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Does The Metaverse Need Blockchains?

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Web3, what we call the blockchain-powered internet, welcomes a fundamental change. From rebranding large corporations to entirely new sub-economy. Associated with all of this is the concept of the “metaverse”. The term seems to be used by everyone, but no one can fully define it.

In marketing terms, “metaverse” has come to mean one of two broad categories. It can be either an alternate reality (virtual reality style, or accessed like a computer game using a screen), or a literal digital experience that connects people to each other in some way that embodies a community.

With the rise of cryptocurrencies and non-fungible tokens (NFTs) in 2020/21, a whole world was built around them.Decentraland
, Sandbox, Upland, and more. That world’s own cryptocurrency can be used to buy items and experiences, own digital lands, and gamble.

In most Metaverse experiences, when you purchase an item (such as sunglasses for a character experiencing the Metaverse), you receive that item as an NFT. Owning this is separate from the game, and the items you purchase are tied to your wallet (the blockchain account you used to purchase the NFT). If you’re unfamiliar with NFTs, think of them as digital-only collectibles.

So money, items, land and experience are all on the blockchain. But should they be?

In October 2000, Cartoon Network launched Cartoon Orbit. Websites that allow users (mostly children) to collect limited-edition and numbered digital collections and display them on a canvas to show to friends.1

In November 2004, the gaming phenomenon known as World of Warcraft emerged, popularizing a digital fantasy world with its own social structure and eventually amassing over 10 million users.2

Today, approximately 3 billion people use Facebook each month. 3

Each of these demonstrates the viability of digital collectibles, virtual worlds, and online communities, but none of the three require blockchain technology to function.

The promise of weaving blockchain into the metaverse is to enable decentralization.

Items purchased in one location may be moved to another experience or sold in a third-party marketplace. What you own is yours, not locked inside a walled garden created by a particular company or brand. But is that what consumers want?

sells almost everything and is ubiquitous in US online shopping. The ease of going to one website and not worrying about the details is what keeps users coming back. Instead of scouring the web for detergents to buy, he can get the top-rated products in one place. Their website has all the information and you can buy with one click.

Web3 is still in the small town stage and doesn’t have its first grocery store yet. People go to butchers for meat and buy vegetables from local farmers. This is an experience that works well for enthusiastic early adopters and those who really care about where they source their ingredients but want the mass market to get their food. There is also

As we watch major metaverses come to market, such as the one developed by Meta (formerly Facebook), it becomes clear that there is little interest in the technology behind the experiences users engage with. one of them. When a major technology player creates a self-contained virtual or social he experience around purchases and transactions, it doesn’t matter if it’s powered by blockchain, databases, or Google.

Blockchain offers tremendous opportunities for technological advancements such as: Redefining money, Promote regulation, digital art, etc., but blockchain is a completely separate concept from the metaverse. They can coexist and be used together, but I doubt that the success of either really depends on the success of the other.

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