The Role of Blockchain Technology in Metaverse
What Is Metaverse?
Metaverse is a virtual space where you can live, shop, and do things like anyone can do in the real world.
The term “metaverse” seems to be everywhere, but let me give you a little food for thought. The news, on social media and even at the dinner tables an coffee shops around the world are interested in investing in META although the technology is far from mainstream, it’s quickly garnering the attention of tech and crypto investors. As a result, metaverse coins present an untapped opportunity for 2022.
It also helps that one of the biggest tech companies globally, Meta, is betting on the metaverse, even going so far as to change its name from Facebook. The company reportedly spent $10 billion on its metaverse project last year, calling it the future of technology. Cryptocurrencies and blockchain will play a vital role in that journey.
In the early 90s, people find it hard to believe the American Novelist Neal Stephenson’s story of the virtual world in his science-fictional novel Snow Crash. But the emergence of NFT and blockchain technologies in the recent past has turned the dream of metaverse into reality.
In this article, we will discuss virtual space tech and the role of blockchain technology in metaverse.
Metaverse – Future of the Digital Universe
Metaverse is an emerging and speedily evolving technology in recent times. As Neal Stephenson said in his novel snow crash, it is an entirely parallel universe to the real world where you can get your individualized avatar, interact with other people in real-time and do whatever you can in the real world.
The concept of living in a metaverse may seem weird to some people like 90s people struggle to digest the idea of the internet.
But Metaverse is the reality and future of the digital universe because of its superb content consumption capability.
Metaverse is more than any high-tech 3D game; it allows you
• To interact with people in real-time
• To build your world
• To buy or sell services, real estate, and other things you may or may not be allowed to sell in the real world.
Metaverse is more than a video game, Facebook, TikTok, or a video call; It enables us to do parties and spend time with our loved ones in the digital space.
In covid times, when people got tired of lockdowns and work from home trends, they started looking for a digital medium to interact with their loved ones in real-time. And Metaverse technology in cash this time to get acceptance and popularity around the globe by providing a medium to interact with people in real-time.
The Role of Blockchain Technology in Metaverse
The metaverse is the next big thing we humans will witness after the social media era.
The term metaverse is not new for tech lovers, but it comes to light when big techs like Facebook, Google, and Microsoft consider metaverse future of the digital world.
Even in July 2021, Facebook changed its name to Meta, and Mark Zuckerberg shared his vision to turn FB into a metaverse in the next five years.
The reasons behind the metaverse hype and interest of big tech giants in building the metaverse are as,
• Content Consumption – It is an entirely new market and has way more potential for content consumption than Facebook, Instagram, or TikTok.
• Engagement Capability – Metaverse’s basic design and its content have the potential to gain way more engagement than traditional social media platforms.
• Real-time Interaction – It is a new medium that enables us to do work, parties, and interact with people in real-time while sitting at our desktop or mobile gadget.
• Independent Ecosystem – According to the Mark Zuckerberg vision, the metaverse will get an entirely individualized & decentralized financial ecosystem.
Giant tech companies’ interest in metaverse technology seems fair. They may make billions of dollars through metaverses. But you may wonder why everyone is talking about metaverse technologies suddenly?
What makes 2021 the year of metaverse? Well, it’s blockchain technology that lays the foundation of the metaverse that we have dreamed of for years. Blockchain technology got evolved and matured in the last few years and got big techs and silicon valleys’ attention to build the virtual universe.
What makes blockchain founding pillars of metaverse?
Have a look at the enlisted points to know the role of blockchain technology in the metaverse
• Decentralized Database – Blockchain is a decentralized and distributed database that stores data in the form of chained blocks at multiple network nodes. The distributed and decentralized storage features make blockchain technology the best choice for the metaverse. An efficient metaverse generally has thousands of exabytes of data. That needs to be timely stored, transmitted, and synchronized with thousands of nodes to ensure a similar virtual world experience for all the participants in real-time. Blockchain technology makes virtual reality space different from a website by providing a decentralized and distributed database.
• Smart Contracts – Blockchain technology enables us to write smart contracts to trigger whenever a specific condition meets in the metaverse. For instance, If Avatar ‘A’ moves to a specific region ‘E’ or says the particular word ‘K’ to Avatar ‘B,’ it will get blocked for 12 hours.
• Tokens – Blockchain transmits sensitive data like passwords, personal info, or other virtual assets via encrypted tokens. Blockchain technology’s secure data transmission capability lets us build a secure metaverse.
• Cryptocurrencies – The metaverse is an entirely parallel universe to the real world.
Blockchain-based digital currencies empower us to build a parallel virtual space with a separate economic system to synchronize with the digital world.
Final Words | The role of Blockchain Technology in Metaverse
Blockchain is a decentralized and distributed database capable of storing, transmitting, and synchronizing data with thousands of nodes in real-time. We have discussed the concept of the virtual universe and the crucial role of blockchain technology in the metaverse.
Metaverse is a future with a potential $80 billion market by 2024. Many tech experts have already made millions of dollars by metaverse, and others are looking for a way to enter this market.