The potential of blockchain in virtual reality

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Distributed Ledger Technologies in the Metaverse
The potential of blockchain in virtual reality

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Virtual reality and augmented reality technologies are today at the forefront of the high-tech revolution. A blockchain not only allows decentralization of virtual reality content, but can also manage ownership rights through a blockchain ledger.

Technologies such as virtual reality (VR) and blockchain are a perfect fit.

New Metaverse worlds open up a huge growing market with technologies such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI) and cloud computing. Instead of standalone VR applications for training or for virtual exhibitions, the Metaverse can create an entire digital universe of interconnected and interoperable VR spaces.

This will allow users to enter and exit different spaces, just like in the real world, creating a cohesive sense of identity, physicality, and interactions. The convergence of these interlocking technologies will progressively transform the way we interact, work, connect, entertain, and do business (including with machines).

Virtual reality and augmented reality technologies are today at the forefront of the high-tech revolution. A blockchain not only allows decentralization of virtual reality content, but can also manage ownership rights through a blockchain ledger.

Technologies such as virtual reality (VR) and blockchain are a perfect fit.
Technologies such as virtual reality (VR) and blockchain are a perfect fit.

New Metaverse worlds open up a huge growing market with technologies such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI) and cloud computing. Instead of standalone VR applications for training or for virtual exhibitions, the Metaverse can create an entire digital universe of interconnected and interoperable VR spaces.

This will allow users to enter and exit different spaces, just like in the real world, creating a cohesive sense of identity, physicality, and interactions. The convergence of these interlocking technologies will progressively transform the way we interact, work, connect, entertain, and do business (including with machines).

role of blockchain

Although AR apps have been around for a long time, the technology has been somewhat reluctant to gain wider adoption due to privacy concerns, the cost of required equipment, and a lack of viable apps. However, this is about to change with recent developments in the blockchain ecosystem. Because AR applications could be supported by AR clouds, ownership of digital assets through non-fungible tokens (NFTs), and open-source content creation.

AR clouds are digital 3D twins of real environments that are augmented with virtual objects and information. Similar to websites and apps, these use data streaming and geolocation capabilities to deliver AR content “remotely” in real-world environments. With AR, businesses can better present themselves and their service offerings by delivering information in an immersive way instead of searching for it in an app or web browser.

For example, the AR startup “Arround” supports its clients in the creation of blockchain-based social networks (metaverse, educational portals and other communication platforms) for their community. Unlike centralized social networks, companies retain full control over the content of their networks and can also monetize it through advertising.

NFTs Accelerate AR Business Growth

In the metaverse, NFTs have already risen to prominence. Big brands like Nike, Adidas and Walmart are experimenting with them and developing new business models. While most of them are currently aimed at VR worlds, NFTs are also making their way into the AR space.

Geolocated virtualized objects or assets from real environments, including land, products, billboards, etc., can be purchased, used, rented, and traded using cloud-based smart contracts AR. By creating these assets as NFTs on the blockchain, it is possible for each item to have uniquely identifiable properties coupled with indisputable ownership verification.

Blockchain as a business enabler

The convergence of VR and blockchain technologies will pave the way for new business models and innovative platforms.

decentralization

First, it allows virtual reality content to be decentralized without sacrificing its proprietary protection. This creates a complete virtual world enriched with the creations of its users without the intervention of the platform developers.

copyright protection

Second, despite decentralization, copyright protection remains in place. If someone manages to take credit for someone else’s work, it will be recorded on a blockchain. By freeing copyright protection from bureaucracy, an effective protection system can emerge on virtual reality platforms.

rise in popularity

Third, the merger with the profitable cryptocurrency market greatly facilitates the popularization of virtual reality. When people realize that they can not only spend their free time in a virtual world, but also make a lot of money from it, interest in AR platforms will increase dramatically.

Blockchain-based VR platforms

An example of a project that relies heavily on all the benefits of blockchain and virtual reality symbiosis is Victoria VR. It is a blockchain-based ecosystem that brings together multiple virtual reality platforms, creating a whole world of photorealistic user-created content stored on the blockchain. Therefore, Victoria VR users can work, visit tourist destinations, attend meetings, enjoy concerts and play games without taking risks or having to travel.

Victoria VR also allows its users to earn money in the real world by trading and managing businesses in the virtual world. There is an opportunity to generate passive income by staking VR: the Victoria VR token. Users only need to hold VR on their DEXFIN exchange accounts to qualify for staking.

The DEXFIN crypto platform eliminates the need for specialized services for every aspect of the crypto market. This means that it offers a trading platform for cryptocurrencies, staking of various tokens, access to crowdfunding campaigns and tokenized assets from a single source. The cooperation with the DEXFIN stock exchange aims to ensure that the project receives enough interest and financial resources to accelerate developments in the field of virtual reality.

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