Blockchain and Augmented/ Virtual Reality

Blockchain-based virtual reality universe ‘Decentraland’* is a well-known virtual social space linked to crypto coin-based transactions. With the help of the Ethereum blockchain, users can purchase land, build a house or a virtual neighborhood on it, monetize it, and make money. Users can create residences for live music performances, shopping, workshops, test-driving — whatever people can experience in virtual reality.

Blockchain tech comes into play as 3D content creators will be able to produce, rent and sell AR/VR content through ‘Decentraland’- a virtual world built on blockchain and an online marketplace. Each content file is assigned with an ID or a hash to prevent any copyright infringement. When content is sold, it is at the seller’s price and the ecosystem participants are charged close to no fees.

For creators of digital assets in VR and AR, blockchain offers the opportunity to give virtual items unique properties – and therefore value. There are companies harnessing blockchain technology and merging it with VR to sell virtual real estate. Blockchain technology enables users to verify the authenticity of the digital asset being sold.

Overall, the blockchain helps to create a secure and convenient environment for 3D content production and mass distribution. Since high-quality and accessible content is the driving force behind the development of AR/VR technologies, the blockchain-based AR/VR Ecosystem will bring the AR/VR industry to a new level of its development.

*Decentraland

Blockchain-based virtual reality universe ‘Decentraland‘ is a well known virtual social space linked to crypto coin-based transactions. With the help of the Ethereum blockchain users can purchase land, build a house or a virtual neighborhood on it, monetize it, and make money. Users can create residences for live music performances, shopping, workshops, test-driving — whatever people can experience in virtual reality.

The ownership of items is cryptographically established on a smart contract, which prevents anyone from stealing or altering users’ property.