As per Priority Research, the global market size for metaverse is estimated to be $1,607.12 billion by 2030, growing by 50.74% CAGR from 2022-2030. The term metaverse has gained much popularity since Mark Zuckerberg officially renamed Facebook to Meta, with intentions of making a metaverse reality, as well as helping individuals in improving their connections, discovering communities, and growing businesses. However, the concept of a metaverse is pretty old, if you are familiar with the world of online games, but there is a lot more than just this. Metaverse refers to the digital world which merges VR and AR, using cutting-edge technologies in this rapidly growing world. Blockchain is also an integral part of the metaverse applications, now let’s see how can blockchain strengthen the metaverse Industry.
Blockchain will provide the opportunity for metaverse businesses to provide cohesive services for customers, which will merge their physical with 3-D digital existence, changing how customers interact with and trade cryptocurrency or other non-fungible digital assets (NFTs). Digital artwork, virtual goods, or personal experiences could all turn into safe NFTs and be stored as assets in a metaverse blockchain. To create a self-sustaining digital economy, metaverse users can trade those NFTs for cryptocurrencies to purchase other metaverse entities, or they have the option of cashing in with fiat currency at any time. NFT valuations and trades could be made available for an infinite number of systems and interfaces seamlessly working together interoperably via the blockchain.
Indian creators are already profiting from this global phenomenon of creating digital assets and selling them around the world. Creators in photography, digital arts, and games segments are creating NFTs aggressively and listing them in the global markets, and we are giving artists sitting in Mumbai, Delhi, and other Indian cities the opportunity to have a few quality assets listed on meta-world.
Along with creators, India is also the center of developers working on Blockchain technologies, and the global leaders of Blockchain and Tokenization are actively hiring Indian talent. With an abundant pool of technical talent who are already conversant in blockchain technologies, combined with creative talent, Indian creators are a crucial part of the global ecosystem for Metaverse.
Blockchain strengthen the metaverse industry by providing a cost-effective, and promising option for protecting users’ digital assets and data since Metaverse stores data measured in exabytes. For all the commercial transactions that occur between stakeholders on traditional computer networks, it could allow secure data storage, transfer, and synchronization while decentralizing the ledger in order to prevent fraud, maintain transparency, and assign ownership. This decentralization concept has found increasing adoption by major applications. Blockchain smart contracts may facilitate the effective management of stakeholder relationships at the social, economic, legal, and other levels within a metaverse ecosystem. In addition, they establish and enforce fundamental guidelines of metaverse operations.
The Blockchain Industry has been in full swing over the past few years. Bitcoin and other cryptocurrencies are becoming the backbone of an entirely functioning economy within a virtual world, in which people can trade digital goods, and digital art objects such as NFTs, and so on. Entrepreneurs and influencers are able to run their businesses within the metaverse, which has unlimited opportunities. They can adopt cryptocurrency to conduct transactions and build virtual economies, impacting the growth of the economy of the metaverse.