When we all are talking about metaverse, cryptocurrency, and NFTs, the core factor blockchain somehow seems to be left behind. And blockchain is the core technology that controls everything at the basic level.
Blockchain is a technique that stores information in a decentralized manner. ‘Decentralized’ means that there will be no central authority that controls it. So, blockchain is a network of blocks where the information is structured in the form of blocks.
If we decode the structure of a block, it consists of 3 main parts, the first is data inside it, the second is hash(fingerprint), and the third is hash with the hash of the previous blockchain, resulting in a unique structure. Once a blockchain is created it is next to impossible to change it or tamper it.
Bitcoin is one of the finest examples of decentralization, it does not have any central agencies or authorities that control bitcoin.
Blockchains are stored in a network of computers, hence not owned or controlled by any single person, the people who are connected to the blockchain through their computer are called nodes, and a few nodes are known as miners. Whenever any new data is added to the blockchain the miners verify it, that is it a genuine data addition or data tampering.
Now at present, we have different technologies like AR, VR, AI that have game-changing features, but the true potential will be seen once merged. These technologies complement each others' features and functions, and fusing them can bring the unexpected, and unimagined future known as the metaverse.
The term blockchain came into existence in 2008 to ease the transaction ledger of cryptocurrency bitcoin. The blockchain in the metaverse with its most obvious use will allow us to make the transaction easy, safe, and fast. As of now, we have introduced you well to metaverse in our previous blogs, where you can play, work and socialize from your couch only. And for sure once you enter the virtual universe, people will start shopping and buying assets and things, and virtual currencies come as a solution here.
Our readers are well-known about the news of people buying a virtual estate in the Decentraland with the help of Mana(cryptocurrency). And not only buying, renting them out, and even reselling the land on a high profit. This is the beginning of using blockchain-based money for the transaction for lands and property in the metaverse, and in the future, it will just get denser. We can expect the use of virtual currency to be very common for trading, borrowing, lending, and investing in real estate.
Gaming is one of the most exciting and realistic use cases of the metaverse that exists at present too. Have you heard of the sandbox? It is a virtual world where you or I can create their games and environment, and for that, you use blockchain currency $sand to purchase or sell digital assets and goods. Well-known brands are already into it.
Crypto gaming is already a massive business and surely going to boom in the near future, it covers both online casino-style games and also the “play-to-earn”, the recent gaming paradigm. Another crazy popular game is Axie infinity where around a million users train their digital creatures and make them fight. And shocking is they are getting rewarded with cryptocurrency SLP, the winners are making around $250 per day.
Many people that got broke during the pandemic are now earning a good amount and have raised a good earning out of this. There are other games too, players are earning real money from, like One 11, which mentions itself as the world’s first ecosystem of blockchain-based gaming.
If everything goes as the tech-wizards are explaining it, the metaverse gets the footprint in the mainstream, the blockchain gaming and earning is going to explode in the next five years or before this decade.
Being the word of the year for 2021 by Collins Dictionary has been in the air for a long time. Though not everyone is fully aware of it. But everybody knows about the existence and the importance of the word.
NFT stands for Non- Fungible Tokens, also known as one of the most important assets of the metaverse world. Now, you would be living in the metaverse. Living would require some assets, and by NFTs, you can own things, assets in the virtual world. You can claim your ownership over digital assets with the help of these tokens. Right now, we can see them as a trading means for art, photographs, but soon they are going to be the means by which you can own almost anything. From virtual avatars to real estate in the metaverse.
Games will be running with blockchain, and many experts are claiming that NFTS is going to be one of the main rewards for players. NFTs will let you show your authority over the things you possess.
Blockchain is the core technological term. Either we talk about the money of metaverse crypto or we talk about unique ownership of your asset NFTs. The blockchain resolved the main problem of double-spend by serving for the bitcoin blockchain. On the other hand, blockchain helped create NFTs that introduced interoperability. As these all factors are getting hype with time, the future in the metaverse seems to be magical.
Though, the terms are still fresh and very new to someone who isn't connected to such a great level of technology. We at WoWexp are working with experts to make certain of being the 1st metaverse company of India.
The beginning of a new virtual world is just around the corner, and the essentiality of having it safe and secured for all our customers is the utmost priority of WoWExp.
Writing to learn new things everyday, and not go insane in this pandemic simultaneously.