The Metaverse uses Blockchains power to connect individuals within the digital realm, allowing them to build, interact, and transact more efficiently, securely, and cheaply.
Thus, blockchain serves as an essential underpinning to the metaverse, providing the key technical infrastructure needed for distributing, storing, and preserving vast amounts of data.
This technology is then used as a way of creating permissionless interactions among Internet users.
Other features of blockchain are also needed to effectively execute the metaverse, these are:
the blockchain is therefore an important component of the metaverse, but can the metaverse function without it? let's find out in this article
Many see blockchain technology as the key to the metaverse, allowing for real-world ownership of virtual assets. Also, blockchain is critical because it effectively secures that no single individual has control over data within the metaverse.
As such, it allows for the precise identification of any digital entity, without requiring centralized entities.
Some of the more notable figures in the augmented reality (AR) space (and also the Web3 space, to a certain extent) are on board with the idea that the metaverse could exist without blockchain, but it would need to be powered by another system, and it would not function in exactly the same ways.
In that respect, virtual blockchain is almost the only technology choice available right now, which could ensure a needed level of trust for economic transactions across the metaverse.
Blockchain is the basis of how cryptocurrencies work, making virtual items tradeable for real-world economic values outside of the metaverse boundaries.
In the metaverse, cryptocurrencies like Bitcoin and Ethereum are commonly used to purchase goods and services. These include virtual lands and buildings, but also game characters' skins and NFTs. Without blockchain, these transactions would not be possible!
