Is blockchain needed to ensure widespread adoption of the metaverse?

The metaverse is still early in its evolution, and there is no singular, all-encompassing definition to which people can turn. Themes of what the metaverse is and could be, however, are emerging.

Blockchain will play a key role in the Metaverse along with artificial intelligence (AI) and virtual reality (VR).
Blockchain will play a key role in the Metaverse along with artificial intelligence (AI) and virtual reality (VR).

Stanford University professor Jeremy Bailenson moderated a World Economic Forum panel with thinkers of the Metaverse and blockchain. Bailenson, founder of Stanford’s virtual human interaction lab recounted to Cointelegraph that the consensus was that the Metaverse could exist without blockchain, reported Cointelegraph.

“Bailenson came up with metaverse Second Life which was founded in 2003. With 70 million registered accounts, Second Life has developed a robust economy where digital assets are brought and sold,” stated Bailenson.

“You don’t need blockchain to enable the metaverse,” Yonatan Raz-Fridman, founder, and CEO, SuperSocial, said.

Blockchain will play a key role in the Metaverse along with artificial intelligence (AI) and virtual reality (VR).

“Companies like Meta will have to compromise on interoperability if they expect to participate. This meant allowing avatars to switch from one Metaverse project to another putting the digital clothes,” Raz-Fridman, said.

“In metaverse, blockchain technology can provide the ‘crypto DNA’ that ensures a one-t0-one mapping of the individual to an avatar,”  added Bailenson.

“Metaverse without blockchain is both thinkable and doable. But, if the main aim is democratisation of the internet, not to mention accessibility, transparency, and platform interoperability then the Metaverse must include blockchain.”

The metaverse is a seamless convergence of our physical and digital lives, creating a unified, virtual community where we can work, play, relax, transact and socialise. The metaverse is still early in its evolution, and there is no singular, all-encompassing definition to which people can turn. Themes of what the metaverse is and could be, however, are emerging.  

A key point is that there is no one virtual world but many worlds which are taking shape to enable people to deepen and extend social interactions digitally. The digital experience is done by adding an immersive and three-dimensional layer to the web which creates more authentic and natural experiences.

New methods to transact and own digital goods are allowing creators to monetise their activities through tokens. The development of more immersive virtual experiences is leading people to make societies based on shared values where they can express themselves in more authentic ways.

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