With the pandemic, interest in Metaverse platforms has increased. Most of these platforms are powered by blockchain technology using cryptoassets and NFTs, allowing the creation, ownership and monetization of decentralized digital assets.
What is a metadata store?
Metaverse, a term first used in science fiction, refers to the virtual world where land, buildings, avatars and even names can be traded, often shared using crypto assets. In these environments, people can walk around with their friends, visit buildings, buy goods and services, and participate in events.
During the quarantine, the concept gained popularity during the pandemic as work-from-home policies brought more people online for both work and play. The platform covers a wide variety of virtual realities, from vehicles to games to community spaces.
Metadata store can be broadly divided into two different types of platforms.
The first focuses on building a blockchain-based metadata warehouse using NFTs and crypto assets. Platforms like Decentraland and The Sandbox allow people to purchase virtual parcels of land and create their own environments.
The second group generally uses metadata to refer to virtual worlds where people can gather for work or fun. Facebook Inc. announced in July that it has formed a product team to work on the metadatabase.
Game platforms where users can compete, collaborate and create their own games, Roblox, Fortnite and Minecraft fall into this category.
Buying and monetizing on Metaverse
Many metaverse platforms are free for people to join, people who buy or trade virtual assets on blockchain-based platforms must use crypto assets. Ethereum-based crypto assets such as MANA on the Decentraland platform and SAND on the Sandbox platform are used to buy and trade virtual assets on platforms.
In Decentraland, users can trade NFT artworks or get entrance fees to a virtual exhibition, concert. They can also make money by trading land, whose prices have skyrocketed in the past few years. In Roblox, users can earn money by charging other users for access to the games they create.
The future of the metadata store
It’s unclear to what extent a real-life metadata repository is possible or how long it will take to develop.
Many platforms in the metadatabase advanced with blockchain technology continue to develop augmented reality (AR) and virtual reality (VR) technology that will enable users to fully interact.
Accounting and consulting giant PwC estimates that VR and AR technologies will provide the global economy with a $1.5 trillion boost by 2030, compared to $46.5 billion in 2019.
Facebook Inc. is owned by VR companies, Alphabet Inc.’s Google and Microsoft Corp. It invests in cloud computing with the prospect of growth.
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