The ever-dynamic world of blockchain technology continues to deliver innovative concepts and solutions. As a result, there is more attention in the blockchain space than ever before for good reasons. In 2021, the concept of decentralized finance and NFTs dominated the tech space and received more media coverage than ever.
The prospect of increasing capital using DeFi solutions and the tokenization of digital art as NFTs has piqued mainstream audience interest. However, a novel concept that is currently the trend in the tech industry is metaverse.
The Metaverse Dilemma
The idea of metaverse has transformed from a whispered concept to a billion-dollar sector that has attracted top tech giants like Facebook and Microsoft. Yet, despite the rush for first-mover advantage, creating a metaverse poses its difficulties.
The consensus from many is to integrate existing Virtual Reality (VR) technology into a blockchain metaverse. VR has already been integrated to great effect within conventional gaming platforms. However, VR has its limitations since it requires expensive gadgets (headwear, VR glasses) to get the best experience. Moreover, the technology is still underdeveloped and limited in scope.
Others have advocated Augmented Reality as a potential solution to developing an immersive metaverse experience for good reasons. First, it is a technology that has been integrated into different platforms, and more than a billion smartphones are equipped to handle Augmented Reality. For example, the popular Instagram and Snapchat filters exemplify how simple and effective AR can be deployed.
The question, therefore, becomes whether Augmented Reality can be deployed on Blockchain technology effectively.
An Innovative Platform That Combines Augmented Reality and Blockchain
An excellent example of a project that leans into the advantages of Augmented Reality (AR) and blockchain is Hololoot. It is a blockchain-based ecosystem that integrates NFTs and AR assets, creating a metaverse for users to explore and create user-generated contents that are recorded on the blockchain.
Hololoot users can create AR characters, explore its metaverse world and take part in different activities without any risks or need to travel. Furthermore, Hololoot also allows users to make money in the real world by minting and trading NFTs in the virtual one.
For example, an artist can create a digital version of his physical work as an NFT and list it in the NFT marketplace. Then, anyone can view the NFT and decide to purchase both the NFT and physical artwork directly on the metaverse, similar to how a physical transaction would work.
By the way, users can also increase their capital by holding ‘’HOL’’, the native token of Hololoot, to get rewards within its ecosystem. This benefit includes exclusive NFT drops, discounts on in-world assets and more.
What lies ahead in the future
How the metaverse develops will be interesting to note in the coming months. There is a huge expectation in this field, and blockchain technology has a considerable part to play. For example, NFTs have already shown their usefulness in enabling the tokenization of artwork and properties that have been sold for huge sums in recent months.
Platforms like Hololoot will invariably benefit from the increased adoption as more users look to leverage the features of the metaverse.