Blockchain Is The Future of The Metaverse

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Hearing about the Metaverse in the press and tech forums online, has become a very commonly discussed topic. With advocates like Elon Musk and experts like DCA trading continuously referencing the Metaverse in all of his interviews and talks, the Metaverse has become a trend heightened by tech elites.

With multiple iGaming and gaming platforms already moving forward with blockchain and Web 3.0 technologies, the Metaverse is happening whether you have caught up with it or not. Gambling platforms like newcasinosuk.com have evolved massively when it comes to blockchain and the multiple cryptocurrencies that are in circulation today. While Blockchain technology has slowly seeped its way into most online platforms and industries, many question how blockchain technology will coincide with the Metaverse, moving forward into the future?

What is the Metaverse?

The Metaverse is essentially an augmented reality which gives rise to a 3D ecosystem where we all coincide. It essentially is the gateway to exploration of fantasy and the beyond. Something that perhaps all gaming and sci-fi fanatics had hoped to come, pretty much has arrived. However, this is pretty much the opening door to the potential that the Metaverse can unlock, for this reason we haven't really seen much yet. The most common type of Metaverse right now, is the land-based platform. With real estate and virtual assets being embedded into the Metaverse space, more and more possibilities are possible, and with the help of Bitcoin, Ethereum and other major cryptocurrencies, transactions over the Blockchain happen seamlessly.

How will the Metaverse and Cryptocurrencies change the future of Digitisation?

While the two concepts of the Metaverse and cryptocurrency exist separately and are completely different to one another, no one can exist without the other, with pending evolutions to the internet that are underway. Technological advancements and aspirations have in mind both of the technologies, due to them existing decentralised to older systems like Web 2.0 for example. With both units in the digital realm, users can create, sell and in essence push forward technology revolutions like never before.

The use of cryptocurrency and the smart contracts that dictate it from the decentralised system of Blockchain, makes the virtual Metaverse assets move forward smoothly. The peer-to-peer transactions occur directly between the merchant and the consumer, without any intermediaries involved. Cryptocurrency has allowed a large expansion of benefits and features to follow, due to its integration within the Metaverse. Hey, even tournaments that occur virtually over the Meta-space, now transact seamlessly due to cryptocurrency too. There are no waiting times between tournaments for pay-outs or ticket purchases, the crypto verse allows seamless operations for both the merchant and the consumer. Which is why it is so popular today and in high demand moving forward within most industries.

A Business Niche

The business world is evolving every day. With the pandemic making businesses heavily reliant on the digital space, trades have become more effective when existing on the Metaverse. Whether it be virtual real estate or digital artwork, creators and businesses have been able to capitalise on their innovations on the Metaverse-and this would not have been possible if it was not for Blockchain. Some of the biggest sales on the Metaverse were possible due to the Ethereum Non-Fungible-Tokens that have been developed. In fact, event sports had to move towards virtual reality, due to being heavily affected by the pandemic. We saw the first virtual MMA tournaments in UFC just these past few months, and it successfully pulled through great consistent profit, as turnout only depended on live stream attendance. There is no doubt that businesses will continue to capitalise on this concept, moving forward their interactions heavily based on the Metaverse and the space for business innovation that it provides.