The Metaverse has been capturing a lot of public attention ever since Facebook’s rebranding to Meta. But this concept is not new to us.
For years, science fiction movies, futuristic novels and comic books envisioned the idea of the Metaverse as the successor to today’s internet.
In simple words, this concept was instilled in our imagination and somehow matured to the point where we become quite familiar with it and can explain, at least, at a very high level what the Metaverse is.
A parallel, unlimited, immersive digital world where you can socialize, collaborate and play in ways beyond imagination could be a very simple definition of the Metaverse.
When it comes to immersiveness and creation of 3D environments, the last few decades have been a success as the Tech industry achieved a great deal of advancements that have propelled the world into being a unified one with just a click.
Despite ambitious forecasts like this, uncertainty reigns over the dream of the Metaverse as the size of virtual reality remains a concern. Having a limited virtual world is not a Metaverse, so how can we solve this problem?
Having a multitude of virtual worlds that are not necessarily unlimited but connected to each other and interoperable can create an unlimited universe.
We believe that such design should ideally be built on top of a decentralized infrastructure, so that new world can emerge and users teleport from one world to another seamlessly with the same avatars and items. Blockchain is a great fit for this use case, we can identify many applications for it but let's list a few:
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NFTs: All items and goods can be represented by non-fungible tokens. NFTs then can be transferred and used cross virtual world while keeping its specific characteristics.
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DID: In a true Metaverse with countless worlds, the user should have a unique identifier that represents them. This identity will not be managed or controlled by a single organization/world, but it will be decentralized, controlled by the user himself and accepted anywhere in the Metaverse.
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DAO: In this limitless universe decentralized autonomous organization are required to provide a transparent and rule-based way to manage organizations without the need for centralized authority.
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Cryptos: Of course, this is the perfect environment for cryptos to shine more and serve as peer-to-peer payment method.
Undoubtedly, there are many differing visions of how the blockchain can be used in the Metaverse and we pointed only to a few of them.
But the greatest advantage of using the Blockchain might be that the Metaverse will not be the property of any organization but a public space where anyone can join and collaborate.