The blockchain and metaverse are used almost synonimously
How are they connected?
100s of NFT projects claim that they're your gateway to the metaverse. And after you buy their product you will be able to "access" it. While this is just clever marketing for them to sell you stuff, there is more to the connection between the blockchain and metaverse.
Since Facebook changed its name to Meta, there has been a steady rise in the popularity of such a world. Metaverse is a new frontier for innovation in the world. It adds a new possibility of economic models that before were virtually unthinkable. It is no doubt going to be more and more popular. It is like the internet of the early 2000s.
Metaverse: The concept
The concept of the Metaverse is that it is more than just a digital reality. It is a digital reality that is going to be promising real value experiences for all. Much like how Minecraft servers operate. There is a big wide world for everyone to explore and feel, and attached to that are things like digital properties, your clan's defense area, Purchasable enchantments, and other things.
In a similar way, Metaverse is going to have these traits of having real value to digital products. The VR headset is not the defining part of the metaverse. It is instead just another way of accessing the metaverse. You can always access the metaverse from your browser or your phone or through an App.
As we spend so much time online, it is only essential that products with tangible value start appearing. It will add more meaning and more engagement to the experience of interacting with the digital world. This trend has already started and can be noticed by people buying skins on Fortnite worth millions of dollars, which do not affect the gameplay in any way.
As there is an organic need for the monetization and trading of digital products, there must be a globally recognized system to provide these features.
Blockchain and its Uses
Blockchains today have come a far way from being just trading currencies to having a lot more features. Blockchains like Ethereum allow you to create your own tokens and other digital Assets in the form of NFTs to add real liquidation to purely digital products.
All digital products are just a line of bits to their core, so adding value is difficult. In 2020 when there was a boom in JPEG NFTs, people were spending millions on NFTs that you could just download the source off. It felt sort of mad, but the reality is that it tagged ownership to the image.
This concept has since blown up, and they're are now 100s of use cases of using NFTs. Like NFT games where you can buy eggs and hatch them or combine them with other eggs to get a new NFT. This new NFT may have a chance of being legendary and thus can be sold for more than what it took to make it.
Digital property, like real estate, has also been a booming business. Lands or Plots on servers are made into NFTs which can be sold and bought on the market. A very popular game of this type in MANA land, with its MANA token.
This level of modular monetization can only be added by the use of blockchains. It is going to see more and more use. In 2017 the total market cap was merely 100 Billion dollars and in 2022 it has risen to nearly 800 Billion dollars.
The time is ripe and it is still early to get a move on.
You can be an early bird to this mega transformation that is still yet to come.