The Relation of Metaverse and Blockchain

Perhaps it can be said that after the European industrial revolution and the technological revolution, smart devices, artificial intelligence and metaverse will be the next revolution of the human generation.

Due to the close relationship between Metaverse and blockchain, it is expected that Metaverse will have a significant impact on digital currencies and NFTs, and increase users’ needs in this areas because the unrestricted economy of Metaverse can provide countless opportunities for the people of the world. Finally, it should be said that this is just the beginning of a big step in the development of the world economy, a digital economy that will disrupt the current equations.

The role of blockchain in the metaverse

Blockchain has the ability to provide transparent and reliable governance systems. This blockchain technology continuously optimizes the possibility of compatibility and compatibility between different platforms. Projects like Polkadot and Avalanche can create custom blockchains that interact well with each other. A unified metaverse requires the connection of several projects, and blockchain technology already has solutions for this.

Metaverse combines diverse applications such as video games, social media, economic and financial systems, digital identities, decentralized governance, and many real-life applications. Today, the creation of virtual users, the ownership of various items, and the production of valuable currencies help to create a unique and integrated metaverse. These capabilities enhance blockchain’s ability to power this future technology.

The key to blockchain for the metaverse is to provide digital proof of ownership.

By having a wallet with access to your private keys, you can prove ownership of your activity or asset on the blockchain. Crypto wallet is one of the safest and most powerful tools for creating digital identity and proof of ownership.

The Relationship between NFT tokens and Metaverse

In the physical world, each person’s property and ownership can be determined. It also specifies that it is an original and unique product, or a fake. The goal of the metaverse is to mix more real-life activities with the virtual world. Therefore, originality of goods and ownership of goods is important in this three-dimensional world.

Non-Fungible Token is a special group of crypto tokens that are produced with the help of blockchain technology and cannot be duplicated. NFT tokens give the ability to create completely unique objects that can never be duplicated. The blockchain structure works well to protect the ownership of physical objects.

The existence of digital currencies can be useful for a metaverse. They provide the possibility to create a digital economy with various types of utility tokens and virtual tokens (NFT). Using crypto wallets like Trust Wallet and MetaMask are the best proof of ownership for digital assets.

Metaverse and Cryptcurrencies

The volume of the digital currency market has increased with the increase in the value of Metaverse tokens.With the increasing popularity of Metaverse and the increase of its users, the need for digital currencies and tokens is felt more than ever. More and more people around the world are helping to increase the size of the cryptocurrency market by converting official money into digital currency and tokens in exchanges.

Popular cryptos in the metaverse

In order to interact with different parts of the metaverse and perform various activities in it, digital currency exchanges are needed. To participate in events such as playing video games, traveling and visiting cities and historical monuments, attending seminars and concerts, it is necessary to purchase tokens and entrance tickets.

In the purchase of various items, it is necessary to use digital currencies to pay the costs of various products and services. Currently, a large number of players and art lovers use Metaverse cryptocurrencies to make their purchases or transactions in the virtual world.

Metaverse crypto tokens have grown significantly over the past few years.

At the top of this list are Decentraland (MANA) ,Sandbox (SAND) and, Axie Infinity (AXS).

Competition for Metaverse

Tight competition for the development of the metaverse in various fields has already begun, but unlike other technologies, there is a lot of room in the metaverse for innovation without saturating the amount of people’s activity. After the success seen in Crypto and Metaverse, giants like Google and Meta (Facebook) are now looking to include it in their plans.

 We may see a direct competition between the top investment companies of the metaverse with small crypto teams. Regardless of who “wins,” it is likely that innovation and development in this area will occur at a rapid pace.

Zuckerberg is one of the first people to support the metaverse space. In 2021, his company planned to invest $10 billion in Reality Labs, Meta’s division that makes hardware such as virtual reality headsets.

Facebook is one of the powerful forces for creating a unified metaverse. Facebook has also supported the metaverse with digital currencies due to the Diem stablecoin project. Mark Zuckerberg has clearly mentioned his plans to use the metaverse project. One of its examples is supporting the remote work plan and improving financial opportunities for people in developing countries.

 Other giant technology companies, including Microsoft, Apple and Google, have also included the creation of the metaverse among their goals.

When Mark Zuckerberg changed the name of his company from Facebook to Meta Platforms Inc., he said he believed the metaverse was the next frontier. As the CEO of Meta, he believes that it will take 5 to 10 years to fully utilize the capabilities of this technology.