Revolution of the Metaverse and Blockchain Technology

Summary

A Google Trends search revealed that ‘non‐fungible tokens (NFTs)’ and the ‘metaverse’ were some of the most popular tech terms in 2021. It is broadly acknowledged that the metaverse is a fully realized virtual environment that serves as the hub for all kinds of activities in business, education, and leisure. The metaverse, which is depicted in literature, film, and video games, has the potential to not only complement real‐world experiences but also significantly replace them. Blockchain technology, along with many other technologies, is used to quickly implement the newest technologies in the metaverse, a digital virtual environment where you can safely and freely engage in social and economic activities that go beyond the bounds of the actual world. By implementing blockchain technology, resource trades, data storage, and other activities might be made fair and secure. Our review aims to describe the metaverse and its reliance on blockchain technology and components of blockchain technology such as data acquisition, data interoperability, data storage, and privacy and security. This chapter also provides insight into the preliminaries of metaverse and blockchain and the overview of blockchain applications in the metaverse.