Goldman Sachs reckons that metaverse has to function on blockchain

According to Goldman Sachs, Crypto technology will be at the heart of the metaverse because it will allow people to possess digital objects.

According to Goldman Sachs, Crypto technology will be at the heart of the metaverse because it will allow people to possess digital objects across several virtual worlds safely.

The metaverse is a broad phrase that refers to virtual environments where people can game, work, play, socialise, and trade as avatars. Facebook said in October that it would change its name to Meta and focus on creating virtual worlds, which it claimed were the internet’s future.

In recent months, users have been flocking to crypto-focused game metaverses like Axie Infinity and The Sandbox. They have in-game economies that leverage cryptocurrencies and let users manufacture and exchange objects in the form of non-fungible tokens, or NFTs — forms of secure crypto collectables.

According to the company, Crypto technology must be at the heart of the creation of metaverses since it allows users to securely own assets or items and move them across platforms without the need for approval from a central entity.

Furthermore, the firm believes that blockchain is the only technology capable ofuniquely identifying any virtual object without the need for a central authority. When the metaverse ultimately manifests, this ability to identify objects and subsequently track ownership will be vital to its operation.

A blockchain is a distributed ledger of transactions maintained by all network members rather than a central authority. Bitcoin is powered by blockchain technology, which requires users known as “miners” to solve cryptographic challenges in order to verify transactions and keep the network secure.

Despite the fact that Meta (Facebook) has released early versions of their metaverse, it’s uncertain whether decentralised blockchain technology will play a significant role. Many crypto enthusiasts are concerned that the company’s financial strength and social media clout would lead to it gaining control of the metaverse and tightly controlling creation and trading.

Meanwhile, some are suspicious of the metaverse’s entire concept, pointing out that previous virtual worlds like Second Life have existed for years and that virtual reality gear has never indeed taken off.

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India's Largest Tech Community | 4.2 Million+ Developers | Guinness World Record Winner | Limca Book of Records

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