Metaverse And How It Links To The Blockchain
Metaverse has created a buzz, and it’s now a mainstream technology, with major companies like Facebook and Microsoft investing in it. The term ‘metaverse’ has first appeared in Snow Crash, a novel by Neal Stephenson. However, the present metaverse is entirely different, a hypothesized iteration of today’s internet.
With the internet unveiling new and exciting possibilities in the virtual world, we all have understood the importance of technology both for current and future scenarios. The internet is two-dimensional, text and images on a flat-screen, while metaverse is three-dimensional and sensory to enable touch.
Metaverse is one of the unique innovations technology has brought so far. We can also call it a virtual space where people live and perform real-world activities. Like, you can hang out with friends, attend an important meeting, play games, join live concerts, visit a shopping mall, and do much more without the need to be present physically at these places.
In this regard, this article will explain more about metaverse and its connection with blockchain technology.
What is Metaverse?
Metaverse combines the word “meta,” which means beyond, and “verse” means universe. So, metaverse defines the concept of a virtual world that is beyond the real world.
Metaverse is the subset of the internet evolution, and thus it cannot be deemed static. Like, we all have traveled through various phases of internet technology, from sending text-based messages to sharing memories through images and then video-based online interactions.
We are now entering the metaverse that will provide us with a new and upgraded version of the internet using a 3D virtual and augmented spectrum. It replicates the real world and creates a virtual world where users can do everything they do in this world.
For instance, employees can work in a virtual workplace, students can join online classes, people can go shopping, and many more exciting activities. Metaverse is likely to upgrade today’s internet and its utility across various industries with these capabilities.
How is metaverse related to Blockchain?
Metaverse is related to Blockchain because Blockchain empowers every leading technology, including metaverse. Leveraging blockchain technology, companies can build a truly decentralized and open-source metaverse ecosystem that is trustless and not controlled by a central entity. Moreover, prevailing use cases of Blockchain such as cryptocurrency and NFTs are required to transfer value and trade digital assets in the metaverse world.
As metaverse is a multi-layer ecosystem, many technologies play a crucial role here. For instance, blockchain technology is required to regulate many areas of a decentralized Metaverse like the collection of digital assets (NFTs), digital proof of ownership, recording immutable data, exchange of value through cryptos, interoperability, and so on.
The main idea of the metaverse is to offer multiple interoperable virtual spaces where users can explore exciting experiences through AR and XR devices. To understand the underlying concept of the metaverse, we must explore decentralized games, which are based on the play-and-earn concept.
That’s so because metaverse provides them a real-world experience. It allows users to interact with others through their avatars, invests in digital assets, participate in gaming activities, and do transactions using cryptocurrencies.
What are the key components of metaverse?
Modern blockchain-based metaverse projects are decentralized. These projects can range from gaming platforms, NFT marketplaces, and virtual product development platforms like Minecraft. Furthermore, some unique projects combine all these platforms into a single innovative Metaverse project. However, the basic components of metaverse include the following:-
- A high bandwidth network of computers is required to host the metaverse as it operates beyond the control of any centralized body, enabling decentralized data transmission for stable and real-time connections.
- Open and interoperable standards for media such as images, videos, text, audio, 3D items, 3D scenes
- Extended reality (XR) hardware such as VR headsets, smart glasses, Omni treadmills, industrial cameras, scanning sensors, and other VR, AR, & MR devices, required to take users to the virtual space of metaverse.
- Blockchain technology and smart contract for transparency, censorship-resistant benefits, and permissionless transactions.
- Computing power performs speed and accuracy data processing, AI, and projection tasks.
- 3D immersive simulations to support virtual space environments representing real-world ecosystems.
- Payment gateways to support digital payments done in cryptos and fiat.
How to Launch a perfect Metaverse project?
Every metaverse project, be it for gaming, social media platform, or enterprise application, it’s a collection of 3D projects and virtual spaces. If the Metaverse project is blockchain-powered, custom interoperable blockchains are integral for its effective functioning.
For the successful execution of your project, choose a team of developers who understands the latest blockchain technologies such as NFTs, Crypto, 3D development tools, and the skills to develop virtual spaces. Besides, the following are some of the essential development services required to design, develop, and execute your ideal Metaverse project.
- Decentralized Metaverse platform.
- Metaverse mobile and web-responsive apps
- 3D space development
- Non-fungible token- creation and integration on the metaverse
- Metaverse marketplace development
- Metaspace marketing platform.
Metaverse is a great innovation and is the next big advancement for people to socialize digitally. Based on major tech giants’ mass adoption of the metaverse, we can anticipate the greater expansion of metaverse in the coming years.
At the same time, blockchain-powered metaverse ecosystems are supposed to gather higher popularity than centralized ones as blockchain plays a key role in transforming the ever-expanding world of the metaverse. In a nutshell, the metaverse is the powerful future of the internet.