The metaverse is defined as a three-dimensional virtual reality space where users can interact with digital objects and with each other in an immersive surrounding.
The metaverse is persistent, real-time, infinite, self-sustaining, interoperable, and decentralized.
It is easy to imagine how cryptocurrency could fit into the vision of the metaverse. Crypto is completely untethered from real-world fiat currencies, both in terms of value and physical form. This makes it a convenient mode for payment and transactions in the virtual world.
Also by its very definition, the metaverse is decentralized in nature. No single entity should or can control the metaverse decentralizing its currency would go a long way in adhering to this philosophy.
Further, crypto (and blockchain technology in general) could be a useful anchor in a constantly evolving world.
In the metaverse, our surroundings, natural habitats, people’s appearances, objects, etc. would shift according to developer activity and ongoing customization. The immutable nature of blockchain and crypto would introduce necessary stability.
Blockchain Use Cases in the Metaverse
The myriad applications of blockchain in the metaverse can be distilled down to the following use cases:
Immutable in-game assets
In-game assets would essentially become non-fungible tokens or NFTs that you can earn and sell. VR gameplay would then allow users to make real money that has value inside the metaverse.
As users navigate the metaverse and their identity evolves, blockchain technology can keep track – essentially acting as the equivalent of a social security number, but virtual.
Real estate in the metaverse
Like in-game assets, real estate is another key commodity in the metaverse. Defining and regulating real estate can be a challenge, given that the metaverse is infinite both in terms of space and concurrent users.
Creator incentivization through cryptocurrency would ensure that there are no arbitrary or unfair rules governing the exchange.