Can Metaverse Work Without Blockchain?
Some would argue that the answer is no. It seems that this metaverse realm will be enormous. In my opinion, huge businesses are unlikely to spend enormous sums of money unless they feel it will be successful. According to what I’ve been hearing, the Metaverse might be worth billions of dollars in the future. Metaverse stocks, currencies, and tokens are available for investment.
You may imagine the metaverse as a network of linked virtual worlds, similar to the internet but accessible via virtual reality rather than the web itself. The Metaverse will be distinct from today’s internet because of its use of the blockchain, a key but rather obscure aspect of its design.
How Metaverse Actually Started
AOL, Yahoo, Microsoft, and Google were among the first companies to provide a Web 1.0 platform that allowed users to search, explore, and inhabit a network of linked computers and servers. New social networking sites and blogs emerged around the turn of the 2000s, as well as centralized gatekeepers to “free” social media platforms such as Facebook and Twitter that monetized user data for advertising.
The metaverse will be built on the Web 3.0 platform. This means that people will own crypto assets and data, which will be used by decentralized apps built on top of the blockchain. The economy will be based on this.
A ledger, which is a decentralized and publicly accessible database, is used by the blockchain to record transactions in perpetuity. The Blockchain-based cryptocurrency Bitcoin is the most well-known of the several available. Once a transaction is recorded on the Blockchain (Bitcoin’s distributed ledger), it can be seen by a lot of people around the world.
Decentralized recording systems are very difficult to deceive or manipulate. Like Bitcoin and Ethereum, public blockchains such as these are likewise transparent—all transactions can be seen by anyone with an internet connection.
Blockchain-based software routines that execute automatically when certain conditions are satisfied are called “smart contracts” in Ethereum, which is a blockchain like Bitcoin. Even if they save a duplicate to their computer, no one else on the blockchain can claim ownership of a digital asset you own on the blockchain, such as a piece of art or music.Crypto assets are digital items that may be owned, such as money, stocks, and artwork.
Non-fungible tokens include digital works of art and music stored on a blockchain (NFTs). They are not interchangeable, unlike fungible things like cash, which may be exchanged for any other currency at any time.
The Ethereum blockchain’s currency, ether, may be exchanged for a smart contract stating that you are prepared to sell your work of digital art for $1 million USD in ether. The artwork and ether are instantly transferred between us on the blockchain when I click “agree.” Our transactions don’t need third-party escrow. If one of us were to dispute this transaction, say, you said I only paid you $999,000, the other person could just look at the public record in the distributed ledger, which can be seen by anyone.