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It is often associated with cryptocurrencies, but it has a wider range of applications. Blockchain can be used to create a secure and transparent platform for transactions, which makes it ideal for a variety of enterprise use cases.
From buying a pizza to driving international monetary exchange, blockchain enabled cryptocurrencies have trekked a long way. Over the past decade, there’s been a mountainous community backing the technology, a line-up of SMEs & corporates investing in it and graduates eyeing for professional Blockchain Training Courses to build a career.
However, uncertainty in crypto regulations have often derailed the tech’s adoption merely because we are unable to understand its scope beyond cryptos until metaverse happens.
For example, blockchain can be used to store land ownership records in the metaverse. This would ensure that land in the metaverse is truly owned by its users, and it would prevent fraud and scams. Blockchain can also be used to store user-created content in the metaverse. This content could be bought, sold, and traded on a marketplace.
Moreover, the metaverse relies heavily on blockchain to ensure the security and integrity of virtual transactions and to create a transparent and trustworthy economy within the virtual world. As the metaverse continues to grow in popularity, the importance of blockchain technology in powering it will only become more apparent.
As a result, the global metaverse market size is projected to grow USD 1527.55 billion by 2029. This is a record CAGR of 47.6%.
The Intersection of Metaverse & Blockchain
Decentralizing the virtual world using blockchain can transform the metaverse experience. So be it retail, real-estate or gaming, metaverse over blockchain is a trend brimming to explode in the near future.
Blockchain can enable true digital ownership of virtual assets and goods, making it possible for users to own and control their virtual identity across multiple platforms. More use cases are discussed further in this post.
It facilitates secure and transparent transactions between users and virtual platforms. In addition, blockchain-based metaverses can be designed to be interoperable, allowing for greater collaboration and creativity. Instead of being controlled by a single entity, the metaverse would be managed and governed by its users, who would have a say in how it’s run.
Decentralization also allows for a more open and interoperable metaverse ecosystem, where users can seamlessly move their assets and identities between different platforms. Participants in this ecosystem must be able to transact and engage with the same ease as in-person interactions, while also having confidence in the reliability of these transactions. At ASB, in fact, we have integrated Blockchain Training Courses with a metaverse module for better understanding of the confluence.
- Firstly, crypto transactions provide a feasible and proven method for individuals and institutions to conduct virtual, traceable, and real-time transactions. As virtual ecosystems like the metaverse continue to grow, crypto-enabled payments have become increasingly prevalent and are likely to play a leading role in the future.
- This means that it is very difficult to hack or counterfeit data on a blockchain. This is important for the metaverse, as it will need to be able to store and secure a vast amount of data, including personal information, financial transactions, and intellectual property.
- Second, blockchain is helping to make the metaverse more transparent. Blockchain is a public ledger, which means that all transactions are visible to everyone on the network. This transparency is important for the metaverse, as it will help to build trust between users and businesses.
- Third, blockchain is helping to make the metaverse more efficient. Blockchain can be used to automate a variety of tasks, such as payments, contracts, and voting. This automation can help to reduce costs and improve efficiency.
- Next, Blockchain can enable the creation of incentive mechanisms that reward users for contributing to the growth and development of the metaverse. This could take the form of tokens, which can be used to access premium content, buy virtual goods, or even earn real-world rewards.
Here are some specific examples of how blockchain is being used in the metaverse:
- Decentraland is a virtual world that uses blockchain to store land ownership records. This ensures that land in Decentraland is truly owned by its users, and it prevents fraud and scams.
- The Sandbox is another virtual world that uses blockchain to store user-created content. This content can be bought, sold, and traded on the Sandbox marketplace
- Somnium Space is a virtual world that uses blockchain to power its economy. Users can earn cryptocurrency by participating in activities in Somnium Space, such as building, exploring, and trading.
These are just a few examples of how blockchain is being used in the metaverse. As the metaverse continues to develop, we can expect to see even more innovative and exciting applications of blockchain. Needless to say, this provides an opportunity for blockchain developers to implement their expertise beyond usual use cases. Furthermore, more adoption of a decentralized metaverse means greater acceptance for blockchain.