In our first blog we had a simple introduction of what is Metaverse, how does it work and what is it its purpose for. In this blog, we are gonna take deeper dive into the Metaverse and the links with blockchain technology. In simple terms, how can blockchain relate to this whole new kind of universe and what can it be used for. Let's take a look!
First, since we've explained how the Metaverse works, the assets, avatars, and all kinds of items in that virtual universe are connected through the blockchain in order to maintain their digital economy. So, a Metaverse platform runs on a particular blockchain (BTC, ETH, BSC, Polygon, and many more), and each platform uses its own governance token to maintain its digital economy. Let's take for example SANDBOX, the token itself and the platform are running on the Ethereum blockchain, and their governance token is SAND. Another example is Axie Infinity, a platform that runs on the Ethereum network too, and its governance token is AXS. But what does this matter?
It matters because blockchain technology has proven to be useful for providing a transparent and cost-effective solution. How?
By covering several key areas from the Metaverse, such as digital proof of ownership, digital collectibility, transfer of value, governance, accessibility, and interoperability. Let's see why each of these areas is from a great matter in the virtual universe.
We are gonna start with the digital proof of ownership, or the news we're hearing about through the whole year, NFTs!!!
So, as we are familiar with the fact that NFTs are taking upon the news everywhere in the world, we sure going to know why, and that is because they are our digital proof of ownership and this is only possible because blockchain technology provides us by the moment of writing. What does that mean?
It means that if you're owning an asset, item, avatar, or anything in the Metaverse, it is only going to belong to you, that particular thing, and you'll have it as a collectible in your digital wallet. That means nobody except you is going to own that collectible you have in your wallet. Of course, what are you going to do with your collectible it is your choice, right?
The next thing that blockchain provides in the Metaverse, is digital collectibility. This means that the tokens/coins you get from the Metaverse, regardless of the fact that it could be something educational, business, or simply just for fun, are going to be REAL! That'll mean that each token you get in the Metaverse, is going to be added to the balance on your wallet address even if you close the platform right after. Sound interesting, right?
And last, but not least, transfer of value, governance, accessibility and interoperability are all highly valuable parts of blockchain technology and they are all the reasons why people gain an interest in crypto currencies. They provide you with full governance of your own digital funds. How can this be implemented in the Metaverse?
So, by connecting your wallet to a metaverse platform, you're allowing the platform to have access to the funds of your wallet. What does that even mean?
It means that everything you would purchase, sell or obtain in the Metaverse, would affect the balance of your wallet. For example, if you buy NFT in the metaverse, the NFT itself would be minted or transferred to the wallet you connected to the platform. Sick, ain't it?
With this part we are finishing the brief introduction of the Metaverse and how is it working.
In our next blogs, we're going to see directly how those two different technologies are implemented with each other and what are they offering!
Stay tuned guys!!!