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The blockchain applied to the metaverse can unlock the hidden potential of these new technologies. In fact, both can be considered complementary, as they have characteristics and functions which, if added together, seem to converge ideally, giving a result that is much more than the mere union of the parts.
Blockchain technology is best known for cryptocurrencies (Bitcoin, Ether, SOL, ADA, Litecoin). At the same time, the metaverse is proposed as a virtual world in which it is possible to do everything: play, work, and socialise. Of course, it will also be possible to sell and buy.
It is currently possible to buy virtual goods within metaverse platforms thanks to the use of cryptocurrencies. In this regard, many virtual properties have recently been purchased in the online reality of Decentraland for a value of 2.4 million US dollars through the cryptocurrency Mana. In addition to real estate properties, it will be possible to buy any assets that already exist in the real world and others that may not actually be present.
The financial opportunities of the metaverse are certainly not limited to shopping. The decentralised
finance field will find easy appli cation in the new virtual world, allowing people to lend, invest, and trade.
The developments in the gaming sector in recent years have concerned VR and AR technologies and the blockchain sector. In this regard, it is necessary to mention The Sandbox, a virtual world where everyone can create their own video games. It uses a currency based on the Ethereum blockchain (SAND). Well-known brands like Atari are already developing on The Sandbox.
The revolutionary idea of the crypto gaming sector is that players get cryptocurrencies as a reward in many projects (such as the most famous, Axie Infinity), so-called play-to-earn. Oneto11, for example, is a game developed in the metaverse where players earn cryptocurrencies which can then be exchanged for real money.
It is not difficult to think that even non-fungible tokens will have a great application within virtual realities. NFTs are digital assets that mainly represent images, GIFs, 3D works of art, and which are created thanks to blockchain technology, which guarantees the veracity and ownership of every single NFT. One field of application of these special and unique digital tokens to the metaverse could be to use them as entry tickets to some virtual world regions.
This is possible because NFTs give the possibility to attribute actual value to digital objects, as each NFT is unique and cannot be replicated in any way.
It should be borne in mind that it is not known what form the metaverse will take at the moment. The large corporations of Silicon Valley are working to develop on it, but their highly centralised structure aligns with the decentralisation philosophy that underlies any blockchain technology. Smart contracts and DAOs (decentralised autonomous organisations) offer the possibility of creating digital realities in which there is no boss, and these, therefore, cannot by nature belong to anyone.
Probably, the result will be a union of the two. It will undoubtedly be interesting to see the union of these new and fascinating technologies.