Virtual Reality and Blockchain – The Dawn of New Era of The VR Industry

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As per the Virtual Reality Market Forecast 2024 report, the VR industry is expected to face a 35% annual growth in the forthcoming years.

Ilker Koksal, the CEO and co-founder of Botanalytics, in his write-up for Forbes has touched the concept of Cross Reality platform, the integration of blockchain in the VR industry and the future of the industry.

He wrote that people’s concern in VR headsets has led the industry toward a stable path of development. Naturally, with such rapid growth comes the need for improvement.

Competitors in the VR industry are adopting new technologies and techniques to provide the best virtual reality experience to the users. One of these outlined improvements include the integration of blockchain as a solution for cross-reality platforms.

What is Cross Reality?

  • Cross Reality, also known as X reality is the union of the virtual and the real world.
  • Joseph A. Paradiso and James A Landay, in their work called Guest Editor’s Introduction: Cross-reality environments, defined “cross reality as a mixed reality environment that comes for the fusion (union) of… ubiquitous sensor/actuator networks and shared online virtual worlds…”
  • As simple as it may sound, the platform allows users to create new forms of reality by bringing physical products into the virtual world (or vice-versa).

These technologies have gain popularity in the entertainment industry. However, such technology has applications in numerous industries from engineering, medicine, film and marketing.

How is Blockchain Integrating with Cross Reality?

Competitors in the VR industry saw a huge potential in blockchain as a decentralized system that could revolutionize virtual reality.

In his write-up, Ilker also shared, a blockchain can be useful in the VR space in multiple ways:

  • Monetization of Content Creation – helps VR creators secure the revenue collected through their hard work.
  • Virtual Commerce – revolutionizes shopping experience that could boost sales and profits.
  • STEM Training – improves science, technology, engineering and math training through the use of innovative technology.
  • In-Game Advertising – improves the tracking of virtual ad campaigns to increase traffic and conversions.
  • Securing the Virtual World – blockchain technology allows users to verify the authenticity of virtual items.

Angelium is a recently-formed startup based on unique blockchain technology founded by Rio Takeshi Kubo, aiming to connect the virtual and the real world, where users can communicate and provide services within a virtual world.

Rio also created the Angelium Wallet, which serves as a passport that connects both worlds. His ultimate goal is to turn Angelium into a global standard as a blockchain-based cross-reality platform.

The Future of the VR Industry

According to Ilker, VR started out as a gaming trend, but this widely applicable technology quickly exceeded expectations. With blockchain as its core, cross reality will allow users to open up virtual businesses, attending events or even shopping.