Blockchain-Enabled Metaverse Platforms for Extended Reality (XR) Applications

Abstract

The convergence of the real world with virtual and augmented reality, known as the “Metaverse,” is gaining momentum, threatening to upend multiple global industries. It's undeniable that people are incredibly interested in the Metaverse. Although Blockchain is still in its infancy, it is already vital to the growth of the digital economy. The blockchain technology that underpins cryptocurrencies and NFTs (NonFungible Tokens) is useful for tracking the supply and circulation of digital currencies and for governance, transparency, ease of access, and interoperability purposes. Given its infinite potential, the Metaverse has ushered in a period of rapid expansion across many of the economy's most important industries, real estate included. Metaverse platforms were being set up by people with sway in the blockchain or cryptocurrency industries so that they could acquire virtual real estate as NFTs, develop it, and stake it. Metaverse marketplaces create a virtual space using VR, Blockchain, and NFT technology, then sell access to that space to consumers in the form of NFTs. Even though many Metaverse services offer free accounts, cryptocurrency is required when buying or trading virtual assets on platforms that use the Blockchain. To buy and sell virtual assets on several blockchain-based platforms, such as Decentraland's MANA and Sandbox's SAND, Ethereum-based crypto tokens are required. Non-fungible tokens and cryptocurrencies are used by various blockchain-based platforms today, facilitating the development, acquisition, and monetization of distributed digital assets. As centralized data storage has many drawbacks, the Metaverse concept lacks Blockchain. Blockchain's global reach and decentralized nature as a digital source fundamentally set the Metaverse apart from the capabilities of the classic internet, which, of course, takes the form of websites and applications. Without needing a trusted third party or governing body, the blockchain-based Metaverse makes all internet data accessible. This chapter mainly focuses on blockchain-enabled Metaverse platforms, which are still developing augmented and virtual reality tools to enable user interaction with the environment.