How can blockchain support the metaverse economy?
By Vivek Yadav
The term “Metaverse” became much more popular after Mark Zuckerberg formally renamed Facebook Meta, intending to make the metaverse a reality and help individuals improve connections, discover communities, and grow their businesses.
However, the concept of metaverse is quite old if you are aware of the online gaming world, but it is more than that. Metaverse refers to a digital world that combines virtual and augmented reality by leveraging cutting-edge technologies in this rapidly growing world.
According to priority research, the global metaverse market size is estimated to reach USD 1,607.12 billion by 2030, growing at a CAGR of 50.74% from 2022 to 2030. Blockchain will provide metaverse companies with the ability to offer its customers connected services that will converge their physical presence with digital 3D presences, changing how customers interact and exchange cryptocurrencies or other unique digital assets (NFTs).
Digital art, virtual goods or personal experiences can be turned into secure NFTs and stored on the metaverse blockchain as assets. To build a self-sustaining digital economy, metaverse users can exchange these NFTs for cryptocurrency to purchase other metaverse entities or choose to withdraw for fiat money at any time. The NFT value and turnover can be accessible to countless systems and interfaces to work seamlessly and interoperably through blockchain.
Indian creators have taken advantage of this global phenomenon by creating digital assets and selling them globally. Creators from the photography, digital art and gaming segments are actively creating NFTs and displaying them on global marketplaces, and we provided artists based in Mumbai, Delhi and other Indian cities listed with some high-quality resources in the meta world. Along with creators, India is also a hub for developers working in blockchain technology, and global leaders in blockchain and tokenization are actively hiring Indian talent. With the abundance of technical talent already familiar with blockchain technology, coupled with the creative talent, Indian creators are a core part of the global Metaverse ecosystem.
Blockchain can offer a promising and affordable option to protect users’ digital material and data as Metaverse stores data measured in exabytes.
For all business transactions that take place between stakeholders in a traditional computer network, it can enable secure data storage, transmission and synchronization by decentralizing the ledger to prevent fraud, maintain transparency and transfer ownership. This concept of decentralization has found more acceptance in mainstream applications.
Blockchain smart contracts can promote effective management of stakeholder relationships at a social, economic, legal and other level in the metaverse ecosystem.
Additionally, create and implement the basic guidelines for the metaverse operations. The blockchain industry has roared in recent years, with bitcoin and other cryptocurrencies becoming a solid foundation for a fully functional economy inside the virtual world where one can exchange digital goods, digital art objects like NFTs, etc. Entrepreneurs and influencers can drive their businesses in the metaverse of endless possibilities. They can use cryptocurrencies for trading and creating a virtual economy, influencing the growth of the metaverse economy.
The author is the founder of Cosmofeed
