Technological progress is redefining the bounds of innovation, and now even reality itself. In the dawn of the digital age, we are being surrounded more and more by immersive technology that is constantly elevating society’s standard of living. With technology advancing on an exponential uptrend, big tech interests have shifted to prioritize innovation within the metaverse, or the ever-expanding digital universe. As both investment and deployment into the metaverse increase, one thing is more certain than ever: the metaverse is the next frontier of innovation and exploration.
The metaverse is deeply intertwined with the crypto ecosystem and blockchain technology. The demand for a reliable, real-time medium of data exchange for the metaverse to operate is most efficiently and effectively executed by blockchain technology. This article will outline the intersection of blockchain and the metaverse, and illustrate how the metaverse can become the first global model for blockchain utility through cryptocurrencies and NFTs.
How is the metaverse connected with the crypto ecosystem?
The metaverse and the crypto ecosystem are innately connected through the ways in which they apply cutting edge technology to redefine the future of interaction. In the current stages of metaverse development, leading metaverse projects are built by crypto companies across various blockchains. Leading metaverses are built on blockchains because of blockchain’s abilities to process, store, connect, and distribute data on a global scale in an instant, the most efficient approach to data transfer ever invented. For the metaverse to reach a global audience, the technology that it is founded upon must be scalable enough to withstand and process the massive amounts of data that need to be exchanged simultaneously for it to function, and blockchains are the most clear solution.
Blockchain will not only be the foundation of the metaverse, but can serve as a medium of exchange inside the metaverse. The metaverse is primed to represent one of the first global models for cryptocurrency use cases, where players can pay for in-game transactions using cryptocurrencies and play with in-game, blockchain-based assets such as NFTs.
In a metaverse founded upon blockchain, NFTs can be purchased with cryptocurrencies as the medium of exchange. The NFTs purchased can then be used for interaction in games in the form of character skins, plots of land, weapons, and even pets, as seen with VAILIENS in the VAIL VR metaverse.
VAIL VR: Applying VR, Metaverse and Crypto Integration
As blockchain-based metaverses with NFT functionality build out, we recognize that virtual reality will play a large role in future metaverse development. VAIL VR, a leading virtual reality game, is demonstrating how virtual reality metaverses can integrate with NFTs. Their recent announcement of the VAILIENS NFT drop on Metadrop illustrates how VR video games can and should be utilizing cryptocurrencies and blockchain technology to amplify and enhance gamers’ experiences. As alternative metaverses build out their blockchain and VR capabilities, VAIL VR models a multifaceted framework for how VR metaverses can and should operate.
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