3 Reasons Why Blockchain and Virtual Reality Are the Perfect Pair for Each Other
The Virtual reality industry was valued at $6.2 billion in 2019 and is projected to grow to $16 billion by 2022. Combined with Blockchain technology, the possibilities are numerous. Virtual Reality holds the promise to be even more transformative than the flat Web was — reaching into every segment of every market and remaking it to be virtually accessible.
Completely Immersive Worlds
Immersive content combined with blockchain technology has already become a reality. Decentraland, a gaming platform, positions itself as an interactive and immersive world with various activities and sites. Its users can create, experience, and monetize content.
Users use Decentraland’s cryptocurrency dubbed ‘MANA’ to purchase plots of land and build on it. The land is purposely limited to ensure that it is not abandoned, and the value increases if the platform grows. Users can build houses and neighborhoods, listen to music, swim with dolphins, host social events, and monetize from their lands by starting a profitable business. Virtual landowners can sell advertising space and rent it out to other users for ‘MANA.’ Virtual property tycoons have taken notice by buying large swaths of real-estate in a bid to become blockchain billionaires.
A combination of the immersive quality of VR with the social experience of MMO gaming and cryptocurrency in-game purchases might create an exciting virtual analog to the communities of the physical world.
The decentralized nature of blockchain and cryptocurrency will power true virtual economies where users can exchange virtual and real assets in the context of a virtual environment. In the case of online gaming, or Decentraland blockchain-based transactions eliminate the need for a governing body. Online games as a whole may go from being managed services to complex virtual worlds void of interference.
Online communities may also benefit from virtual economies. A VR-powered website similar to Amazon can become peer-to-peer by harnessing the technology of Blockchain. Consumers can
A Digital World
The future of VR looks bright, and as it improves, no doubt it will be adopted widely by consumers and businesses. Using a combination of immersive technology such as Virtual reality and blockchain can lead to redesigning some of the very things that are “normal” in today’s world. As technology continues to improve, the increased level of immersion and connectivity between VR is the future.
You may soon be able to slip on a headset and be instantly transported to the mall to shop, and get what you need. You can match different clothes with a copy of clothing item in your real-world closet.