Remember about Non-Fungible Token (NFT)? If NFT can represent ownership of real items and properties, it will be much more possible in the virtual reality (VR) world, right? YES!
Early this year, there was a report about crypto gamers spent over $1 million on blockchain virtual land. How is it different from the typical existing games right now? We will help you to get through this, the easy way.
What is blockchain-powered VR World?
Unlike typical VR applications, software, or games, the technology complementing it would be the blockchain. Blockchain enables the assets and content in the VR world to be tokenized for owners and gain control of ownership.
What’s more interesting is, owners are not limited to individual gamers or users. Some companies owned assets and land in the VR world to promote their products and services. It should give users a sense of realism to a certain extent during their visit to the VR world.
For example, Decentraland is an early and leading VR world powered by the Ethereum blockchain. Decentraland allows users to create, explore, and participate in the secondary markets. Therefore, users will be able to experience more than just the VR world but holding digital assets as well.
A typical virtual world will mostly have pre-existing content, and new content will be added later by the company behind it. In a centralized manner, company control and filter the asset and content in the VR world.
Ideally, a VR world should be decentralized and possibly governed by the community. It allows the VR world community to decide the moving forward direction. It is achievable through Decentralized Autonomous Organization (DAO) protocol allowing the VR world community to vote and pass things through.
The creativity and endless possibilities
If you think owning a VR land and build something on it is the end game, it is incorrect. Everything depends on the users’ creativity in developing the land.
There are users out there that have shown their creativity and capabilities in the VR world. There are things such as art galleries, museums, music stores, showrooms, and even theme parks with actual challenges.
As the Covid-19 pandemic hits the world, forcing everyone to adapt to the new norm. The VR world shows potentials in usage for users and companies. There have been events, parties, competitions, and showcases held in the VR world during these difficult times. It is proven to create alternatives that present more opportunities and benefits.
The leading industry players
If you think you need a high-end computer and a VR set to start exploring, think again. Most of these VR worlds require minimum specifications and don’t need VR equipment. It is running using web browsers too.
You can start exploring the blockchain VR world using these industry players in no particular order.
It is an exciting opportunity to be this early in the development of the VR world. The closest analogy would be someone opened up a new area of land to explore, and you are there to go for it.
Would you consider this kind of digital assets?