The value of blockchain in socialization, entertainment and advertising is expected to grow 26-fold by 2026. $ 4.37 billion. This is largely due to the growth of the Metaverse, which is heavily dependent on the blockchain. Many chains can efficiently support Metaverse startups. Solana, Polygon, and the next Wakatta – But which one offers the best combination of speed, security, and low price?
How blockchain contributes to the growth of the Metaverse
Spaces like the Metaverse can work without blockchain (Fortnite and Roblox are two examples), but adding smart contracts, tokens, and NFTs brings a lot of value to the space.
1) Ownership of digital assets: Metaverse items such as avatars, virtual wearables, artwork, and event tickets are published as NFTs and can be owned by the user independently of the platform on which they were created. They can be exchanged for cryptocurrencies on the blockchain or freely transferred to others.
NFT technology is evolving rapidly.For example, new Wakata The blockchain should also allow the creation of time-limited NFTs that change their properties over time. For example, if a brand issues an NFT flyer and purchases a limited edition item, it will be redeemed for a discounted passcard valid for 3 months.
2) Unreliable identity verification: Prevent unauthorized access by connecting to the app via the blockchain wallet address.
3) Equal access for all: Transactions are done in cryptocurrencies and do not require a bank card, so users in all countries can pay for Metaverse items under the same terms. Users only have to pay the standard blockchain gas fee (from a minimum of $ 0.001 for Wakatta to $ 3 + for Ethereum), but brands don’t have to worry about the cost of getting a card.
4) On-chain voting: Users can participate in decision making as part of a Decentralized Autonomous Organization (DAO).
Criteria for choosing a blockchain to build a Metaverse dApp
Technically, any blockchain that supports smart contracts and NFTs can enhance the Metaverse dApp. However, there are some criteria to consider.
1) Processing capacity. DLT product lead Wakata Alexandre Lumyantsev’s comment:’Imagine a popular brand launching for a limited time, users rushing to buy an NFT and generating thousands of transactions in minutes. A less scalable chain will clog and freeze, but a chain like Wakatta that can handle more than 1000 transactions per second should be more resistant.
2) Cost. If the user interacts with the Metaverse many times a day, the price for each transaction should be negligible. Ideally, the chain should allow dApps to subsidize user fees. This is the method Wakatta and Efinity are planning. Another aspect is the cost of deploying smart contracts on the developer side.
3) EVM compatibility. Developed for Ethereum or another EVM compatible chain, dApps can be extended to another EVM chain with less effort. This allows the project to reach a larger audience.
Major blockchain platform for metaverse development
Wakata Is a new NFT-optimized L1 blockchain built with the Parity Substrate, Polka dot When Kusama.. Wakatta supports the popular ERC-721 and ERC-1155 token standards, enabling it to process over 1000 transactions per second (30 times faster than Ethereum) at a low transaction fee of $ 0.001.
Wakatta is compatible with EVM and should be compatible with the NFTdApp built above. BSC, polygon, avalanche, And other chains with minimal changes. In addition, dApps running on Wakatta may be compatible with various Kusama and Polkadot protocols.
Wakatta introduces three innovative NFT formats: upgradeable, time-limited, and text-rich. It also enables fair and transparent on-chain NFT auctions, as well as the customizable rates already mentioned. These improvements give Metaverse dApp authors a whole new level of flexibility.
Positioned as an NFT hub for entertainment and metaverse, Wakatta was developed by engineers at Sensorium Galaxy, a leading metaverse project featuring virtual reality, AAA graphics, and VR concerts.
However, note that Wakatta’s mainnet has not been released yet, but the other blockchains on the list are already working.Before the release of the mainnet, the platform Incentive test net – A kind of competition for testers and validators, where you can earn rewards by completing challenges.
Binance Smart Chain (BSC)
BSC was created by the team behind Binance, the world’s largest cryptocurrency exchange. Enhance popular games such as Alien World, CryptoBlades, SecondLive and XWorld Games.In fact, in the first quarter of 2022 50% of Top 10 Blockchain Games It was run on BSC.
At the same time, of BSC 160tps processing power Projects should consider scaling aspects when choosing this network, as it may not be sufficient to power the large Metaverse dApps in the near future.
polygon Is an Ethereum scaling solution that can be used alone as an L1 blockchain or as a base for application-specific sidechains.It’s already powering the Decentraland Metaverse, but another major project, The Sandbox, Transition from Ethereum to Polygon This summer. The average transaction fee for June 2022 is about $ 0.006 and the closing time of the transaction is Less than 3 secondsNaturally popular.
On the other hand, Polygon and the projects built on it are vulnerable to attack.For example, August 2021 Polynetwork was used for $ 600 million worth of tokens..
Solana It has one of the largest NFT ecosystems, processing about 2,000 transactions per second on a regular basis. Hosts popular games and Metaverse dApps such as StarAtlas, Solice, Afflarium, Cryowar and Portals.
However, developers interested in building a metaverse in Solana should be aware that the network tends to go down. Lasts up to 48 hoursDApp operation is significantly interrupted.
Efinity is Polkadot’s NFT and game parachain. Uses the same ParitySubstrate framework as Wakatta. Efinity was developed by Enjin, a well-known blockchain gaming studio that includes Forest Knight and 9Lives Arena in its portfolio.
The popular GameFi project CryptoBlades has recently been extended from BSC to Infinity, with NFT games from older generation chains (BSC, Polygon, Ethereum) to Wakatta and Efinity.
You can mention more suitable chains for the Metaverse, such as Avalanche, Elrond, Flow, Aurora. The speed of experiments in the Metaverse space can be very high over the next few years, and each chain in the list can grow. Unique Metaverse ecosystem. After all, NFT and metaverse-optimized chains like Wakatta can beat more generic chains, so dApp developers need to make sure to consider such innovative chains as an option. there is.