, outfit, e.t.c.) was modified; a visual effect or character was cast into the real world. Most times, special headwear isn’t needed; it takes just your smartphone to get the job done. It usually deals with two methods: constructive (additive to the natural environment) or destructive (masking the natural environment).
The important point to note is that, unlike VR and MR (which is yet to be discussed), users or the physical CAN NOT interact with visual components in AR experiences.
Mixed Reality
There is a very slim difference between Augmented Reality and Mixed Reality and most people usually confuse both or use them interchangeably without even knowing. The major difference between AR and MR is cross-interaction. The physical components can interact with the virtual components. A typical example can be seen in the Sci-Fi movie, Iron Man.
Mixed reality is still in its early days, and is bound to usher in the ultimate XR revolution.
These concepts play significant roles in areas such as sciences, engineering, education, marketing, conferencing & communication, e.t.c. and a lot of advancement is happening.
Big tech companies are now becoming very intentional about the applications of XR, notably Meta and Microsoft.
Now that the concept of extended reality has been clarified, let’s dive into the Blockchain side of things.
What roles could Blockchain technology play in the advancement of XR? Or on a clearer note, in what way could Blockchain technology be seamed into XR? We’re a few steps to finding out. Easy fren… I know you’re already so curious to know, and I understand why anyways.
In case you’re not familiar with the concept of “Blockchain”, it is a decentralized P2P network of computers, called Nodes that work together in a regulated and secure setting to provide an infrastructure for transactions, indexed on a distributed and irreversible chain (ledger). That way, no central party or body can control or regulate the processes on the network like a Central Bank would. Blockchain is no doubt the future, and is still in its early days. To learn more about it, follow this link from IBM.
I’d like to pose a question real quick. Imagine if you could perform a transaction in a VR world and it actually happens in real-life.
Say, you want to make a transfer of $500 worth of Bitcoin to someone, and you connect your headset, get into a doorway where you see a door with a password representing your wallet, you walk in, and then you can see all your tokens. And then send them via a wallet or likewise and with a few interactions, you are able to perform the transaction all in the virtual world. Amazing huh?
Reasonable applications of Blockchain in XR
I’ll aim at giving as many suggestions as I can in this section, while trying as much as possible not to endorse or shit-talk any project or venture in the process; I do not give financial advice :).
GameFi & NFTs
Of recent months, the concept of NFTs and GameFi have been all over the place, especially on Twitter, where a couple of play-to-earn games fuelled by NFT collectibles have been developed. A handful have stood the test of time, while others have been long sunk down. The major challenge when dealing with NFTs is not-so-reasonable utility or in most cases, unnecessary (or irrelevant) utility. A lot of projects limit NFTs to PFP and artistic showcases (this is in some way not bad, but shouldn’t be considered as a viable investment; only buy such if you simply want to hold them because you love the art).
But, there could be a game-changing effect if you could have an immersive gaming marketplace, where listed collectibles are NFTs and you can showcase them for sale within the virtual environment and even explore other amazing NFTs while in a gameplay scenario. P2P and P2E gaming can be on another level if backed with immersive reality.
DeFi
As I earlier mentioned about wallet transaction services in the previous section, there is a huge pool of ideas and resources to explore in the DeFi sector of Blockchain. Imagine being able to create a virtual existence (like booths, structures etc) where a couple of ecosystem projects on a Blockchain have a virtual plot and you’re able to interact with them using your XR headset to trade assets, stake assets, participate in auctions, ICOs, participate in governance rounds and lots more using a personalized avatar. It would be an indeed fascinating experience because rather than using button clicks and a limited range of senses, you could actually have a tangible entry point to the Blockchain, and I believe it would foster the adoption of the tech significantly worldwide.
Education
A good number of people do not understand how Blockchain technology works, not because they are dumb necessarily, but because the concepts are difficult to explain in layman terms (or simple language). XR could be applied in providing simulations of the Blockchain network (nodes, consensus and all the concepts) in an interactive manner, where they would be able to gain conversance in the concepts with much more ease.
Community Engagement & Marketing
Imagine a situation in which people could get to market their projects and get to connect with other members of the community associated with the project they are as well. Via AMAs, meetings, hall of announcements. Messaging could also be more fluid by the use of chatbot plugins, having visual bots so users can request for information such as asset prices, social links, etc from them. Ads could be made via AR or MR altogether.
The most fascinating thing about XR is the “reality” attached to it.
Summary & footnotes
I hope you enjoyed reading my honest opinion. Follow me on Twitter as @Eottoho if you enjoyed it. Cheers fren 💚
Thanks for stopping by 😎.
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