Insights

Introduction to Metaverse

August 25, 2022

• Metaverse – in simple words is a virtual world (Digital World).
• It is experienced and built based on Virtual Reality and Augmented Reality.

Use of Blockchain in Metaverse

• Blockchain in Metaverse primarily comes in to act as storage and a proof of ownership of assets on the virtual world.
• The transactions happening on the metaverse are based on digital tokens such as Ethereum etc for the buying and selling of these Virtual assets.
• Proof of Ownership is by issuing of NFTs making assets unique and also helping in identifying ownership and transfer of assets if required. Decentraland, sandbox are examples crypto-based metaverse platforms.

Things currently going on in the metaverse space.

Buying , selling and trading of properties.

• Buying , selling and trading avatars , costumes .
• Hosting virtual concerts
• Hosting virtual hangouts, meetings with friends and many more.

References :
• https://www.youtube.com/watch?v=hHmXhxxx8Dw
• https://cointelegraph.com/metaverse-for-beginners/what-is-metaverse-in-blockchain-a-beginners-guide-on-an-internet-enabled-virtual-world
• https://www.martechalliance.com/stories/the-6-biggest-developments-in-the-metaverse-space