Blockchain Papers

Joyal S Palackel, Prapti Devgun, Bharat Kharbanda, Murari Kumar Singh

No abstract is available for this record.

Siddharth Aiyar

No abstract is available for this record.

Seung‐A Annie Jin

The Metaverse, powered by a variety of key innovative technologies including 3D virtual reality (VR)/augmented reality (AR), artificial intelligence (AI), blockchain/cryptocurrency-based non-fungible tokens (NFTs), and the Internet of Things, has been proposed as the future of a virtual universe for education, work, business, and commerce. This research (∑ N = 954) presents the results of three cross-sectional surveys that examine the influence of third-level digital (in)equality and consumer (mis)trust on Metaverse adoption intention. Study 1, focusing on the Metaverse for hybrid education, reports the mediating effect of (mis)trust in the Metaverse on the relationship between the educational dimension of third-level digital (in)equality and behavioral intention to adopt the Metaverse for virtual learning as well as the moderating effect of social phobia. Study 2, focusing on the Metaverse for remote working, reports the mediating effect of (mis)trust in the Metaverse on the relationship between the economic labor dimension of third-level digital (in)equality and Metaverse adoption for virtual working as well as the moderating effect of neo-Luddism. Study 3, focusing on the Metaverse for business, reports the mediating effect of (mis)trust in the Metaverse on the relationship between the economic commerce dimension of third-level digital (in)equality and Metaverse adoption for virtual commerce as well as the moderating effect of blockchain/cryptocurrency transparency perception. This research can provide theoretical frameworks to examine people's hopes and fears about the Metaverse and consequential adoption versus non-adoption of the Metaverse for hybrid education, hybrid remote working, and omni-channel virtual commerce. Practical, managerial, and policy implications for the Metaverse and the NFT market are also discussed.

Ash Murphy

No abstract is available for this record.

Joerg Osterrieder, Stephen Chan, Jeffrey Chu, Yuanyuan Zhang

This paper examines the impact of the Metaverse and Non-Fungible Tokens (NFTs) on how we understand digital ownership and participate in online economies. It starts with a straightforward explanation of the Metaverse, focusing on its basic structure and the technologies that make it work, such as virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI). The discussion then moves to NFTs, describing how they use blockchain technology to provide a secure way to show ownership of digital items. This part of the paper looks at how NFTs are changing the ways people create, collect, and sell digital content. A key part of the analysis is how NFTs are used in the Metaverse. The paper explores how NFTs can help manage identities and ownership of digital assets, showing their potential to make digital interactions more meaningful. It also considers the broader effects of NFTs on the digital economy, including how they might change the way we think about art and ownership online, and their role in the development of decentralized finance (DeFi). The structure of the paper includes a detailed review of related research, an exploration of NFTs' historical development, and an examination of the NFT ecosystem. It looks into various uses of NFTs, addresses the technical challenges and recent solutions, and discusses legal and ethical issues. The paper ends by considering what might come next for NFTs, suggesting areas for future exploration without making final judgments. By focusing on the integration of NFTs within the Metaverse, this study aims to shed light on their growing significance for digital economies and cultures. It navigates through the complexities of digital asset management and interaction, contributing to the ongoing conversation on the future of online engagement and ownership.

Alpana Duggal, Mandeep Gupta, Deepanshu Gupta

The metaverse is undergoing a transformative shift with the introduction of Non-Fungible Token (NFT) avatars, offering users unique and tradable digital identities. This research paper explores the significance of NFT avatars in the metaverse, emphasizing their role in redefining digital ownership, self-expression, and user engagement. Additionally, the paper delves into the issues and challenges associated with the promotion of NFT avatars, considering factors such as market dynamics, technological barriers, and user adoption. This paper is considering different NFT that are developed by various NFT Brands. These NFT could be used in future in Metaverse. At the end of research paper a case study of “Sizzling monster” NFT has been made. This NFT has very limited supply and several NFT brands have bought it at initial stage from Young Parrot Platform.

Satish Kumar, Riya Sureka, Brian M. Lucey, Michael Dowling · 6 authors

As digital assets and decentralized finance (DeFi) rapidly evolve, the integration between financial systems and virtual worlds—increasingly known as the metaverse—is expected to gain momentum. The metaverse promise to be a critical use-case for DeFi—a financial field that has so far struggled to find convincing use-cases. Digital finance, in return, offers a means of financing, developing, and incentivizing metaverse citizens, especially at a time when virtual worlds are struggling to convince the public of a compelling case for their existence. In this study, we review existing research on financial applications within the metaverse, including virtual financial services, instruments, intermediaries, and markets. Building upon this foundation, we introduce a conceptual design for the integration of financial systems with the metaverse. Through this study, we highlight emergent areas and provide valuable insights to guide future academic and practical endeavors in the financial and virtual space.

Debargha Sanyal

Abstract: The Metaverse, a digital realm where virtual and physical realities converge, has rapidly evolved from science fiction to a transformative force in our ultramodern world. This comprehensive study delves into the heart of the Metaverse, unravelling its intricate layers, implications and groundbreaking operations. Going beyond the conventional explorations of virtual reality and augmented reality, our exploration uncovers new dimensions and paradigms that will reshape industries and societies. Our investigation begins by dissecting the technological underpinnings of the Metaverse, examining the fusion of blockchain, artificial intelligence, decentralized networks and quantum computing that enable its existence. We unravel the intricacies of digital identity, ownership and privacy within this immersive digital landscape, proposing innovative solutions to the challenges that lie ahead. Furthermore, our study scrutinizes the Metaverse's profound impact on various sectors, similar as education, healthcare, entertainment, finance and commerce. We present pioneering use cases, including medical telepresence for remote surgeries, AI-driven immersive learning environments, unveiling new possibilities.

Gérald Estadieu, Ka Man Ng, Filipa Martins de Abreu, Daniel Filipe Farinha

The COVID-19 pandemic has challenged individuals and all international collaborations, including research and academic international conferences. Most conferences had to adapt to an online or hybrid mode at best, if not cancelled or postponed. During this period, we were invited to organise the third edition of an international conference on Arts, Technology and Society. At its core, it is an academic conference, but it also offers a platform for an art exhibition and forum for artists to share and exhibit. Due to Macao's physical constraints and its inaccessibility for outside visitors, the Local Organising Committee took the challenge to organise the first virtual art exhibition in an academic conference, including Non-Fungible Tokens (NFT) for artists willing to sell their digital artwork. This paper presents the creative process as well as the technical issues faced during the conference and exhibition preparation time. As NFT-based virtual exhibition is a new offer within an academic international conference and a new tool to permanently promote artists’ work, we are also proposing some possible future works to develop further this approach and give it a larger visibility. We believe such type of exhibition can play an important role on a world seeking for more sustainable communication.

Derya Şahin, Nazlıcan Gündeş

Teknolojinin gelişmesiyle birlikte pek çok alanda yenilikler yapılmıştır. Bu alanlardan biri de sanattır. Genel anlayışla sanat, galeri gibi kapalı mekanlarda, sınırlı kişilere yakından bakma imkanı sunarken, teknolojinin sağladığı imkanlar dahilinde sanatın oluşum ve dolaşım alanı genişlemiş, dünyanın bir ucundan diğer ucuna sanat eserine erişim sağlamak mümkün hale gelmiştir. Günümüzde popüler bir konu haline gelen, hızla yükselen, sanatı tuvalden sanal ortama taşıyan sanat alanlarından biri de NFT (Non-Fungible Token)’dir. NFT'ler, benzersiz ve değişmez dijital varlıklardır. Bilgisayar destekli teknolojinin kullanılması yeni bir olgu olmamakla beraber, sanat piyasasındaki geleneksel dinamikleri yıkan bir yapıya sahip olan NFT, dijital sanatın önemli ortamlarından biri haline gelmiştir. Özellikle sanat, oyun ve diğer sektörlerde sıkça kullanılmakta olan NFT’ler, sanatçılara birçok avantaj sunmaktadır. Araştırmada, NFT ve içeriğindeki; blokzincir teknolojisi, ethereum, metaverse (sanal evren) gibi kavramlar tanıtılmaya çalışılmıştır. Blokzincir teknolojisiyle birbirine bağlanan zincirlerin, bilgileri nasıl koruduğu, aynı zamanda metaverse ile birlikte gelecekteki sanatçılar ve izleyiciler arasındaki etkileşimi geliştirebilecek sanal dünyaları keşfetmeyi nasıl başarabileceklerinden bahsedilmiştir. Bu bağlamda NFT’nin önemli sanatçılarından olan, eserlerinde yapay zeka ve dijital manipülasyon tekniklerini kullanan Ender Diril’in, dijital sanat ve NFT’ye yaklaşımı, eserleri üzerinden NFT dünyası ortaya koyulmaya çalışılmıştır.

Nir Kshetri

Purpose To examine the effects of the metaverse on firms’ marketing activities. Design/methodology/approach A conceptual paper. Findings It provides evidence of the growing importance of different value capture mechanisms in the metaverse. Originality/value Among the first articles on this topic.

Azza Mohamed, Rouhi Faisal

Industries all throughout the world are preparing to understand the ramifications of the emerging metaverse, which is a merger of the virtual and physical worlds. Notably, the banking industry stands on the cusp of a monumental shift, with the metaverse offering unprecedented operational enhancements. While the potential transformations brought about by the metaverse are discussed in various sectors, there is a discernible gap in understanding its specific applications in banking, especially with respect to advanced technologies such as NFTs, blockchain, and smart contracts. The study adopts a comprehensive approach to bridge this knowledge gap, employing convenience non-probability sampling to engage 48 subject matter experts specializing in Metaverse-Enabled Innovation in Banking. Data was collected using both mailed and electronic questionnaires. The empirical analysis offers strong evidence supporting the pivotal role of technologies like Digital Twins, Artificial Intelligence, and Blockchain-Based Assets in the metaverse's preliminary stages. We discover a plethora of business potential for banks within the metaverse, including client communication, cross-border transactions, mortgages, digital assets, green loans, and data security.‎‎

Simone Casale-Brunet, Marco Mattavelli, Leonardo Chiariglione

In recent years, the concept of the metaverse has evolved significantly, with the aim of defining richer immersive and interactive environments that can support various types of virtual experiences and interactions among users. This evolution has given rise to several metaverse platforms that utilize blockchain technology and non-fungible tokens (NFTs) to establish ownership of metaverse elements and attach features and information to them. This article seeks to delve into the complexity and heterogeneity of the data involved in these metaverse platforms and highlight some of the dynamics and features that make them unique. Additionally, the paper introduces a metaverse analysis tool developed by the authors, which leverages machine learning techniques to collect and analyze daily data, including blockchain transactions, platform-specific metadata, and social media trends. The experimental results of our approach are presented with a use-case scenario focused on the trading of digital parcels, commonly referred to as metaverse real estate. This scenario allows us to demonstrate the effectiveness of our tool and showcase the potential of using machine learning techniques to analyze and gain insights into the metaverse ecosystem.

Feden KOÇ

Dünyanın önde gelen teknolojilerinden bir sanal gerçeklik teknolojisi olan metaverse, kullanıcıların sanal ortamda birçok alanda etkileşimde bulunabildikleri ve bunun yanı sıra avatarları ile farklı uygulamalardan sanal arazi alım satım, varlık ekleme, kiralama veya inşaa işlemi gerçekleştirebildikleri, sanal bir platformu temsil etmektedir. Kullanıcılar bu platformda parsellenmiş ve NFT (Non-Fungible-Token) ile temsil edilen ancak gerçek hayatta kendilerine mülkiyet hakkı sağlamayan bu sanal arazileri kripto para veya her uygulamanın kendi desteklediği Token ile satın alabilmektedirler. 31456 Sayılı “Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik” kapsamında gayri maddi varlık olan nitelendirilen kripto varlıkların taşımaları gereken temel unsurlar, metaverse ortamında sanal araziler açısından da geçerli olmakla birlikte, sanal arazilerin başka varlıklar ile değiştirilmesine imkân bulunmamaktadır. Dolayısıyla ilgili yönetmelik doğrultusunda sanal arazilerin gayri maddi varlıklar sınıfında değerlendirilebilmesi mümkün görünmektedir. Bu kapsamda çalışma ile metaverse platformunda yer alan sanal araziler üzerine alım-satım, kiralama, dijital varlık ekleme ve değer düşüklüğü işlemlerinin uluslararası muhasebe kapsamında muhasebeleştirilmesine ilişkin bir yaklaşım sunulması amaçlanmıştır.

Tianzhang Zhao

The Metaverse and cryptocurrency have become a heated topics of discussion in society due to the rapid development of blockchain technology. However, there is a lack of research and prediction on the future application of cryptocurrencies on the Metaverse. Therefore, this paper reviews the historical development of the Metaverse through literature research and cause-effect analysis and combines the current development trend of new technologies (IoT, AI, NFT, etc.) related to the Metaverse and cryptocurrency with the current successful commercial applications or related academic research (Vtuber, virtual health care ophthalmology) to predict the future application scenarios of cryptocurrency on the Metaverse. This paper's main contribution is to provide an overview of the various cryptocurrency application scenarios currently being used in the Metaverse and predictions of the future development direction in light of the most recent technological trends, thus filling in any existing gaps in the cryptocurrency and related financial fields in the Metaverse. It serves as a resource for academics working on the creation of Metaverse technologies and crypto-currency application case development.

Vlad Bucur, Liviu Miclea

Web 3.0 is the basis on which the proposed metaverse, a seamless virtual world enabled by computers and interconnected devices, hopes to interact with its users, but beyond the high-level project overview of what Web 3.0 applications try to achieve, the implementation is still down to low-level coding details. This article aims to analyze the low-level implementations of key components of Web 3.0 using a variety of frameworks and tools as well as several JVM-based languages. This paper breaks down the low-level implementation of smart contracts and semantic web principles using three frameworks, Corda and Ethereum for smart contracts and Jeda for semantic web, using both Scala and Java as implementing languages all while highlighting differences and similarities between the frameworks used.

Sunday Adewale Olaleye, Deborah Kwafo, Abolaji Jamiu Atobatele, Olusegun Peter Olaoye

No abstract is available for this record.

Barbara Guidi, Andrea Michienzi

The metaverse represents now one of the most promising innovations that lie under the umbrella of Web3-powered technologies. Its societal impact has important repercussions both on social good and on social computing. Among the technologies that are driving the metaverse, we find cryptocurrencies and Non-Fungible Tokens (NFTs) that are used to represent the property of goods and assets in the virtual worlds. In particular, NFTs are used to represent the parcels in which the metaverse is divided, with unknown consequences on the metaverse economy. In this paper, we explore the social impact of employing NFTs in the metaverse and propose an analysis of parcel sales taking Decentraland and The Sandbox as a case study. Our analysis uncovers that prices of the metaverse parcels are increasing over time and that acquiring parcels is becoming prohibitive. Additionally, we identify that the factors that drive the price of sales in the metaverse are the proximity to specific landmarks, like roads, squares, districts, or parcels owned by influencers or enterprises. We argue that this could be a factor in reducing the social good of the metaverse because it fuels a speculative market similar to the one of the physical estate.

Ena Maurus, Anamarija Puhek

<em>Metaverse is an interactive virtual environment connected to the physical world through immersive technologies in which users can perform everyday tasks. Immersive technologies erase boundaries between the physical and virtual worlds and allow users to experience the feeling of immersion. It is an environment based on core technologies such as web 3.0, blockchain, cryptocurrencies, non-fungible tokens (NFTs) and </em><em>artificial intelligence (AI), and immersive technologies such as virtual reality (VR), augmented reality (AR), mixed reality (MR), extended reality (XR). However, even though the metaverse is not a new concept, user experience (UX) designers have to design the user experience well in order to make it as intuitive as possible. The paper reflects on main features of the metaverse, such as the design and appearance of the environment, digital identity of its users, accessibility and inclusivity, and interaction. The aim of this paper is to examine the expectations and attitudes </em><em>of students in the field of information sciences (IS) and employees in the IT field regarding: a) the role of UX designers in the creation of the metaverse; b) the design and appearance of the environment, that is, the nature of activities and interactions in the metaverse; and c) the adaptation of the metaverse to users’ expectations and needs. The research is based on the following research questions: a) How do students in the IS field and employees in the IT field perceive the role of UX designers in creating interactive virtual environments like the metaverse? b) What are the expectations of students in the IS field and employees in the IT field regarding the design and appearance of the metaverse environment? c) What are the views and opinions of students in the IS field and employees in the IT field about the potential impact of the metaverse on activities (work, education, entertainment, etc.) and interaction? The research was conducted through the LimeSurvey online questionnaire consisting of 24 closed questions. The questionnaire was conducted via e-mail and social media in October and November 2022, and statistical analysis was performed with SPSS. The respondents are students in the field of information sciences at the Faculty of Humanities and Social Sciences, University of Osijek, Croatia and employees of IT companies in Osijek, Croatia. Majority (63.8%) of respondents agreed that the role of UX designer will change with the arrival of the metaverse. Respondents expect that metaverse will have well-thought-out design, especially for users with disabilities. The interaction in the metaverse will occur between avatars and will entail a more complex level of interacting with the environment. Furthemore, the idea and concept of metaverse is quite ambiguous. Respondents believe that the biggest advantages of the metaverse imply connecting the world despite the physical distance. On the other hand, the biggest disadvantages include the loss of connection with the physical world.</em>

Lehao Lin, Haihan Duan, Wei Cai

Recently, the concept of metaverse has been rapidly emerging, which highly expands the human living space. Specifically, 3D models are at the heart of building a vast metaverse space, so a massive number of 3D models are needed. Existing 3D model libraries and platforms have achieved great results. However, most of them are unscalable, insufficiently open, inefficient to collect, and at risk of service disruption and data corruption. Therefore, we propose and implement Web3DP, a crowdsourcing platform for 3D models based on Web3 (a.k.a. Web 3.0) infrastructure. By using the decentralized blockchain technology, Web3DP has the advantages of transparency, auditability, traceability, data tamper-proof, high file transfer efficiency, and service stability. Experiments are conducted to validate the performance of the proposed platform. It illustrates that Web3DP shows better file transmission capabilities with an acceptable transaction fee to facilitate 3D model collecting and managing for metaverse, games, cultural heritage, etc.

Anna Sheremetieva, Ihor Romanovych, Sam Frish, Mykola Maksymenko · 5 authors

This paper describes an interactive multimodal and multisensory fortune-telling experience for digital signage applications that combines digital human agents along with touchless haptic technology and gesture recognition. For the first time, human-to-digital human interaction is mediated through hand gesture input and mid-air haptic feedback, motivating further research into multimodal and multisensory location-based experiences using these and related technologies. We take a phenomenological approach and present our design process, the system architecture, and discuss our gained insights, along with some of the challenges and opportunities we have encountered during this exercise. Finally, we use our singular implementation as a paradigm as a proxy for discussing complex aspects such as privacy, consent, gender neutrality, and the use of digital non-fungible tokens at the phygital border of the metaverse.

Simone Casale-Brunet, Leonardo Chiariglione, Marco Mattavelli

In recent years the concept of metaverse has evolved in the attempt of defining richer immersive and interactive environments supporting various types of virtual experiences and interactions among users. This has led to the emergence of various different metaverse platforms that utilize blockchain technology and non-fungible tokens (NFTs) to establish ownership of metaverse elements and attach features and information to it. This article will delve into the heterogeneity of the data involved in these metaverse platforms, as well as highlight some dynamics and features of them. Moreover, the paper introduces a metaverse analysis tool developed by the authors, which leverages machine learning techniques to collect and analyze daily data, including blockchain transactions, platform-specific metadata, and social media trends. Experimental results are reported are presented with a use-case scenario focused on the trading of digital parcels, commonly referred to as metaverse real estate.

Amaury Trujillo, Clara Bacciu

Among the earliest projects to combine the Meta-verse and non-fungible tokens (NFTs) we find Decentraland, a blockchain-based virtual world that touts itself as the first to be owned by its users. In particular, the platform’s virtual wearables (which allow avatar appearance customization) have attracted much attention from users, content creators, and the fashion industry. In this work, we present the first study to quantitatively characterize Decentraland’s wearables, their publication, minting, and sales on the platform’s marketplace. Our results indicate that wearables are mostly given away to promote and increase engagement on other cryptoasset or Metaverse projects, and only a small fraction is sold on the platform’s marketplace, where the price is mainly driven by the preset wearable’s rarity. Hence, platforms that offer virtual wearable NFTs should pay particular attention to the economics around this kind of assets beyond their mere sale.

Eunyoung Sung, Ohbyung Kwon, Kwonsang Sohn

Abstract Industry 4.0 technology enables luxury fashion brands in the virtual market to quantify the value of digital items in the metaverse; thus, brands can maintain their reputations, ensure consistent and integrated luxury brand marketing, and attract new consumers in the virtual market. Understanding consumer behavior toward buying digital assets (i.e., nonfungible tokens [NFTs]) is important. By using blockchain‐based NFTs as a way to verify the authenticity of digital assets in the virtual market, luxury brands can maintain their reputations and help consumers protect their digital assets. Thus, developing global marketing strategies supported by this technology is important for the success of luxury fashion brands in the metaverse. We conducted analyses to explore consumer behavior in the metaverse with regard to blockchain‐based luxury NFTs. The findings reveal the psychological evaluation process as a mechanism that drives consumer behavior toward NFT luxury brand fashion items in global virtual markets. The empirical findings also extend the application of game theory and prospect theory by revealing the psychological evaluation of risks associated with (not) buying luxury fashion NFTs as another mechanism driving consumer behavior in the metaverse.