How do Metaverse and Blockchain Relate?￼
For the last two years, blockchain and non-fungible tokens (NFT) have been at the top of the crypto charts when it comes to technology. In every 5 Britons, 1 is sure that investing in NFT is a good investment. And in the United States, at least 18 percent of the population has invested in NFT.
NFT is digital data or art that is not easily plagiarized or replaced. They use blockchain to store their ledger. Lately, the number of blockchain users has been increasing.
In a recent study that was conducted by Deloitte, several people were convinced that digital currencies would replace the normal currency in the next coming years.
As we know, investment in blockchain and NFT has been physical and in terms of monetary value. But after Facebook announced the launching of metaverse on their platform, the perception of metaverse changed.
Also, cryptocurrencies like Mana that traded on the digital world saw a 400% rise in their users from Facebook’s launch of the metaverse.
The big question is, what is Facebook’s plan on blockchain for the metaverse. For you to get a clear picture of how blockchain works on metaverse, let’s have a look at it. So, what is blockchain?
Blockchain: What you Need to Know About it
This is a digital ledger that stores all the information electronically in a digital format. This ledger contains a list of records or blocks that are linked through cryptography techniques.
The records have mathematical algorithms that describe the next block on the chain, the time it was accessed, and any other transaction made.
And for this reason, they can’t be copied or hacked. The security of this technology is tight as their network operates on the peer-to-peer network. Meaning, the PCs share files and access to devices such as printers without requiring an external server.
Blockchain can be used for many purposes which include; monitoring logistics, recording health records, anti-money laundering, and as an archive for the music.
As we all know, cryptocurrencies are digital assets that are traded online by a decentralized network. This network operates through blockchain.
Just like any other currency, you can use blockchain to purchase anything you want. Also, they vary from time to time as no agency controls or regulates its value.
Currently, the number of cryptocurrencies has increased from decades ago. Now we have Bitcoin, Ethereum, Mana just to name a few. Let’s look at how blockchain and metaverse relate.
What Comes into Your Mind When We Talk of Metaverse and Blockchain?
The metaverse is a digital platform where users can interact with each other socially and in terms of business. This platform is unique for these reasons; it cannot be plagiarized, it is infinite, self-sufficient, and not to mention decentralized.
Now let’s imagine a metaverse that uses cryptocurrencies, how cool will that be! A digital world that is not bothered by the real world and its environment whether physical or in terms of value.
As we have seen earlier, the metaverse has a decentralized economy and no one can control the metaverse. Decentralizing the currency ensures that people adhere to the same rule.
With the constant technological change, these currencies can be a useful factor in bringing together the current world and the future world.
The whole idea of the metaverse was to allow people’s imaginative ideas to become a reality. The developers of these metaverses ensure their users experience the real world but in virtual reality. With blockchain having been introduced to the metaverse, the stability of this philosophy is instilled.
Uses of the Blockchain in the Metaverse.
Unchangeable in-game asset
When in-game assets are allowed to be NFTs that can be bought and sold then virtual reality will become a platform that can earn you real money in the virtual world.
Assets would remain un interfered with even in the case where a user quits the game or the game was deleted.
As the technology surrounding the metaverse keeps on evolving, blockchain can act as a social security number but virtual.
Your employees, their age, your account transactions can be recorded on the blockchain not only for security but also to keep a track record of every event that takes place in the metaverse.
As we mentioned earlier in our previous articles, real estate is a booming business in the metaverse.
Regulating real estate is not an easy task due to its infinite nature. You can use blockchain to keep all the records regarding how real estate is created, traded, and destroyed in the metaverse.
In every game, there is always that person who does not want to play by the rules. And the metaverse is no different.
Last August, Epic Games sued Apple for charging a 30% fee for every purchase made of their items through Epic Game’s popular platform Fortnite.
Blockchain will ensure that users of the currencies abide by the rules by recording the contracts made. This will in turn ensure fair governance of the currencies.
What is Facebook’s Plan on Blockchain?
During the rebranding of Facebook to Meta, Mark Zuckerberg announced his plan to introduce metaverse to his technology.
He stated that his metaverse will be based on privacy, open standards, and safety. He also added that a new form of governance had to be implemented.
Unfortunately, he did not mention Meta’s plans for blockchain. However, Facebook has its currency called Libra that was introduced in 2019 that later changed its name to Novi then finally Diem.
In conclusion, Facebook has placed all the necessary materials for the introduction of metaverse on its platform. All we can do is wait and see what they have in store for us when the project is complete.