Blockchain & Virtual Reality
Imagine this, instead of tuning in to your TV or an internet live-stream to watch an event; blockchain could enable users to access the same experiences using VR technology that would feel a lot more realistic. The most in-demand live events could be tailored to VR technology to provide more access in a more realistic way than TV and more affordable than attending in person. Live events are increasingly becoming more expensive, and this could be an affordable option for people not willing to empty their wallets.
Monetized World Powered by Blockchain
VR gaming startups could benefit by incorporating blockchain technology into their games so that their users can own real estate within the virtual world, as well as the potential to create infrastructures such as casinos and theme parks, which can be monetized through an in-house NFT or crypto. Blockchain can also impact advertising on their platforms by compensating their players with coins for interacting with advertisements and using a ledger to keep information about the interactions.
E-commerce is a successful domain with global sales expected to reach $6.5 trillion by 2023; one major drawback is our inability to understand how the product would look like, whether it is a clothing item or a phone. Using imagery in e-commerce is well established. According to 80% of video markets, it directly helps increase sales; and using VR to have a more immersive 3D display is likely to have a positive impact on e-commerce sales.
More Secure Digital Worlds
Virtual reality is creating a new class of collectibles. Artists are some of the people who are taking advantage of this. Virtual reality artwork and exhibitions are becoming popular, and artists sell their virtual pieces to admirers. The risk of having those pieces stolen is as high in a virtual world as they are in reality, which is why VR artists, as an example, would benefit from using blockchain technology to up their security. Blockchain can assist in verifying the authenticity of any item, as well as help track rightful ownership and be used to record immutable evidence of an item’s origin.
Paving the way for Medical Breakthroughs
Some of the largest players in the science and research fields are looking into how VR can help advance their efforts to discover new drugs and treatments. VR and blockchain technologies enable some of the most incredible medicinal and scientific breakthroughs with assistance from VR. We are looking at a future where the medical field may very realistically have the ability to share information and collaborate, using blockchain’s security to interact remotely on the most advanced research.