These days, almost every tech blog is talking about metaverse and its applications in the tech world. With innovative tech and concepts, metaverse seems to be the biggest invention of recent times. Being the new tech, it is hard to understand what it is or how it works. Before talking about metaverse application in a business, let’s talk about what metaverse is.
If a person who never heard of metaverse before reads this article he might be able to learn a few things that he or she has never heard of before. So, let me start the story from the very beginning.
What is Metaverse?
It is a blockchain-powered open platform of virtual assets and digital identity. It allows creating and experiencing independent virtual reality (VR) content and applications. Each copyrighted piece of content (e.g. any digital or physical products) can be mapped to a unique virtual item, called the metaverse asset.
Each user will have their own digital identity and it will exist in the meta just like it exists in the real world. As we already know that blockchain will be used as virtual currency for this collection of digital assets and identities.
The other important concept of the metaverse is distributed storage. It allows storing non-externally owned content like video files and images in a distributed peer-to-peer (P2P) network, with no central server required.
Is Metaverse the new Future of Tech?
With unique tech and concepts, it has a huge potential of being called the new future of tech. These are the major reasons that support my conclusion:
It is a decentralized system as it is based on blockchain which makes transactions secure, fast, and unchangeable Metaverse allows to create and experience independent VR content The whole system will be powered by ETP.
Now I would like to dig deeper into the subject by studying how it could be used to solve some real-life problems.
Metaverse Application in Business
Recently, few companies started accepting crypto coins as payments for their services. But due to its slow transaction processing time and fluctuating prices, not many people are willing to use it for day-to-day purchases. These companies mostly accept payments in crypto coins just to stay updated with the latest trends. If the buyer pays in crypto coins and sellers want fiat currency, then they have to go through several rounds of conversions.
Its application in business is something more than just accepting payments in crypto coins. Metaverse allows sellers to accept payments through its native metaverse asset (MST), which will automatically be converted into fiat currency if required. Since MSTs can be converted into private company shares, they can be easily integrated with any business. A company that accepts payment for its services or products through MST can easily get its shares traded on a stock exchange since all its financial information is already public and audited.
Gaming in Metaverse
The virtual world has already started taking over the real world. In fact, it is creating its own ecosystem where people can spend their leisure time without fearing the government and authorities. Since metaverse is based on blockchain technology which gives equal opportunity to every person regardless of his or her physical location, gaming will become a lot more organized and efficient.
Today, you can play games on Facebook and Google with friends from all over the world. With metaverse, you will be able to play virtual games with your friends within your home country or even in another country.
Gambling Industry is no Exception
The gambling industry is growing faster than any other sector in the tech industry. This sector will grow even faster when blockchain technology comes in. It has a huge application in the gambling industry as it allows companies to hold their shares of ETP as a betting stake on the metaverse platform.
Online poker sites, like the ones reviewed on Top10PokerSites, are going to experience a huge hike in the demand for VR-based gambling games. This way, anyone who is interested to bet on these shares can easily do so using MSTs and make sure that they are betting on a legitimate business.
Since it will act as a financial watchdog for the gambling industry, it will be very difficult for any scammer or fraudulent company to survive for long on this platform.