The value chain for the metaverse is very interesting and we want to capture all the companies involved in this report that do Blockchain, NFTs, Crypto! (Submit for our other report on Avatars and our report on Metaverse platforms if more applicable.)
The metaverse is predicated to be an open, interoperable decentralized technological architecture. It integrates a suite of crypto community innovations in decentralized finance (DeFi) for payments and NFTs (non-fungible tokens) for digital in-world items that hold real value.
A virtual economy needs currency, and cryptocurrency is your answer to it. Blockchains and cryptocurrencies will become an integral part of the metaverse. A blockchain will allow transactions to be cryptographically secured.
For example, Holoride debuted Ride crypto, the currency of its in-car metaverse. Holoride, the Audi-backed startup that's creating an in-vehicle virtual reality entertainment system designed for passengers, has begun publicly selling its Ride cryptocurrency token.
NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own. The digital tokens can be thought of as certificates of ownership for virtual or physical assets. The purpose of NFTs is to denote the value of things while also protecting their unique, individual authenticity — something that's not possible with a fungible asset like money or Bitcoin.
In addition, it is the integration of NFTs into the Metaverse that has initiated the transformation of our interactions in virtual worlds, impacting part of the real world. Gucci has sought to reach new consumers in the Metaverse in the game Roblox.
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