How Does Metaverse Relate to Blockchain Technology?

Metaverse is buzzing a lot these days. The idea of creating a virtual world where people can do real-life things is truly a fascinating technology concept. Metaverse is a complex and advanced digital platform. It allows users to virtually socialize and interact in real-time. Users can trade NFTs, cryptocurrencies, and in-game assets. 

And to build all these digital assets in metaverse blockchain plays an important role. Many business people or investors that want to invest in metaverse are often confused about how metaverse relate to blockchain technology. 

Since I am also a blockchain developer I know the deep and major role of blockchain in metaverse. If you feel curious to know, in this article, I will explain how metaverse is related to blockchain technology. 

What is metaverse?

Metaverse is a virtual platform that is built using 3D technologies. It offers a 3D internet experience where users can do real-life things on a virtual platform. In a metaverse platform, users can socialize and interact with each other in real-time. 

They can buy or sell any in-game assets and trade in NFTs, cryptocurrencies, and other digital products. Metaverse is a revolutionary technology concept that provides a fully 3D immersive virtual experience. 

To build a metaverse, many different technologies are required. Examples: augmented reality, virtual reality, artificial intelligence, machine learning, web development, software development, and blockchain. Among these technologies, blockchain plays the most important role because metaverse is built on a decentralized open-source ecosystem. 

It enables users to create applications and participate virtually in digital commerce. It is because of blockchain technology users can create NFTs and exchange NFTs, cryptocurrency, and other in-game digital assets. Therefore, blockchain in metaverse is an extremely technological factor. It determines how the metaverse will work. How users will interact and trade while playing. 

To enable all these exciting features in a metaverse one needs great expertise in utilizing blockchain. Upcoming metaverse investors now look for the top blockchain development company to build metaverse and NFT marketplace platforms. 

What is blockchain technology?

Blockchain is a decentralized, distributed, and digital ledger technology. It records data in the form of blocks that verify data across multiple networks. Blockchain involves high-level programming and software and web development. Blockchain eliminates the need for a single central network. 

Instead, it contains multiple networks within the platform and validates data when all conditions are met. Blockchain is used to build non-fungible tokens (NFTs), decentralized applications, cryptocurrency, smart contracts, and create high-end security protocols. Metaverse involves NFTs, crypto exchange, security of data, and trade of other digital assets. Blockchain enables companies to build these features in the metaverse. 

Now let us know 

Why is blockchain an important technology in metaverse development?

Metaverse contains a variety of features. It allows users to interact, socialize, communicate, shop, trade, play, and do a lot more which are done in real life. The purpose of metaverse is to provide a fully 3D virtual experience to users. And blockchain enables metaverse to provide all these features and experiences. 

The major reason why blockchain works as a backbone in metaverse is that it converts a system into a decentralized application. It makes the application more secure and powerful. And since metaverse is built around a decentralized ecosystem. 

Therefore, businesses hire blockchain developers to build all the required features that users need on a virtual platform. Here are the below features of using blockchain in the metaverse. 

Security: Metaverse stores data in exabytes which requires high-level security, data synchronization, and transmission. For this purpose, blockchain in metaverse becomes a highly suitable solution for developing high-end security protocols. 

Trust: Blockchain records transactions or data in the form of blocks. It allows transaction of access when all conditions are verified across multiple networks. And this ability of blockchain helps in metaverse in establishing trust. 

In the metaverse, users deal with sensitive things like personalized social communication and trading NFTs and cryptocurrencies. Blockchain helps in securing these things. As a result, it creates trust in the metaverse. 

Smart contracts: Smart contracts are extremely helpful in regulating economic, legal, and contractual policies among the participants within the metaverse. With smart contracts, you can build and apply the legal or partnership rules for executing the business and technical operations of the metaverse. 

Interoperability: Blockchain enables an application to work with other systems and technologies. This feature is highly useful in metaverse since it uses many different technologies. Metaverse offers many different features that require other technologies to build.  

So, 

How is Metaverse Related to Blockchain Technology?

1. To Create and Secure In-Game Assets

Metaverse gaming platform offers various in-game assets to users. These in-game assets include NFTs, audio, video, music, in-game currency, virtual real estate land, cryptocurrency, and so on. 

Blockchain technology here is used to create and secure these in-game assets in metaverse. The Sandbox and Axie Infinity are popular metaverse gaming platforms that have used blockchain to build in-game assets in their metaverse gaming platforms.

2. Virtual Currencies

The concept of play-to-earn is rising significantly in the metaverse gaming market. Be it The Sandbox, Axie Infinity, or Decentraland. All popular metaverse gaming platforms have their own in-gaming virtual currencies. To build virtual currency, blockchain technology is needed. Blockchain enables metaverse companies to create their own virtual currencies and allows users to trade within the platform. 

3. NFTs,

NFTs (non-fungible tokens) are the most popular digital assets in the metaverse world. It acts as proof of ownership of digital assets. In metaverse, NFTs are considered as valuable in-game assets or products. Many metaverses even allow users to create their own NFTs or buy virtual real estate land. Blockchain gives metaverse the ability to create NFTs and supports users to trade NFTs. 

4. Self-Identity Authentication

In metaverse, self-identity authentication is a sensitive concern. Users put their personal information and other sensitive details to use the features of a metaverse platform. To secure the information of users, blockchain is used for making a strong self-identity authentication to ensure users’ data are safe in the metaverse platform.

5. Metaverse App

Metaverse contains various features which are only possible by blockchain to enable. Blockchain in metaverse works as an architecture and core functionality. Especially when mobile apps are taking a lot of traction in the current consumer market. 

Businesses are utilizing blockchain to build metaverse features for mobile users. They now look for the best mobile app development company to create a feature-rich metaverse mobile application to bring virtual experience on mobile platforms.

Read more: Top Blockchain Platforms You Need to Know

Conclusion

So you can see in what different ways metaverse is related to blockchain technology. Metaverse involves various functionalities and features like NFTs, virtual currencies, and in-game digital assets. And to build these features blockchain technology is required. 

Blockchain empowers metaverse with high-end security features and user authentication. Hence, without blockchain technology, conceptualizing the metaverse is totally difficult or impossible. 

About the Author

Josephine Baker is a blockchain developer at MobileCoderz-a top-notch blockchain development company which is globally reputed for delivering high-standard blockchain solutions. She is an expert Ethereum developer and holds good excellence in Solidity programming. Her experience and skills in blockchain technology had enabled her to create various successful blockchain projects in the market. Apart from this, She is a tech writer and loves to share her knowledge to help business people to grow in a technology-driven world. 

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