Metaverse- The Real future with ArcadeNetwork

The Real future with ArcadeNetwork

Blockchains and NFTs will be at the heart of the transformation in the near future. This trend will accelerate over the next decade as a result of looming technological convergence. Between Christmas and New Year’s Day in 2021, Apple customers spent $1.8 billion on digital goods and services.

The digital economy is rapidly gaining ground.

Hello, and welcome to the METAVERSE.

We’ll shed some light on what the metaverse is, why it’s important, some current trends, and what we can expect for metaverse development in 2021 in this article. The term “metaverse” can refer to a variety of things, but the most important components are ubiquitous networking, cryptocurrencies and crypto networks such as Bitcoin and Ethereum. Not to forget eXtended Reality (XR) such as VR and AR, and Non-Fungible Tokens (NFTs).

What is the Metaverse, and how does it work?

In a nutshell, the metaverse is the digital realm in which anything we can imagine can exist. We’ll eventually be constantly connected to the metaverse, extending our vision, hearing, and touch, blending digital objects into the physical world, and jumping into fully immersive 3D environments whenever we want. {eXtended Reality is the name given to this group of technologies (XR)}

We believe that the metaverse will one day be a massive economy, worth up to 10 times the current global economy’s total value.

Ready Player One Movie Poster- Metaverse

To understand this better, watch the movie- “Ready Player One”. A centralised metaverse called the Oasis hosted avatars that could be customized in a variety of ways in “Ready Player One.” In-game items and outfits could be purchased by players. Those items were extremely valuable, and losing them was a major setback.

Many video game players will understand. We work hard for those in-game assets and rewards only to find out that they can be taken away from us at any time, or their value destroyed, by some centralized power that controls all of the items and their capabilities.

Why Do Cryptocurrencies, NFTs, and Open Standards Need to Exist in the Metaverse?

The digital goods market is already worth more than $10 billion, with Fortnite alone selling more than $1 billion. However, Fortnite’s digital items are currently limited to the game, and if Epic Games decides to shut down Fortnite, those items will become worthless overnight. A multibillion-dollar market would dissipate into thin air.

Epic Games, the creators of Fortnite, sued Apple on August 13th over the 30% fee for in-game purchases. In December 2020, Facebook announced that it will back Epic Games in the lawsuit because they, too, had trouble releasing products with in-app purchases on the Apple app store.

A Non-Fungible Token (NFT) is a digital item that can be created (minted), sold or bought on the open market, and owned and controlled by any individual user without the permission or support of any centralized company.

Games like Pub-G and its players, which suffered a massive loss due to the ban in India, are among the many examples which would have benefited from such unforeseen events.

The distinction between Pub-G items and NFTs is straightforward: True possession. Rights to digital property. The purchaser of that NFT will never have to worry about a cloud service provider suspending or freezing their account. The metaverse must be an open ecosystem, not one dominated by a single corporation’s whims.

Next Steps with ArcadeNetwork-

Gamers and game developers both need to keep up with technological advancements. ArcadeNetwork is useful in this situation. ArcadeNetwork makes the most of Blockchain Technology, NFTs, and cryptocurrency to create something truly valuable that aims to solve major gaming industry issues. It creates a unified relay bridge with the help of the technologies mentioned, allowing for the seamless movement of in-game assets in the underlying blockchain technology. ArcadeNetwork makes use of the best practices and blockchain technology and ensures that in-game assets can be easily transferred from one metaverse to another across game boundaries. As a result, gamers can buy an asset from one game and use it in another similar game.

How?

There are a variety of metaverses which are becoming part of the ArcadeNetwork Ecosystem. All these metaverses make use of Arc Bridge to move their assets across other metaverses and vice-a-versa. The Arc Bridge provides the required compatibility and standardization that currently lacks in the Gaming world.

It enables gamers to own their virtual items and store them safely in decentralized wallets(NFT wallets like metamask).

In-game items with cryptocurrency reserves attached allow users to sell their items and retrieve the cryptocurrency.

The ability to safely use and trade virtual items on NFT marketplaces.

This means that you as a gamer now make a real investment while purchasing an in-game asset.

About Arcade network-

ArcadeNetwork is the world’s first decentralised platform providing cross metaverse asset interoperability. Using smart contracts and cryptocurrency, it also aims to build a money market for in-game assets.

For more such insights follow us on your favorite social media- Twitter | Linkedin | Telegram | Instagram | Website | Facebook

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store