QANplatform Use Case Story: Metaverse
Learn more about the metaverse and how to build a Quantum-resistant metaverse on the QAN blockchain platform.
The metaverse has become one of the most talked-about technological innovations today, with more and more tech giants entering into the space to build the next iteration of the Internet.
Read on to learn about the metaverse and discover why building the metaverse on the QAN blockchain platform is arguably the best way to future-proof the virtual world.
What is the Metaverse?
The metaverse is a network of interconnected digital environments powered by virtual and augmented reality, non-fungible tokens, and digital currencies.
The usage of the term “metaverse” dates back to a 1992 sci-fi novel by Neal Stephenson, Snow Crash, for depicting a 3D virtual reality. The concept was further expanded in novels and movies like Ready Player One, Free Guy, and The Matrix.
The Internet as we know it today can only be accessed on 2D applications and websites through chat video calls, messaging apps, etc. Conversely, the metaverse will become a more immersive experience with each user having an avatar or digital character and interactions rendered in 3D rather than staring at a screen. So, for example, instead of chatting via a social media application with a friend, you can put on your headsets and hang out on a virtual bar or beach.
While there’s no perfect representation of the metaverse yet, as the concept is still being developed, online video games offer the closest experience. Games like Decentraland, Roblox, and Fortnite offer natural physical engagements in the online world through innovative approaches.
Interest in the metaverse is growing at a staggering rate after social media giant Facebook changed its name to Meta to highlight the company’s new focus on becoming a metaverse company.
Many other leading blue-chip companies have shown interest in the technology, with industry names like Microsoft, Nvidia, and Nike announcing plans to get involved with the metaverse.
Beyond gaming and just a basic virtual experience, the metaverse will include new economics, forms of governance, digital ownership, employment opportunities, marketing avenues, and more.
How Can You Dive into the Metaverse?
Anyone can have a taste of the metaverse by exploring today’s online games and virtual worlds.
For example, in Decentraland, a blockchain-powered early version of a metaverse, users buy and sell virtual lands as NFTs. Moreover, Adidas recently purchased land on The Sandbox to establish itself in the metaverse while also partnering with notable NFT brands like Bored Ape Yacht (BAYC) and Punk Comic MetaHeroes.
Many of today’s early-stage metaverse ecosystems can be accessed with a personal computer or mobile phone. However, to get a more immersive experience, you should use VR goggles like the Oculus Quest headset. There’s also the potential to use motion capture gloves.
Another way to enter the metaverse is by developing an entirely new one on a blockchain that allows for the building of decentralized applications. As a developer, you can use the security and interoperability of blockchains to build a metaverse. And since most projects built on blockchains are open-source, you can build on existing protocols too.
What Can You Do in the Metaverse?
Based on the current concept of the metaverse, people can do almost everything they do in the physical world.
You can attend virtual concerts, hold work meetings, go shopping, play games, socialize, and more. Some of this can already be seen in many metaverse games that allow users to attend virtual concerts and organize meetups. For example, the popular game Fortnite hosted virtual concerts with popular artists like Ariana Grande and Travis Scott.
The possibilities of the metaverse are limitless at this point, and most projects are still in the early development stages. Their success or failure will give a complete answer to this question.
How to Make Money in the Metaverse: 3 Business Models for Virtual Worlds
While the metaverse is still making baby steps, investors and companies are already exploring investment opportunities to position themselves for a future where the metaverse could become the new Internet.
According to predictions from Bloomberg, the metaverse will be worth about $800 billion by 2024, making it a massive opportunity for early builders and investors.
Let’s take a look at a handful of business models that can operate in virtual worlds.
- Fashion — Fashion could become one of the most profitable ventures in the metaverse. Top fashion brands like Adidas, Gucci, Balenciaga, and Nike have already invested millions of dollars in the metaverse through several purchases and collaboration.
Just the way people purchase clothes, jewellery, and shoes for themselves in real life, they can do the same for their digital avatars. Balenciaga and Gucci are already in partnership with Epic Games and Roblox, respectively, creating digital fashion lines for the avatars of users. Moreover, Decentraland plans to host the first-ever metaverse fashion week in March 2022. - Gaming — Currently, online gaming is the most popular business model for metaverse projects. Gaming is becoming a profitable business not just for game developers, but also for players. In crypto-based games (GameFi), players can play-to-earn as opposed to the play-to-win model found in most traditional online games.
For example, in the blockchain game Axie Infinity, players earn rewards by breeding digital monsters and winning challenges. These rewards can be traded for other cryptocurrencies or NFTs, hence, enabling gamers to earn for time spent in the game. In November 2021, a plot of land on Axie was sold in the game for $2.48 million. - Buying virtual real estate — More and more investors are piling funds into virtual land in the most popular early metaverse worlds like Decentraland and Sandbox. Not only does virtual land have the potential to increase in price as demand for space in the metaverse goes up, but virtual land and property owners can also lease their real estate to host events to generate revenues.
For example, you could buy virtual land, build an event space, and regularly host virtual art shows, charging a fee to anyone wanted to exhibit their artwork in your digital event space.
When Will the Metaverse Launch?
The metaverse doesn’t really exist yet, as most projects currently are just scratching the surface of what’s possible. Therefore, there’s no specific launch date for “the” metaverse. It will happen naturally as progress is achieved by companies that will emerge as the key players in this new technological field.
In Meta’s demo video of the metaverse, Mark Zuckerberg predicts the company’s metaverse to launch in the next five or six years. As more builders and investors join the metaverse economy, this may speed up the evolution of the metaverse in general.
Metaverse Opportunities & Challenges
While the metaverse has incredibly exciting prospects, there are also challenges that will need to be overcome.
Opportunities
- The metaverse will lead to the creation of new job opportunities that fit the new normal of remote working.
- Create a massive economic engine with the ability for cryptocurrencies to enable a truly borderless global economy.
- Ability to combine the physical world with our digital experience, increasing the economic value of both worlds.
Challenges
- Institutional giants will try to build a walled, centralized metaverse that will cap the potential of the ecosystem.
- High transaction fees, poor scalability, and potential security issues of some of the top blockchain networks supporting the current metaverse projects will hinder progress.
- Society’s reluctance to accept revolutionary technologies, which could lead to regulations that hamper the development of the metaverse.
Building the Quantum-resistant Metaverse on QANplatform
QANplatform offers developers the capacity to build a metaverse, set up a DAO, launch a DeFi product, and deploy DApps that are free from the problems plaguing most of today’s public blockchains.
The QAN blockchain platform is built to support any programming language for building smart contracts, enabling developers to build the metaverse by coding in any language they love. Developers will be able to port their already existing metaverse projects from the Ethereum network to QANplatform, as the chain is EVM compatible.
Another important benefit developers enjoy by building on QANplatform is the lifetime rewards offered on the platform. Developers are rewarded after each smart contract deployment and transaction with QANX, the native token of QANplatform, where their code is re-used by other developers.
In terms of security, QANplatform ensures that any metaverse built on it is safeguarded from possible future attacks by being quantum-resistant.
QANplatform also uses a Proof-of-Randomness (PoR) consensus mechanism that combines the best part of the Proof-of-Work (PoW) and Proof-of-Stake (PoS) to reach consensus in a sustainable and democratic manner. This enables the metaverse to function in a decentralized manner without posing threats to the environment, as anyone can become a validator using a mobile phone.
Additionally, deploying (installing) the QAN private blockchain only takes 5 minutes, allowing developers to test their metaverse project on the QANplatform within minutes via Rapid cloud platform deployment (as opposed to hours used on other Layer-1 chains).
There is a fixed price range for transaction fees, which are fixed to USD. These transaction fees are also low compared to other blockchains like Ethereum. With QAN Metaverse, you can predict transaction fees while paying very low fees.
Building the metaverse has never been made easier.
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About QANplatform (QAN blockchain platform):
QANplatform is the quantum-resistant Layer 1 hybrid blockchain platform that will allow developers and enterprises to build quantum-resistant: smart contracts, DApps, DeFi, DAO, NFT, tokens, Metaverse, and Web3 solutions on top of the QAN blockchain platform in any programming language.
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