With the rise of new technologies, the blockchain will be among the key drivers for new forms of transactions, interactions, socialization and content consumption in the years to come.
The Metaverse, a shared virtual environment where individuals can socialize, interact, and conduct business, relies heavily on blockchain technology to enable peer-to-peer (P2P) exchanges and share decision making.
How does the Blockchain Develop the Metaverse?
Blockchain is the underlying technology that keeps a distributed ledger of all transactions in the Metaverse. This shared, immutable record provides the framework for creating ‘trustless’ digital relationships and transactions.
Each transaction made in the Metaverse is recorded via the blockchain, providing a complete history of all activity to ensure transparency and security.
This also enables the development of unique identity verification systems and voting authentication mechanisms to facilitate the governance of decentralized autonomous organizations (DAO).
Blockchains also allow the development of decentralized applications (dApps), which deliver a wide range of services and experiences in the Metaverse from virtual worlds and gaming to social media and eCommerce.
Top Blockchain Platforms Leading in the Metaverse Development
Several blockchains are becoming instrumental to the mass adoption of the Metaverse:
Ethereum is the most popular blockchain, and its decentralized platform utilizes smart contracts or applications that run exactly as programmed, without any possibility of fraud or third-party interference.
It is also home to several non-fungible tokens (NFTs), or digital assets linked to the blockchain which verify ownership. They have also been used to create digital art, gaming experiences, and even entire virtual worlds. Some examples of metaverse platforms based on Ethereum are Decentraland, Cryptovoxels, and The Sandbox.
The Cardano blockchain is an innovative contract platform under development that addresses some of the issues faced by Ethereum linked to scalability and sustainability.
Cardano powers the Pavia metaverse platform, which uses blockchain technology to create a decentralized environment for its users with a minimal carbon footprint and lower gas fees.
Solana was developed to power the next generation of metaverse platforms and powers the Star Atlas metaverse and others as a scalable, secure, and energy-efficient tool.
It also provides an immersive and interactive experience where users can interact with each other and their environment, with a focus on virtual land exploration.
Polygon is an Ethereum scaling solution designed to make it more scalable and efficient using a technique called Plasma to achieve its high scalability.
It supports metaverse platforms such as Bloktopia, a decentralized VR experience that allows users to study, earn, play, and purchase land in a unique 21-story spatial structure.
Binance Chain has been developed by the team behind the world’s largest cryptocurrency exchange, Binance, to create metaverse platforms such as the Ultiverse.
Players can import and customize their own NFTs and virtual environments, and an artificial intelligence (AI) engine also adjusts non-playable characters (NPCs) based on player activities for a more immersive experience.
This blockchain was developed to power the next generation of metaverse platforms and has been designed as a scalable, secure, and energy-efficient technology for several metaverse platforms, including XFLOKIVERSE, a brand new NFT game and collection initiative.
The project is a combination of XFLOKI currencies to build a comprehensive metaverse with many characters with the aim of becoming the most popular platform and meme coin on the XRP ledger.
Benefits of Using Blockchain Technology for the Metaverse
The blockchain is crucial for the Metaverse for these reasons:
- Security – Secure storage and transmission in the Metaverse has become more complex because they store data in exabytes, or one billion gigabytes. Blockchain technologies are crucial for decentralized environments because they allow all users to manage their data independently without a third party.
- Trust – Tokens are safe storage devices that communicate information, personal data, and authorization keys in encrypted form, among others. It also boosts user trust in the ecosystem by restricting other parties from accessing critical information.
- Integrate with the global economy – While cryptocurrencies and digital assets are integral parts of the blockchain, they are also a technical analogue of traditional money and carry out metaverse transactions.
Evolution of ‘Green’ Metaverse Blockchains
One of the most exciting trends in the blockchain is the proliferation of ‘green’ NFTs. As the world aims to reduce its carbon footprint, it will likely see a move towards more energy-efficient blockchain technology.
This is important for metaverse platforms as they often require large amounts of energy to run. Some of the most promising energy-efficient blockchains include Solana and Cardano.
The current landscape of blockchain-based metaverse platforms is in its early stages, with many projects still under development, but a few examples are leading the charge in this emerging industry – Ethereum, Solana, and Cardano – and are powering platforms for the next generation of online experiences.