Ethereum’s Role in the Metaverse: Virtual Worlds and Decentralised Economies
Since its inception, Ethereum has been at the forefront of innovation in the crypto ecosystem. Ethereum was created with the purpose of scalability and efficiency. It is closely tied to the concept of Metaverse.
What is Metaverse
Metaverse is a concept of virtual worlds for users to explore, where digital assets hold real value and the economy is based on crypto tokens. Virtual tokens and decentralised economies allow us to trade the values of digital assets in the real world, across borders and platforms. Parallel developments in AR/VR technologies are aiding the scalability of the metaverse concept. The immersive 3D experience provided by these hardware technologies brings the users closer to the real-world experience, which enhances the value of digital assets. As crypto assets are tradable on various platforms and hold value in the world, the value of digital assets rises. Now, the metaverse has diverse platforms. From shopping and exploring to gaming, all are available as metaverse environments. While AR/VR enhances immersive experiences, the metaverse is not limited to it.
Ethereum and Metaverse
Ethereum was created with the purpose of scalability and usability. It introduced the concept of smart contracts, NFTs and several scaling technologies. It led crypto to become more than a transactional asset. Ethereum set the conditions and infrastructure for the origin of the metaverse.
Ethereum blockchain provides a platform for smart contracts and decentralised applications to function. These decentralised applications (dApps) and smart contracts facilitate the creation of decentralised, secure, and transparent virtual worlds, games, and experiences
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A defining feature of Ethereum’s metaverse is its capacity to enable the development of non-fungible tokens (NFTs), which are unique digital assets representing virtual goods, such as virtual land, art, and collectables. NFTs are stored on the Ethereum blockchain and can be bought, sold, and traded like physical assets.
Evolving Together
Several projects leverage Ethereum’s blockchain to craft their own metaverse experiences, including The Sandbox, Decentraland, and Somnium Space. These projects are creating immersive virtual worlds where users can purchase, sell, and own virtual land, and engage with each other in a decentralised and interactive environment.
Ethereum’s metaverse is also drawing the attention of major companies, such as Facebook, which is developing its metaverse platform, Horizon. Facebook’s Horizon is a virtual reality (VR) platform that enables users to interact with each other and digital objects in a virtual environment, and it is built on top of Ethereum’s blockchain technology.
Ethereum-based Virtual Reality (VR) platforms
Ethereum-based virtual reality (VR) platforms are pioneering a new frontier in blockchain technology. These platforms aim to transform the VR experience by integrating blockchain technology to create a decentralised, secure, and transparent environment for users.
Somnium Space (CUBE) is a notable example, offering an open-source platform where users can purchase digital land, homes, buildings, and in-game assets of value within its online multiverse. By leveraging blockchain technology, Somnium Space empowers users to monetise their VR experiences and create a world tailored to their vision.
Victoria VR is another prominent platform, built on Unreal Engine and designed as a universal platform for games and decentralised applications. It features photorealistic graphics and allows users to engage in a wide range of activities, from gaming to trading goods, in a shared virtual realm.
These Ethereum-based VR platforms are poised to elevate virtual reality by providing a secure, decentralised, and transparent environment for users. They also offer new opportunities for creators and developers to build and monetise their own VR experiences.
Conclusion
Ethereum is changing the world by making Web 3 more accessible and capable day by day. It is widely used as NFTs in several games and metaverses. You can buy Ethereum tokens from exchanges like Zebpay and become a part of the change.
Zebpay also has a unique feature called Cryptopacks from where you can buy curated tokens bundled together. You get options to buy bundles of tokens from the Ethereum family, Metaverse tokens etc.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay the author’s employer, or other groups or individuals. ZebPay shall not be held liable for any acts omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information.
