As we have seen in the previous article, Gaming provides the closest experience of the metaverse but still, it fails to cover everything needed in a virtual world that can cover all aspects of life. Crypto is capable of offering other prime parts needed, such as digital proof of ownership, transfer of value, and many more. But what it does have to do with metaverse?
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If in the future, we need a secure way of showing ownership for our working, socializing, and even purchasing virtual items, transferring these items and money in the metaverse. Finally, along with all the above activities, we will also want to enact the decision-making taking place in the metaverse if it will be such a large part of our lives. Many developers use crypto and blockchain instead as a better option even if some video games include some basic solutions already. Video-game application development is more centralized, while blockchain provides a decentralized and transparent way of dealing with the topics.
Now, let’s go through the prime features of blockchain suited to the metaverse are:
1. Digital proof of ownership
You can instantly prove ownership of an activity or an asset on the blockchain, by owning a wallet with access to your private keys. A wallet is one of the most secure and robust methods for building a digital identity and proof of ownership. For example, to show accountability, you could show an exact transcript of your transactions on the blockchain.
2. Digital collectibility
If we can prove who owns something, we are also capable of verifying that an item is original and unique. For a metaverse implementation in real-life activities, this is important. Through NFTs, we can establish objects that are unique and can never be altered.
3. Transfer of value
A metaverse will need to find a way for transferring value securely that users trust. Well talking about game currencies, multiplayer games provide low security than crypto on a blockchain. The requirement for a trustable currency is high if users are going to earn money and spend a lot of time in the metaverse.
It’s important for users, to have the authority of controlling the rules of their interaction with the metaverse. In real-life scenarios, we can have an election process that offers voting rights in companies and as its output, we select leaders and governments. In the same way, the metaverse needs ways to have fair governance, and blockchain is already a proven way of doing this.