It is the second post of the 'getting started with the metaverse development series. In the first post, we identified the business opportunities, building blocks, and essential development considerations related to the metaverse and emerging technologies like blockchain. Now, let's discover further development opportunities, existing use cases, and the capabilities required to get started with the metaverse.
Although the metaverse promises a myriad of new business possibilities, businesses must critically plan before delving into its development for developing inventive solutions. It is because it does not fully exist yet. It is still in its early stages. However, a few of the below-discussed concepts that lay its foundation are already transforming businesses, including blockchain development. Companies can understand the possibilities and use cases that currently exist and may emerge in the future with the convergence of the metaverse and these concepts. They provide an action plan for businesses to develop solutions that may accelerate the adoption and success of the metaverse in the future.
The concepts of the rapidly developing metaverse are unfamiliar to the majority of businesses, including many technology corporations. Many people can also lack the knowledge and procedures necessary to fully comprehend and believe in their digital investments and transactions. Give at least one person or group the responsibility of understanding important ideas like cryptocurrency and decentralized autonomous organizations and how they relate to your business, as well as keeping up with the metaverse's development.
Work on basic measures after identifying holes to fill and long-term chances to build from the metaverse and its key principles. For instance, many businesses will probably profit from hiring digital native workers who are already familiar with the key ideas of the metaverse, as well as from taking technical actions like extending services, creating plans for security and identity, and publishing application programming interfaces (APIs) to core systems so that others can connect.
Also, Read | The Potential of the Metaverse | Use Cases and Advantages
Pick a few opportunities inside the current underlying patterns of the metaverse. Selling digital replicas of tangible commodities, giving virtual tours of virtual goods or facilities, and introducing NFTs to strengthen client relationships are examples of lower-risk use cases. For sales, advertising, and customer service, businesses could also want to think about purchasing or leasing digital real estate. Since no specific digital world has yet demonstrated that it will have long-term importance, digital real estate is probably a riskier option, but it might be an appropriate one for some businesses to examine.
Cybersecurity, privacy rights, regulatory compliance, brand reputation, and anti-fraud initiatives face new issues as a result of the metaverse and its current components. Companies should, for instance, take security into account at the service level to ensure that security is maintained regardless of where your asset is. Consumers, shareholders, regulators, and other stakeholders need to know what to expect from your metaverse projects and how you plan to reduce any risks for you to build their trust. For instance, in some circumstances, the authentication of identities, assets, transactions, and contracts can be automated using blockchain and AI.
Also, Read | Insights into Blockchain, NFT, and Metaverse-based Gaming
In a shared, decentralized digital ecosystem, different things from what you currently have may provide a competitive advantage. To fill skill gaps, you might need to hire new people, upskill existing employees, and adopt new methods for handling data and commercial relations. For instance, if the foundation of your digital strategy is controlling a digital platform, you'll probably need to speed up the development of your services and security infrastructure. Consider how prepared the platform you are using is, and make sure you can take your data with you if you move service providers.
If you have added or plan on adding digital services and/or assets to your portfolio, drive for a consistent brand experience across both the physical and digital constructs. Just as your web presence needs to match your physical location experience — so must your metaverse experience.
Also, Read | Metaverse and Digital Twin
For the Metaverse, the blockchain is essential for the following reasons:
Because the Metaverse stores data in exabytes, or one billion gigabytes, secure storage and transmission have grown more difficult. For decentralized systems, blockchain technologies are essential because they let every user control their data on their own, without a third party.
Tokens are secure data transport mechanisms that, among other things, transmit encrypted information, personal data, and authorization keys. Preventing outsiders from accessing vital information, also increases user confidence in the ecosystem.
While being essential components of the blockchain, cryptocurrencies and digital assets also serve as a technical equivalent of conventional currency and are used to conduct metaverse transactions.
These help the Metaverse effectively handle interactions between ecological players on financial, ethical, and other levels. Smart contracts also provide you the ability to enforce the fundamental laws of the Metaverse.
Also, Read | The Importance of Smart Contracts in the Metaverse
Several blockchains are playing a crucial role in the widespread adoption of the Metaverse:
The most widely used blockchain is Ethereum, and its decentralized platform makes use of smart contracts or apps that function exactly as intended, with no chance of fraud or outside influence.
Numerous non-fungible tokens (NFTs), or digital assets connected to the blockchain and used to confirm ownership, are also present there. Additionally, they have been used to build entire virtual worlds, video games, and digital artwork. Decentraland, Cryptovoxels, and The Sandbox are a few instances of Ethereum blockchain-based metaverse platforms.
The Cardano blockchain is a cutting-edge contract platform. It is currently under development that tackles some of the scalability and sustainability problems of Ethereum.
The Pavia metaverse platform employs blockchain. It gives users a decentralized environment with a small carbon footprint and cheaper gas costs. It is powered by Cardano.
Also, Read | Metaverse NFT Marketplace Development
Find out more about the metaverse and blockchain development from our blockchain development experts.