- The integration of blockchain with Metaverse has proved to be efficient for consumers.
- Blockchain Convergence with Industrial Metaverse has resulted in diverse opportunities
The Metaverse is a shared immersive platform that consists of Augmented Reality, Artificial Reality, and Mixed Reality, created with the help of the internet. Blockchain technology plays a vital role in the functioning of Metaverse as it provides the facility for the Peer-to-Peer exchange of information and better decision-making.
Integration of blockchain technology with the Metaverse for consumers
The objective of Metaverse is to provide its users with a blockchain platform that is uncomplicated and easy to use and is enabled with advanced tools for the users to build their own digital assets using the digital asset system of the platform which is designed in a way that can store any digital asset, be it stocks, bonds, etc.
Integration of the Blockchain technology with the Metaverse allows the platform to use features of blockchain such as Smart Contracts which can help execute the transfer of digital assets without any hassle. It can also result in inventing a digital economy.
Metaverse will be a digital version of our current 3D reality, it will consist of various activities that can be carried out such as self-employment activities for individuals such as gaming, digital artworks, music, etc. Here, cryptocurrency can be used as “Money”, buyers can directly transfer “money” to the seller of a particular asset through smart contracts. This will result in lower transaction costs as no middlemen will be involved.
As Metaverse will consist of all sorts of individuals from diverse backgrounds, they’ll be able to contribute various insights and innovative ideas.
Industrial Blockchains as driving force of the Metaverse
Various organizations around the world have started testing the use cases based on possibilities projected by the Metaverse. The industrial Blockchain has resulted in the likelihood of use cases being effective, including the monitoring of supply-chain, asset management, counterfeit detection, etc.
This technology has resulted in boosted regulatory compliance while offering transparent audit processes.
Since the Metaverse is already here, it has the capability to transform the workforce. The World Economic Forum explained in one of their reports that blockchain, NFTs, and cryptocurrencies can enhance the applications of Metaverse.
Following are the major platforms that are in a continuous effort to develop Metaverse:
- Ethereum – Ethereum is the second largest cryptocurrency in the world after Bitcoin. It works on the Proof-of-Stake consensus mechanism allowing energy-intensive mining. Ethereum has been used in creating various digital artworks in the Metaverse not only that, it houses various Non-fungible Tokens (NFT) and other digital assets.
- Binance chain – Binance chain, as the name suggests, was created by Binance, the world’s largest crypto exchange platform. It has its own Metaverse platform called, the Ultiverse. It allows the users to perform a number of operations such as creating their own Non-fungible Tokens and customizable virtual reality. To provide a more immersive user experience, it provides an artificially intelligent engine, which controls a Non Playable Character (NPC) based on its activities.