One of the essential features of a working metaverse is the ability to seamlessly and instantly move your avatar and assets from world to world. Blockchain can be what makes this possible. And The Sandbox, a world based on the Etherium cryptocurrency, has an approach to perpetual tokens owned by players that could point the way to the future.
“The idea of the blockchain in the Metaverse is to build a new kind of digital asset based on ownership and governance,” said Arthur Madrid, CEO and co-founder of The Sandbox, speaking with Dean Takahashi, lead writer at GamesBeat. The panel entitled “Blockchain and the Metaverse” was part of the recent GamesBeat event Into the Metaverse.
The current version of The Sandbox, a virtual world in which players can build, own and monetize their own voxel gaming experiences on the Ethereum blockchain, has exactly these advantages. Users acquire ownership of their creations as non-fungible tokens (NFTs). This means that the number of items and the history of their ownership can be tracked and items can be verified as unique. The value of each individual NFT is also defined by the community. Led by Animoca Brands, the team’s vision is to offer a profound metaverse in which virtual worlds and games are created collectively and without central authority.
The sandbox contains three main components: the VoxEdit NFT-Builder for creating so-called ASSETs, the marketplace for buying and selling ASSETs and the Game Maker tool, with which interactive games can be created and shared. These components are intended to enable players to create voxel worlds and game experiences and to securely store, trade and monetize their creations via blockchain. In this way, developers can benefit from their creations and further develop their understanding of digital assets in games at a fundamental level.
“I think people are really overwhelmed by the amount of money gamers are spending on digital assets – hundreds, thousands, and probably millions of dollars that are being spent on digital assets,” he said. “I think turning these assets into NFTs to build an NFT economy will add a new layer to the existing digital economy.”
Madrid believes that games and worlds built on this type of gaming will at some point move from a revenue-sharing model where the game company essentially receives a setback from the creativity of the players, to a model where 100% of the revenue is given to the players belong. At that point, the value of the metaverse will come from the service you are providing to the players – and in return, the word of mouth from the players will bring new users into the fold.
For an avatar-centric metaverse where people want to create an identity to move from one virtual world to the next, that avatar could become an NFT, Madrid said, pointing out how you can use ERC-1155 to just import the assets of a player in your metaverse. Since it’s decentralized, you could potentially use an API to call up all of the elements that a player has used in their gaming session.
NFT stocks and blockchain can also be used to build a governance system tied to a unique mechanism.
“That will likely shift the very simple game mechanics to a much more advanced game mechanic, which I think is consistent with the concept of the Metaverse,” he said. “When you join a metaverse, you understand that it comes with a certain type of gameplay that makes you want to be a part of it and based on your commitment, based on what you create, based on the Personality and the Actions You Will Take When you achieve within the metaverse, you can vote for it. “
Blockchain technology is not yet mature enough to be used in creating the metaverse. In a world where you’re looking for 60 frames per second, updating it in minutes is a breeze. However, Madrid points out that you wouldn’t add a blockchain to a game with 250 million players right now – it’s better to create a blockchain metaverse from scratch.
“We are experimenting with this new type of transaction with blockchain and there is a lot to improve,” he said. “However, crypto communities always compare blockchain technology with the Internet at the beginning. In 1999, nobody could believe that the Internet could be used so quickly. As soon as [a technology] Believing there is always a solution to make it efficient. “
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