Web 3.0 will be the foundation for the metaverse.
It will consist of blockchain-enabled decentralized applications that support an economy of user-owned crypto assets and data.
Asresearcherswho studysocial media and media technology, we can explain the technology that will make the metaverse possible.
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Blockchainis a technology that permanently records transactions, typically in a decentralized and public database called a ledger.
Bitcoin is the most well-known blockchain-based cryptocurrency.
The metaverse doesn’t exist yet, but that hasn’t stopped a land rush as people and businesses grab virtual real estate.
This decentralized recording system is very difficult to fool or control.
Digital objects that can be owned currencies, securities, artwork arecrypto assets.
Items like artwork and music on a blockchain arenon-fungible tokens(NFTs).
When I click agree, the artwork and the ether automatically transfer ownership between us on the blockchain.
What does this blockchain crypto-asset stuff have to do with the metaverse?
To start, the blockchain allows you to own digital goods in a virtual world.
In addition, the metaverse isnt being built by any one group or company.
As people move between virtual worlds say fromDecentralands virtual environments toMicrosofts theyll want to bring their stuff with them.
Dont forget your wallet
So what will you keep in your crypto wallet?
You will obviously want to carry cryptocurrencies in the metaverse.
What will people do with their crypto wallets?
Among other things, shop.
ID-associated wallets will also be useful for controlling access to age-restricted areas in the metaverse.
Join me for a pool party in FILL IN THE BLANK-world!
Companies like Meta will provide large platforms where people willwork,playandcongregate.
Major brands are also getting into the NFT mix, includingDolce & Gabbana,Coca-Cola,AdidasandNike.
These are a few of the many ways that metaverse business models will likely overlap with the physical world.
