The Metaverse is an alternative digital reality that may or may not resemble physical existing locations, marketplaces, and real-world events. While Metaverse-like worlds have already been developed, the involvement of business brands promoting products and services on these platforms has assisted in the popularity growth. With the use of blockchain technologies integrated into these platforms, the Metaverse would become a more attractive system that increases audience engagement levels while better connecting users with relevant brands.
Additionally, blockchain engineers may work with these Metaverse systems to make processes such as transactions, data storage, data transfers, and data recording more secure, efficient, and transparent for all users interacting on the network. To learn more about blockchain development services and the crypto technologies best suited for your business, enterprises may reach out to a local Los Angeles.
What is the Metaverse?
Within a Metaverse, users may interact with various events. For instance, users may interact with learning courses or guides, join entertainment, live broadcasting, or promotional events, attend seminars, conferences, and meetings, network with others, and engage in eCommerce activities. As more companies partake in Metaverse activities, users may interact with different brands’ products and services in a unique manner which may involve using Augmented Reality (AR), Virtual Reality (VR) devices, spatial technologies, and more.
More specifically, companies may use cryptocurrency to purchase Metaverse digital assets and real estate to provide exclusive content and online features to different online audiences. Ideally, blockchain and software developers program smart contracts to support decentralized systems, which in return may recognize, accept, distribute, and record non-fungible tokens. These tokens may be applied to different Metaverse features in real-time, which allows different users with various cryptocurrency and digital assets to partake in a wide array of brand products and services.
Metaverse Business Benefits
There are numerous potential benefits applicable for businesses considering opting into Metaverse platforms. While augmenting eCommerce for users may raise audience engagement levels, the more common benefit across all industries is that Metaverse virtual environments do not have monopolies of enterprises dictating the pace of how the market should perform.
In other words, the regulation of the market on the Metaverse occurs when blockchain technologies associated with smart contracts maintain the security and decentralization of data blocks consisting of the user’s permission, encryption keys, and ID. Also, the markets that appear to be the most user-friendly and attractive are from the different users successfully interacting with those features and validating records over some time. As more users view the records stored on these individual features, the system becomes more reputable. transparent, and trusted, while encouraging additional sales for the company.
Successful Examples of Metaverse Platforms
Currently within the market are “metaverse-like” systems that allow users to engage with products and services within a virtual environment. Based on the predictions and trends, we may expect the Metaverse to be a fully-immersive virtual reality that enables end-users to interact with one world, yet have the capabilities to transfer tokens, cryptocurrencies, and identity authentication verification credentials to multiple different systems and platforms. For this reason, the list provided will only showcase successful Metaverse platforms currently performing well in 2022.
Similar to The Sandbox, Decentraland is a Metaverse platform where users generate events and activities while working with blockchain systems to monetize in-game assets, lands, and character items. The program issues different types of smart contracts to validate user authorizations and credentials, player to player asset trading, and to run majority user voting parameters for regulating metaverses capabilities.
Within the Decentraland platform, users may easily navigate to the marketplace to review, download, and purchase various digital assets relevant to in-game avatars and features, engage in builder mode to setup new scenes, review documentation needed for scripting new world processes, and stay up to date on Decentralands news and updates through Events and Blogs.
While Enjin does not offer Virtual or Augmented Reality for users to engage in, this platform proves essential for most businesses to work with a user-friendly NFT creator compatible with different Metaverse platforms. Businesses may manage crypto wallets, and use cross-chain Metaverse building Efinity programs, NFT engineering platforms, marketplace features, and Ethereum scaling “JumpNet” systems.
In terms of liquidity, the account users that create NFTs on Enjin may return value to the platform’s native $ENJ token. In more detail, Enjin comprises a software development kit (SDK) with the appropriate processing parameters required to run Ethereum based NFTs. These newly manifested tokens may earn value from digital art, in-game assets, digital land, and more.
A popular virtual metaverse example is The Sandbox. Digital reality enables users to build their virtual worlds and share experiences and activities with other online users. Most importantly, these user-created in-game developments may be monetized, which means that land and assets may be recorded, shared, transferred, or traded with non-fungible tokens (NFT). These types of systems attract new generations of online audiences as each user, including businesses, may claim digital ownership of in-game assets.
By setting up a Coinbase account, wallet, and Ethereum funds, users may secure their digital and cryptocurrencies for later use when interacting with blockchain operating systems. The Tokenomics system paired with blockchain technologies ensures that each transaction and the online record is secure, decentralized, and recorded in real-time on the network. While businesses may benefit from the enhanced audience engagement features involved with these metaverse systems, the opportunities to earn additional revenue, increase brand value, and raise target audiences serve as additional potential benefits.
While Metaverse technologies are continuing to enhance in terms of functionality, security, and compatibility with a wider array of platforms, devices, and systems, the current programs continue to lead in innovation and audience engagement. Depending on the business needs, joining ventures into Metaverse may prove beneficial for earning additional revenue-raising brand value, and better promoting brands’ products and services not yet available in public markets. The following examples illustrate the significance of integrating blockchain technologies into current operations.
Jhonathon Badalof works at Sunlight Media LLC in Downtown Los Angeles, California. As a Project Manager, Jhon collaborates with clients on website and app design and development, marketing, and creative solutions for campaigns. In addition to Project Management, Jhon is a content writer who writes articles that rank well on Google and other social media platforms. His skill sets include social media marketing, eCommerce, brand development, programming, web design, and graphic design.