How The Metaverse's Emergence is Tied to Blockchain Development

These days, the internet is all abuzz about Web3 and the metaverse. From being seen as the future of the internet itself to early theories about its potential impact on the rest of the world, Web3 and the metaverse are certainly having their moment.

Even Facebook has changed its parent company name to Meta. While this progress is practically unstoppable, it is inexplicably linked to blockchain itself, which is evident in its current expansion effort.

Blockchains and Metaverses

One of the biggest features of Web3 that is making it so exciting is that it is supposed to be decentralized. While there is debate from top tech figures like Jack Dorsey about the reality of this Web3 independence, this is to be a key component. One online concept that has already succeeded in decentralization despite mass appeal is blockchain technology.

Through hundreds of blockchains and projects, blockchain is still a decidedly decentralized affair and Web3 could take a lot out of this. Additionally, many blockchain offerings are bound to play a crucial role in the metaverse and in Web3. Cryptocurrencies have already laid the foundation for digital currency and in a metaverse universe, can serve as a medium of exchange.

Then there are NFTs, which are already being heavily used for the transfer of assets such as art and collectibles and has a wealth of potential application in the metaverse. Because the metaverse is meant to mirror the real world, the verification of assets and their transfer must be as seamless as possible and NFTs will allow for this.

Web3 and the metaverse are on track to do what blockchain has already done for years; revolutionize how we interact with one another online and in real life. From current efforts, it seems blockchain will play a role in this.

Metathons and Blockchain Alliances

In view of the incoming progress of web3 and the metaverse, new events are popping up to explore the potential of blockchain within both concepts. Take the Metaverse Alliance, which is made up of enthusiasts of blockchain and the metaverse. Its overarching goal is to simultaneously promote both. 

Recently, the Alliance announced a metathon (an amalgamation of a hackathon and the metaverse) that is to explore the potential for the metaverse, Web3, and blockchain concepts like NFTs.

The marathon will be open for submissions from December 1, 2021, to January 3, 2022, and judging of the submissions will take place from January 4, 2022, to January 7, 2022, with finalists announced on January 8, 2022.

After this, submissions from finalists will be accepted from January 9, 2022, to January 15, 2022, and final judging will take place from January 16, 2022, to January 20, 2022, with the final winners being announced on January 21, 2022.

The metathon will be giving away up to $50 million in prizes and is being supported by funds such as Republic, Delphi Digital, LD Capital, YGG, HashKey Capital, IOSG, Binance Labs, Huobi Ventures, OKEx Blockdream Ventures, KuCoin Labs, MEXC Pioneer, DHVC, D1 Ventures, Maven Capital, Kardiachain. 

The metathon is also on brand with the progress of the metaverse being linked to blockchain with five different themes being explored. These include metaverse infrastructure, GameFi, DAO Tool, SocialFi, and Financial NFT.

There will be a  $410,000 prize pool, with each winner of the five themes receiving $25,000 each and the second and third runners up receiving  $15,000 and $10,000 each. $8,000 each will also be given to the most creative project, most promising project, the best tech project, the best design project and best prospect project. The most popular project will receive $10,000 and there will be  “sponsor grant” prizes worth $110,000.

All developers over the age of 18 are encouraged to participate, preferably in teams, and must present their CVs to receive their prizes. 

Metaverses of the Future

The marathon and other events like it clearly show that not only are the metaverse and blockchain in explicably linked but one cannot progress without the other.

The good news is that this progress is already in motion and we can look forward to a metaverse that will have all the trappings and benefits of blockchain.

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