The Metaverse has been a hot topic of conversation now a days. In a general sense, the Metaverse is a three-dimensional (3D) virtual reality framework for the data currently held in cyberspace. It allows users to interact, game, and experience things as they would in the real world.

As our society continues to merge the physical world with the virtual, otherwise known as the Metaverse, Blockchain technology is perfectly positioned to bridge the gap between real-world information and online data to help create an individually tailored Metaverse experience. In this blog post, I touch upon how blockchain and web3.0 is enabling a perfect play in metaverse breaking the boundaries of centalized-verse.

No Single Entity Controls the Metaverse

Despite the best efforts by companies like Facebook to lay claim to The Metaverse, no one entity controls the burgeoning virtual world, and anyone with the skill and desire can establish a presence. In there are several companies currently in the Metaverse including Facebook, The Sandbox, Decentraland, Epic Games, and more – some of these will be more open Metaverses, while others will be closed or controlled by one entity or company. The current state of technology means even though the end goal may be to create a vast 3D world of communities and playgrounds, the Metaverse in its current form can be accessed by all manner of digital devices, including personal computers, game consoles, and smartphones. But, the primary access to the Metaverse now and in the future will be Virtual Reality, through augmented and mixed reality headsets.

Bridging the Physical with the Digital

As the world increasingly moves into a future where data is the most valuable commodity, all things in the physical world will eventually be given a virtual representation in the Metaverse that users from around the world will be able to interact with. From large ticket items like real estate and automobiles to everyday things like food and beverages, eventually, all manner of goods and services will be able to be procured through the Metaverse and delivered either virtually or physically to your door. Imagine being able to go virtually shopping at your local supermarket, filling up a virtual basket with items verified in stock, and then having those items delivered directly to your door.

Still a Few Years Off

While the Metaverse is a trending topic across social media channels and in Google searches, the reality is the whole concept is still in its early stages and has a long way to go before you can slip on a 3D headset and visit your favorite global destinations. Projects like the Sandbox and Decentraland offer a glimpse into what the future holds. However, they too are still at the beginning of their adoption curves as the bugs in the blockchain system, including high transaction costs and slow processing times, continue to be improved upon. Then there is the matter of helping companies migrate their physical presence into the virtual world and tagging each unique real-life item so that it can be represented digitally.

Web3 Combined With Blockchain Creating Metaverse Experience

Web3 technology combines blockchain with current internet technology to allow for a more secure experience – it also includes the use of cryptocurrencies as built-in payment.

To put it more simply, Web3 uses blockchain-related features to improve the user experience in metaverse arena. One big improvement is the focus on data ownership. The current iteration of the internet (Web2) is all about user data and how you interact with content. Here’s an example: if you go to a website, the owner of that website will look at your online behavior and then use your own information to market things to you. In this scenario, you aren’t paid or offered anything other than additional content for creating that online information. Web3 on the other hand, gives you control of your data, providing you the opportunity to not only do what you want with it but even get rewarded for it. This idea gets facilitated through decentralized blockchain technology on networks like Ethereum.

Blockchain networks offer increased security and privacy measures making the web safer. What would this mean for the average internet user? This means you’ll have proof that you created your data, you’ll own it, and you could choose when, where, and how a company uses that data. In some cases, you could even be rewarded for creating that data in the first place.

Data Curation Plays a Key Role in Metaverse Evolution

According to Wikipedia, data curation is defined as “the organization and integration of data collected from various sources.”

In the modern online experience, data curation is why the last thing a person searched for suddenly appears plastered in ads on all the websites they visit. On the plus side data curation makes it possible for Spotify to recommend an artist similar to others you frequently listen to, making it easier to find new music to enjoy. It also allows Netflix to find new movies or shows you may enjoy based on your viewing history – and it can also get a little weird like when your real-life conversations start showing up as advertisements in your Instagram feed.

On the downside, large databases of detailed user information are ideal targets for hackers looking to maximize their score, which can lead to negative outcomes for those users, like phishing attacks and identity theft.

While the benefits of data curation and a personally tailored online experience can be quite helpful, it’s clear that the current model is lacking in user protections, while the monetary benefits of all that data is siphoned off by multi-billion dollar corporations.

Blockchain Gives People a Say in Their Data Curation

Be aware of how the current data model benefits big corporations at the expense of the everyday person and has set out to upend the current model. To achieve this, blockchain is empowering individuals by helping them participate in the world’s data economy and directly control access to their data.

Users in the blockchain ecosystem own their data and have the ability to grant or remove access to that data at will – meaning that only information they want to be shared will be shared. With bockchian, users can benefit from an individually tailored browsing experience based on curated data.

Blockchain also allows for the self-curation of data. The idea behind this self-curation is to ensure that what is included in a person’s history is actually pertinent to them and not a false conclusion generated by errant searches or random explorations outside of their everyday interests.

Blockchain Rewards You for Your Data

The other benefit of the blockchian network, unlike traditional corporations, is that it can actually pay users for the user of their data. So, not only can you control how and when your data is used for data curation, but you get paid for allowing blochcain app/platform to utilize your data. It really is a win-win situation for users. Your data is in your hands, giving you actual content curation that pertains to you, all while earning digital currency.

The Future of Data is in Your Hands

As our society continues to merge the physical world with the virtual, otherwise known as the Metaverse, blockchain is perfectly positioned to bridge the gap between real-world information and online data to help create an individually tailored Metaverse experience. Blockchain has set out to make this idea a reality, while also giving individuals control of their data without any outside interference, thus enabling them to reclaim their data ownership.

In Summary Blockchain + Web3 is Solving Metaverse Trilemma

So far, there hasn’t been widespread adoption of metaverse technology for several reasons. Here are some of the major barriers to metaverse gaining traction that are being attempted to solve with blockchain and the Web3 ecosystem:

• Costs – Conducting transactions on networks like Bitcoin and Ethereum are expensive. When you use one of these networks to conduct transactions, you have to pay for it, and currently, it isn’t very affordable.
• Difficult to Use Tech – Blockchain technology is hard to understand and too difficult for most users to figure out. Just getting started requires some knowledge that most people just don’t have, and many people give up early on.
• Scams and Hackers – A long list of scams and hacks have led to people losing data and sometimes money when it comes to blockchain tech. It has gotten much more reliable and secure, but it is an issue that may need to be addressed in the near future for many to feel comfortable with the idea of Web3.

The Blockchain Network is Positioned to Help Merge the Physical into the Virtual: The Metaverse may be a newer concept that provides a visual representation of the data currently held on the internet, but the underlying foundation is a compilation of well-known industries including ownership of anything, data tracking, logistics, social media, marketing, and inventory management. This is one area of development where Blockchain developers have to focus on building oracles that empowers people to participate in the global data economy through the validation of anonymous and secure geospatial data.

Recommended Reading: IoT + Blockchain = Democratisation of Network & Data Monetization

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