• Blockchain-backed Metaverse platforms could unveil the vast potential of decentralization in the virtual world.
• These platforms are anticipated to set new heights in terms of gaming as well as business and finance.

Metaverse emerged as a transforming technology that unleashed the vast potential of blockchain-based applications. It catapulted various sectors and revolutionized the virtual and digital era to encourage wider adoption in multiple segments. This technology’s implementation is not only limited to virtual reality and augmented reality but also redefined the operations of traditional systems like healthcare, finance, and gaming. Blockchain integration is a pivotal concept in the world of Metaverse as it can open the doorway to endless possibilities.

An Overview of Metaverse

Metaverse defines a three-dimensional space that includes numerous aspects of virtual and augmented reality. This technology unlocks the capability of users so they can meet, interact, cooperate, and play games in 3D areas. It correlates to a future internet version. Metaverse is not bound to a single firm as multiple organizations are striving to develop their platforms with their different versions via a set of network protocols. 

However, all these protocols are working to achieve the same goal by allowing more overlap between digital and physical space. Furthermore, cryptocurrencies are widely utilized to process transactions across a variety of duties relevant to the physical world, as a wide range of digital assets are being developed and accessed on the metaverse. These assets are inherited as a mode of exchange and are used to store values in the virtual ecosystem.

In terms of cryptocurrency access across the Metaverse, these digital assets serve as money in the mixed reality. Whether it’s Avatar shoes in the form of a non-fungible token (NFT), a concert’s entry pass, a digital collectible, artwork, or can be traded in the form of real estate. Different Metaverse platforms have their own set of digital currencies.

How Metaverse Leverage Blockchain Technology?

Metaverse can be categorized into two sorts of platforms: the first one includes non-fungible tokens (NFTs) and leveraging cryptocurrencies to create Web3-based Metaverse initiatives. Users can buy different assets and land on the blockchain-backed Metaverse platforms such as “Decentraland” and “The Sandbox”. The second category involves the metaverse’s utilization to describe virtual reality in terms of business and enjoyment. 

Users buying and selling virtual assets on blockchain-based platforms must use digital currencies instead of Metaverse service offerings. Various Web3-based platforms like Decentraland and The Sandbox require specific Ethereum-based crypto tokens such as MANA and SAND to process the purchasing and selling of digital assets.

Users can also trade NFT artwork or charge entry fees to a virtually hosted show or concert in the Metaverse. Money can also be yielded by trading land to unveil a significant increase in value. Roblox facilitates users to earn money on the platform by charging other users for access to games.

Things Users Can Access in the Metaverse

Individuals can take a virtual trip, purchase digital clothing, or can also visit a virtual concert in the crypto-based metaverse platforms. Virtual Reality (VR) functionalities proved to be a game-changer for the work-from-home shift amid the COVID-19 pandemic.

Initiatives like Workrooms which was a Facebook innovative open beta platform became available for download on Oculus Quest 2 in supported regions. This virtual meeting space allowed users and coworkers to collaborate from any location. Users can join a conference in VR with the help of Avatar or can make a video conference from a PC or Laptop.