The Role of Blockchain Technology in the Metaverse Ecosystem
Pooja Kulkarni, Babasaheb Ramdas Jadhav, Ashish Kulkarni, Alex Khang, Sagar Kulkarni · Advances in computational intelligence and robotics book series · 2023
Metaverse is a virtual world based on AR and VR. The word Metaverse comprises “meta,” which means beyond, and “verse,” which means universe, which combines world beyond imagination. Today's Z generation wants everything over the tip of their fingers, even if they don't want to step out for purchasing groceries or daily household items and hang out with buddies. The Metaverse can provide a solution to this problem. Without stepping out of their home, they can virtually cheat and chat with friends and have a party with food and drink by sitting at their own homes by purchasing through virtual currency, own virtual assets including house, jewelry, etc. by creating their avatar using AR and VR technology. The use of blockchain technology solves the decentralization issue, maintenance of cryptocurrency, and other applications. Hence, the use of blockchain in the Metaverse ecosystem can benefit financial, non-financial, and privacy issues that may occur due to the described framework of the Metaverse ecosystem.