The popularity of Blockchain-based virtual worlds is going up, and companies and individuals want to invest in them. Already investors are pouring their money into digital assets, such as NFTs and virtual lands. Since 2020, the popularity of virtual blockchain worlds has been increasing. This was partly fueled by the Covid-19 pandemic. Here, we explore the main elements of virtual blockchain worlds.
What are blockchain-based virtual worlds?
The blockchain-based virtual worlds comprise pieces of land owned by various individuals. Unlike the standard digital platforms a company owns, blockchain-based digital lands are owned by multiple individuals. With the support of a blockchain development company, you can create, own or rent blockchain-based land. The owner’s goal is to create unique experiences for themselves and other individuals. An experienced blockchain development team can help you build various facilities in these lands, such as museums, casinos, villas, conference centers, etc.
One can use the words blockchain-based worlds and metaverse interchangeably. Within blockchain technology, the term metaverse refers to integrating multiple aspects of technology, including digital reality, augmented reality, and video. Users of the metaverse ‘stay’ in this virtual world. The proponents of metaverse think of a virtual world where users work, play, and connect with friends via different things, such as dramas, conferences, and digital trips.
6 Elements of blockchain based virtual worlds
Popular ideas about the metaverse come from sci-fi. A prophetic science fiction had predicted the metaverse world in 1992:
‘In the 1992 science fiction novel Snow Crash, author Neal Stephenson described a virtual world he called the Metaverse — an internet-connected, immersive construct that served as an alternate shared reality for its users.’
Here are the attributes of the blockchain based virtual worlds:
- Synchronous and live
Although predetermined and self-contained things will occur, the Blockchain-based virtual worlds are a living encounter. It’s available for each user’s intangible time, like in the world of reality.
Metaverse is always in an endless motion.
- Available individually
Each person can participate in particular events/locations and be part of the metaverse. And this occurs at the same time with their company in the metaverse.
- A fully functioning economy
Companies and individuals can develop, own, invest in, and sell their creations. They’ll, in turn, get compensation for their efforts.
- An experience:
Metaverse spans across the virtual and tangible worlds, private and public networks, as well as closed and open platforms. So, it delivers a powerful experience to its users.
- Many contributors
How metaverse works
The platform will allow all kinds of developers and is managed by different contributors.
There are two platforms of Blockchain-based virtual worlds: one that utilizes NFTs & virtual currencies and another that explains the digital universe.
Through the NFTs and digital currencies, developers can create blockchain-based metaverse businesses, purchase digital lands, and develop their settings on Sandbox and Decentraland.
The second category uses metaverse to explore digital worlds in general. Here people converge for deals or enjoyment. Facebook Inc. has already informed the world that it has created a metaverse product group.
You can only trade or purchase digital assets using virtual currencies. Many Blockchain-based virtual worlds, like Sandbox and Decentraland, need ethereum-based digital tokens to buy or sell virtual properties.
In Decentraland, users can exchange digital collectibles or charge an admission fee. You can also do business by selling land or setting people on Roblox to play your games.
Key projects based on blockchain virtual lands
The wide range of benefits that Blockchain-based virtual worlds offer have attracted different projects. And an experienced blockchain development team can help you create your project. Here are the key projects on blockchain virtual lands.
- Decentraland: It’s one of the earliest 3D Blockchain-based virtual worlds that enables users to create parcels of virtual land and participate in different events. Here, participants can host events, participate in social activities, and craft content for the virtual world. The project is one of the best in the virtual world that has its native utility token-MANA. Different qualities make this project fit into blockchain-based virtual worlds. These include in-game activities, virtual economy, and aspects of social interaction.
- The Sandbox: This project enables its community to develop, own, and earn money from gaming experiences. The digital world of Sandbox comprises digital artworks, user-developed environments, etc.
- Enjin: the Enjin project allows users to develop digital collectibles for in-game items. Due to the popularity of NFTs, Enjin aims to create a safe platform for their minting. The liquidity aspect makes Enjin one of the best blockchain-based virtual worlds.
Blockchain-based virtual worlds have become an integral aspect of the metaverse. You can reap the benefits of this digital world by hiring the best blockchain development company.