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Blockchain Development

What is Metaverse in Blockchain? And why does it Matter?

written by Nitin Garg | Mar 15, 2022
Metaverse in Blockchain And why does it Matter?

Overview of Metaverse

Metaverse is the platform where the physical and digital world comes together regardless of the next iteration of the internet. Due to the evolution of social technologies, the metaverse allows digital representations of avatars, people, to interact with each other in a variety of settings.

Blockchain metaverse is growing at a CAGR of 31.2% during 2022-2028 according to an international market report. BR Softech is a blockchain development company that provides support and shapes the future of blockchain technology. 

Metaverse in the blockchain is transforming the world of social media platforms. Metaverse provides endless interconnected virtual communities using virtual reality headsets, augmented reality glasses, smart apps, whether you are going to be concerned, trying on clothes, working in an office or going to work. 

What is Metaverse?

Metaverse is the name used for connecting physical and digital worlds together. Meta means beyond and verse coins universe. It is a shared virtual world where buildings, land, avatar or even names can be bought and sold. Blockchain metaverse is a technology that is the combination of cryptocurrency and a virtual platform. 

Metaverse is in its starting phase and has a long way to go. If you are playing the game for yourself you will notice that the mechanics, feel and appearance are all very basic. Many companies are still in the planning stages and aren’t ready to be tasted. 

Here are some of the important events in metaverse history. 

  • Facebook changed the name of the company to mete in 2021. The name change was announced at the company’s VR/AR conference, reflecting the company’s future ideas. The messenger, whatsapp and Instagram comes under the meraverse umbrella. The company is announcing the investment of 10 billion US dollar into its reality Labs segment in 2021. 
  • Metaverse was first coined in 1992 by Neal Stepgenson’s fiction novel Snow Crash, where humans as avatars interact with each other. In the novel iut is mentioned that metaverse refers to a digital universe that can be accessed through Virtual Reality. This novel is an inspiration for big giants like Google, Amazon and facebook. 

Influence of Metaverse in Blockchain

The largest US leader is entering the metaverse by opening ‘Onyx lounge’, which is a virtual lounge in the blockchain-based world of Decentralization. The bank has released a paper exploring how businesses can find opportunities in the metaverse that has made tokens in the segment move higher.

Metaverse in the blockchain is shaping the financial world by making it more interactive, active and effective. It is a digital avatar-based universe and a virtual reality world where users can interact and play games while experiencing things or activities as they would in the real world. The majority of metaverse tokens are trading higher in the cryptocurrency market due to the popularity of this technology.

Blockchain and non-fungible tokens are the hottest topics today in the world of technology. Metaverse is defined as a three-dimensional virtual reality space where users can talk, walk and interact with the virtual reality characters and world.

Metaverse in the blockchain is changing the shape of blockchains’ future. You can easily imagine how the visions of cryptocurrency and metaverse are combined and how these two technologies are the hottest at the current time. BR Softech provides blockchain development services that are providing strong technical support to the company.

Here are the following major walks that the metaverse marker is taking.

  • Metaverse real estate agents: Metaverse is unique and quite new to the real estate market, emerging trends like real estate in metaverse agents are going to fill the market gap. Real estate agents in metaverse are not normal people, however they can be found only on professional networks. Metaverse in blockchain is forcing the companies to take a jump to new forms of technology and reach the highest peak in the technological revolution.
  • The rise in the recruitment of skilled talent: The advancement of a metaverse in real estate is opening a multitude of avenues of employment. Metaverse platforms are conducting massive recruitment drives to get specialists from the silicon valley including big technology giants. People having interest in virtual reality and having experience in managing virtual reality platforms are very few. Metaverse platforms are providing new positions to tech giants. Many of them are occupying front-row seats in gaming metaverse, real-estate metaverse and tech giants that are part of big metaverse companies. 
  • Metaverse is a platform where Artificial Intelligence and blockchain combine to create a future technology that will make funds transfer easy. Metaverse is creating a virtual world that is decentralized and is not affected by any third party. By combining the concept of blockchain in virtual reality, the Metaverse is providing a decentralized platform to people where they can easily trade. 
  • Ethereum based Metaverse is a three-dimensional virtual space where social and economic activities are commonly used in the real world. non-fungible tokens act as mediators to provide private properties within the metaverse platform. Decentraland is a platform introducing the concept of real estate in the Metaverse by combining blockchain technology and virtual reality. 

Read More: The Next-generation of Blockchain Technology in Artificial Intelligence (AI)

The Rise in Metaverse Platforms

Metaverse platforms are providing users with an environment where they can trade and use cryptocurrencies. Highly advanced blockchain or crypto influencers were setting up their metaverse platforms to build, develop and own stake in virtual real estate as NFTs.

A virtual mall built on a blockchain technology network where the users have the leverage to buy a commercial space as virtual real estate and earn money by staking, leasing, advertising and developing it to deliver an immersive experience to visitors via VR technology.

Here are Some of the Metaverse Platforms:

  • Decentraland: Decentraland is an open-source 3D virtual world platform, has an asking price of $20 and its cryptocurrency, MANA, trades at $0.02 during its launch. The platform was opened for the public in February 2020. It is a single layered metaverse platform divided into equal grids. 
  • Somnium Space: It is a VR world on the Metaverse, the first working drafts of the platform were launched in 2017. The surface of Somnium Space is uneven and comes with an erc20 token. The space is used through PC, VR and Web, that is usable even on mobile. 
  • The Sandbox: The currency associated with Sandbox is SAND. The company  is working with multiple partners in the finance, gaming, entertainment, real estate and Hongkong film industry to create Virtual Mega City. The sandbox game maker Alpha is free game design that allows creators to build 3D voxel worlds from the speed of the game development. 

Four Pillars of Metaverse Technology

Metaverse is the combination of many technologies but precisely it is just the combination of the internet of 3D items, open standards for media. Open programming language is used for decentralized ledgers and smart contract platforms like Ethereum and bitcoin. Metaverse in the blockchain is transforming the technology and taking it in a new direction. 

Here are some of the basic foundations that are shaping the future of metaverse technology. 

  1. Open Standards of Media: It uses audio, texts, 3D items, geometric figures, vectos, sequences, and other combinations of digital media. Pixar’s USD and NVIDIA’s MDL are some of the great platforms to explore and achieve interoperability for a 3D application.
     
  2. Internet: Metaverse is using a decentralized network of computers where there is no centralized authority like the government. There will be one entity in the lead of giving permission to use the system or make any transaction. Blockchain metaverse is using the internet to connect different individuals virtually.
  3. Hardware: Mixed reality and extended reality hardware like smart glasses, holeLens, Omni treadmill and haptics are some of the examples of hardware used for metaverse blockchain. These hardware are providing backbone to the technology and supports it in case of emergency.
  4. Decentralized ledger and smart contracts: Blockchain technology is used for achieving the best metaverse experience. Blockchain technology uses highly secured, transparent, permissionless transactions. The technologies like bitcoin, ethereum, Theta, binance smart chains, NFTs, etc. provide excellent opportunities in the field of metaverse. It is making it publically available and provides support to the blockchain metaverse ecosystem. 

The web 1.0 was just an information highway of computers and servers that could explore, search and inhabit, usually through a centralized company’s platform, like Google, Microsoft or Yahoo.

Web 2.0 is defined by social networking sites, the monetization and blogging of user data for advertising, like Snapchat, Twitter, Facebook, etc.

Web 3.0 will be the fundamental of the metaverse, it will contain the blockchain-enabled decentralized applications that support an economy of crypto assets and data.

Like other game-changing applications of technology like Artificial intelligence and the Internet of Things, the metaverse and blockchain are not concepts that have evolved and existed in isolation.
 

Metaverse in the blockchain is transforming the future of the financial world and making it more approachable. While many metaverse platforms are providing free accounts for people to join, people trading and buying virtual assets on blockchain-based platforms need to use cryptocurrency.

Read More: 10 Blockchain Platforms to watch in 2022

Why does Blockchain Metaverse Matters?

Non-fungible tokens are unique and cannot trade for any other tokens. They are virtual assets that underline the growth of the metaverse. Metaverse also has a cryptocurrency that is trading high in the cryptocurrency market. They represent intangible items such as in-game collectible, video, images or other virtual properties. NFT ownership is recorded on the blockchain, and it can be traded for digital assets. Blockchain metaverse is more quick and easy for transactions. 

These are some of the important features of a metaverse in the blockchain.

  • Metaverse has smart features to enforce and enforce an agreement, making it easy to buy and sell access as desired. While many users enjoy NFTs as collectibles, others appreciate them as investment opportunities, much like cryptocurrency. Metaverse in blockchain is transforming the future of cryptocurrency and changing it to a brighter future.
  • Online payments are changing the digital as well as physical worlds. The concept of cryptocurrency is to provide decentralized transaction systems to the users. Blockchain metaverse is transforming the future of digital transactions making it more easy and more accessible for normal people. BR Softech provides a blockchain development process.
  • Metaverse NFT is a unique concept and changing the future of blockchain technology. Metaverse NFTs are virtual assets that underlie the growth of metaverse. They represent intangible items like in-game collectibles, images, virtual properties, and videos. The ownership of NFT is recorded on the blockchain and can trade for various digital assets. NFT has innovative contact features to enforce and automate an agreement, making it easy to sell, buy or grant access as desired.
  • Metaverse tokens are different from the rest of the tokens in the market. NFTs are not just the currency of various virtual world communities, but they are also boosting the growth of metaverse technology. Some VR platforms make it possible to participate at no cost but to trade virtual assets, you need cryptocurrency-based tokens, like SAND and MANA.
  • The transfer of funds online is on-trend, both online and physically. Cryptocurrency and virtual reality are taking this process to the next level. In a virtual financial ecosystem, the definition of cryptocurrency is very simply providing a safe, secure, and fast environment to transfer funds from one user to another.
  • The growth of blockchain technology creates infinite opportunities for many people worldwide. The concept of cryptocurrency is built on blockchain and carries the same idea further. This technology reaches its full potential and takes the money transfer process to the next level. It depends on whether you want to fully understand the process behind the metaverse technology or enjoy the process.
  • The internet we use is a distributed system, whereas the metaverse technology is decentralized means, it is by the person who accesses it. This blockchain technology is also fueling cryptocurrency networks. The concept behind the blockchain and metaverse is the same but metaverse is in its developing stages, whereas cryptocurrency is more famous and developed. 
  • Metaverse is a decentralized system that allows you to show your digital representation and show people what you produce without any third-party influence. You get the wholly automated experience using virtual, augmented, etc., reality without the limitation of any physical space. 

Future of Metaverse in Blockchain

Metaverse uses two of the newest and most trending technologies, blockchain and virtual reality. The concept of decentralization is attracting millions of customers around the world. Providing people virtual space where they can easily trade digital assets will be the next big thing in the market.

Metaverse in the blockchain is pushing the boundaries of innovation and creativity by using virtual and augmented reality in metaverse platforms that will result in an immersive experience which will expedite the adoption process for new-age real estate investors. The price of metaverse cryptocurrencies is trading to their peaks due to the rise in interest of people in metaverse technology.

For example, Artists will perform in the metaverse, they will get paid in cryptocurrencies, and exchange the earnings for goods to live in the physical world.

The metaverse with the combination of blockchain will be the next big thing in the future of technology. Blockchain metaverse is shaping the future of technology and putting blockchain technology in safe hands. 

Conclusion

It is not clear to what extent a true metaverse replicated real life is possible and what time does it take to develop. Blockchain metaverse is a platform in the blockchain-based metaverse that is still developing virtual reality and augmented reality technology that will allow users to fully interact in the space.

Big Tech firms are jumping into the space, with Facebook Inc, Alphabet Inc., owned Microsoft and Google corp. Investing in cloud computing and VR companies in anticipation of its growth. BR Softech is providing cryptocurrency development services to help you grow your idea more effectively.

Nitin Garg

I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning, app, web & game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.

About Us

BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.

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