Does the metaverse need to be on the blockchain? Execs weigh in
While the hype surrounding the metaverse seems to have dwindled, some continue to believe in its use cases and potential for the future.
Cointelegraph reached out to Web3 professionals who argued that there are undeniable use cases for the metaverse in various industries like gaming, real estate and tourism.
Clement Chia, the co-founder of the Web3 entertainment group Imaginary Ones, said major brands could integrate real-world products on new technologies like the metaverse.
Chia shared that throughout their company’s journey, they were able to integrate brands like Hugo Boss and Samsung within its “Imaginary” ecosystem. Chia said:
“Users can now truly own their digital assets, thanks to blockchain technology which ensures transparency. Tokenization represents an evolution in the digital world, as it allows programming through smart contracts, opening up endless possibilities.”
Meanwhile, Samuel Huber, the CEO of metaverse-as-a-service company Landvault and social finance firm Matera, told Cointelegraph that their firm witnessed metaverse applications in tourism, real estate and sports.
Huber highlighted that organizations within the Gulf Cooperation Council (GCC) areas have been using the metaverse as a tool for “destination marketing.” Huber explained:
“The metaverse can be a great way for governments, organizations, and brands to showcase the region to a wider audience through virtual tours, historical showcases and events.”
Similarly, Huber said that the metaverse has been used to present real estate to potential buyers across the globe. “Digital twin technology and virtual reality allow people from all around the world to view properties from the comfort of their own homes.”
The Landvault CEO also said the firm has worked with many sports teams to create metaverse experiences.
Related: Meta drops 15% on weak outlook and high AI and metaverse spending
Blockchain technology on the metaverse
The executives had differing opinions when asked about blockchain technology’s role in the metaverse. Chia argued that just adding blockchain on top of the metaverse doesn’t solve its “purpose” problems. He said:
“Simply adding blockchain technology on top of it doesn’t naturally solve the problem. We should focus on building great products that create emotional connections with users.”
The executive believes that the metaverse needs to have its purpose. “People should be able to find meaning and a sense of belonging within it,” he added.
On the other hand, Huber believes that while the metaverse would still be “powerful” without blockchain, the executive said that integrating blockchain technology key benefits to metaverses.
This includes transparency through immutable records, unique digital assets like nonfungible tokens (NFTs) and monetization models that give creators and developers new ways to generate revenue.
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