Show Must Go On: How Blockchain-Based VR Marketplaces Will Benefit in the Future

Tags: blockchain, vr
Published: 2020-03-04 13:15:20

The life of modern society is marked by the rapid development of computer technology, the massive increase in the number of Internet users, and general cyber integration. One of the main roles in these processes belongs to blockchain and virtual reality combination.

**The Most Promising Technology Markets**

The most important distinguishing feature of successful IT companies is that they understand the interconnected nature of new technologies and accumulate expertise that complements their initiatives to implement such technologies. Big data analytics, AI, the [Internet of things and mobile apps](https://www.embedded-computing.com/home-page/gauging-the-iot-mobile-app-market) are not separate initiatives. Each of them greatly increases the benefits of introducing the rest. 

Also, this approach is consistent with the planned use of the newest technologies, such as augmented or virtual reality, [AI and blockchain in mobile app development](https://www.embedded-computing.com/home-page/decentralized-intelligence-how-enterprises-can-leverage-ai-blockchain-in-mobile-app-development). These innovations, according to successful companies, will provide even more benefits by improving the quality of service, changing behavior, and building trust. 

VR and blockchain are two technologies that appeared at the dawn of a new era of information progress. Thanks to the blockchain, platforms become more secure, transparent, efficient, anonymous, and independent. The blockchain allows you to maintain the confidentiality of user data and prevents any impact on information from the outside. Virtual reality is probably one of those industries that need it most.

Blockchain and virtual reality development are among the most promising markets that can provide the opportunity of more quality service and greater security of users around the world. [According to experts from Grand View Research](https://www.grandviewresearch.com/press-release/global-blockchain-technology-market), the blockchain market will reach $57,641.3 million by 2025. [The Marketsandmarkets predict](https://www.marketsandmarkets.com/Market-Reports/reality-applications-market-458.html) that, in just four years, in 2024, the immersion technology market size will rise to $44.7 billion. As we can see, the popularity of these technologies will only grow in the future.

**Blockchain and VR Synergy**


If we talk about how to use virtual reality, the first word that comes to mind is "gaming". However, VR has much more potential behind the entertainment. Still, most projects based on immersive technologies are mainly at the stage of pilot implementation, due to huge VR development cost. Video games remain the main field of [VR development services](https://swagsoft.com.sg/vr-development/) and are used more actively than in the corporate segment.

Many industry enthusiasts believe that blockchain can become a catalyst for the massive introduction of VR. The mutual integration of these two technologies will only accelerate their distribution. For instance, blockchain will help small businesses and content authors maintain control over their works and income. Thanks to VR technology, people will be able to attend cultural events without leaving their homes, while the performers will monitor who and under what conditions get access to virtual concerts or exhibitions. Artists will be able to exhibit their paintings in VR apps so that buyers can figure out how they will look on their walls.

As for retail, developers will be able to create a decentralized virtual space based on the blockchain. Its participants will be able to open virtual showrooms and points of sale. Due to such retail platforms, companies and individuals will have the opportunity to demonstrate their products and sell them around the world. 

It will allow small business owners and companies operating in the areas of blockchain mobile app development, education, tourism, entertainment, and in many other areas, to optimize the cost of rental showrooms, logistics, and employee salaries through the use of virtual showrooms not limited to the real world.

**VR Gaming and Blockchain**


As for the gaming industry, blockchain can bring a lot of improvements to it too. As you know, the digital embodiment of your gaming “I” belongs to the company that owns the game, and the player is entirely dependent on it. Also, all VR content and experiences created within a game are usually stored on the platform and are in control of game providers. Theoretically, nothing prevents the company from blocking or even deleting a game character at any time. Such cases occur, for example, when updating a game: you find that you cannot load your character, and all calls to the support service are unsuccessful.

Blockchain technology can save players from such troubles. Using decentralized networks and non-interchangeable tokens, or ERC-721 tokens, first introduced in the [CryptoKitties](https://en.wikipedia.org/wiki/CryptoKitties) game, allows the players to create and modify characters, equipment, and other units that they can own throughout their life, and not only as long as the game itself exists. Thus, the technology opens up opportunities for players to individualized and tokenized creativity, whose products can be moved from one game to another; they can be sold and bought.

This idea has enormous potential, and sooner or later, the VR application development will give rise to games that will bring these opportunities to a wide range of players.