Does the metaverse need to be on the blockchain? Execs weigh in

While the initial fervor surrounding the metaverse may have subsided, there remains a steadfast belief in its potential applications and significance for the future. Cointelegraph recently engaged with experts in the Web3 space, who passionately advocated for the metaverse’s undeniable utility across diverse sectors such as gaming, real estate, and tourism.

Clement Chia, co-founder of the Web3 entertainment group Imaginary Ones, emphasized the metaverse’s capacity to seamlessly integrate real-world products into new technological landscapes. Drawing from their experiences, Chia cited collaborations with prominent brands like Hugo Boss and Samsung within Imaginary’s ecosystem. He underscored the revolutionary nature of blockchain technology in enabling users to truly own their digital assets, a feat made possible through transparent tokenization facilitated by smart contracts. Chia’s insights illuminate the transformative potential of blockchain-driven innovation in unlocking myriad possibilities within the digital realm.

Samuel Huber, CEO of metaverse-as-a-service company Landvault and social finance firm Matera, echoed Chia’s sentiments, highlighting the metaverse’s multifaceted applications in tourism, real estate, and sports. Huber shed light on the utilization of the metaverse within the Gulf Cooperation Council (GCC) regions as a strategic tool for destination marketing. Through immersive virtual experiences, governments, organizations, and brands leverage the metaverse to showcase the region’s rich heritage, attractions, and events to a global audience.

Moreover, Huber elucidated on the metaverse’s pivotal role in revolutionizing the real estate industry, offering prospective buyers worldwide unprecedented access to properties through digital twin technology and virtual reality. This innovative approach enables individuals to explore and evaluate properties remotely, transcending geographical barriers and revolutionizing traditional real estate practices. Huber’s insights underscore the metaverse’s potential to redefine the way we engage with physical spaces and assets in an increasingly digitized world.


NASA training astronauts in the metaverse. Source: NASA 

Blockchain technology on the metaverse

When it comes to blockchain’s integration into the metaverse, there’s a spectrum of perspectives among industry experts, each offering valuable insights into the future trajectory of virtual environments.

Clement Chia, co-founder of the Web3 entertainment group Imaginary Ones, emphasizes the crucial need for purpose-driven development within the metaverse. In his view, merely slapping blockchain onto existing metaverse frameworks fails to address fundamental issues related to user engagement and emotional resonance. Chia advocates for a holistic approach, prioritizing the creation of immersive experiences that foster genuine connections and provide users with meaningful interactions. For Chia, the metaverse must transcend novelty and offer users a sense of purpose and belonging, compelling them to actively participate and contribute to its evolution.

On the other end of the spectrum, Samuel Huber, CEO of Landvault and Matera, acknowledges the inherent power of the metaverse irrespective of blockchain integration. However, he contends that blockchain technology introduces a new layer of functionality and value to virtual environments, unlocking a myriad of opportunities for creators, developers, and users alike. For Huber, blockchain’s transparency, verifiability, and tokenization capabilities represent game-changing elements that can revolutionize how individuals interact with and derive value from the metaverse. By leveraging blockchain, metaverse platforms can offer users unparalleled ownership over digital assets, facilitate secure transactions, and enable innovative monetization models, thereby enriching the overall user experience and driving sustained engagement.

Ultimately, these divergent perspectives underscore the ongoing discourse surrounding the intersection of blockchain technology and the metaverse. While Chia advocates for a user-centric approach rooted in purpose and emotional resonance, Huber highlights the transformative potential of blockchain integration in enhancing functionality and value proposition within virtual environments. As the metaverse continues to evolve, reconciling these differing viewpoints will be crucial in shaping its trajectory and realizing its full potential as a revolutionary digital frontier.

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