As its many applications have grown to be billion-dollar markets, the growth of blockchain technology is remarkable. Innovations are coming from all directions. Virtual reality platforms (VR) in blockchains are a recent development. VR platforms are not the latest entrant. You might not have played Roblox or Second Life, or all the other games that use VR headsets. This blog focuses on building an Ethereum-based virtual reality platform. We will be using the popular VR game Decentraland as an example. As an example, take the Metaverse platform Decentraland.
What is Decentraland A Virtual Reality Platform?
Decentraland, a virtual reality platform built on Web3 is open-source and can be used in multiple applications. This portal allows users to experience real-world experiences using digital devices, such as VR headsets. These can be used in conjunction with personal computing systems. This platform allows anyone to access it from any part of the world and makes them part of the digital ecosystem. You can participate in many socializing activities, such as parties, concerts, and performances, playing, learning, and working.
Three crypto tokens are used to power the Decentraland platform: MANA, LAND, and Estate. While $MANA can be used as an in-game currency or fungible token, LAND is a non-fungible token that cannot be interchangeable. The platform was launched in January 2020 and ran on the Ethereum blockchain. At the time of writing, $MANA is the native token of the platform and has a market capitalization of more than US$ 1.65 Billion.
Benefits of Running an NFT Virtual Platform Like Decentraland
- A virtual reality platform based on Ethereum provides high levels of security that allows players to efficiently manage digital lands and helps them own them.
- This platform uses the distributed digital leader to verify the rarity and value of virtual lands. Their characteristics are used to determine their value in-game world.
- Ethereum is widely used and can be interoperable to allow access to various in-game assets.
- Blockchains' transparent nature allows for transaction information to be viewed by all parties and verified on Decentraland, a virtual reality platform that facilitates NFT virtual reality platforms like Decentraland.
- These platforms also allow users to trade or liquidate their virtual NFT assets via external or internal NFT marketplaces.
A Step-by-Step Guide to Building an Ethereum-Based Virtual Reality Platform
- Planning for the venture is key to decentral and-like virtual world platform development. Gather information about the business, competitors, technology, target market, and other relevant factors. This can help you in the future.
- Based on your findings, create a whitepaper for the project. This will include information about the platform's details and visions, mission, tokenomics, asset types, as well as the technology used to build it.
- Next, design the front-end for the Ethereum-based virtual reality platform. Make sure to include all elements that you need in the environment's user-end environment.
- Afterward, you can continue developing the platform's back end using advanced programming languages. All the UI/UX features created earlier will work together.
- The smart contract protocols should be based on how the environment of the platform functions from the beginning.
- You can also integrate Decentraland, a virtual NFT platform, into any blockchain(s), and create native tokens for your platform to store cryptocurrencies and plots.
- Next, test the platform repeatedly for any defects and fix them if they occur. To ensure that your portal is free from flaws, you should use both manual and automated test cases.
- Promote your Ethereum-based business using different marketing strategies. List your native tokens on top crypto exchanges in order to build a user base.
- Finalize the launch of the virtual reality NFT platform Decentraland to the public. The platform can be managed by the community through DAO protocols. This will allow them to decide what happens as time passes.
There are business opportunities for building an Ethereum-based virtual reality platform
The market capitalization for NFT virtual realities platforms currently exceeds US$40 million. This is expected to increase exponentially over the next decade. This is due to the increasing use of Web3 technology by the global population. It all started with the NFT boom of 2021, many of which were based on the Ethereum blockchain. This platform can be a great business option.
Conclusion
There are many companies that can assist you in building an Ethereum-based virtual reality platform. These companies can help you ensure that your platform is built on your requirements, as they use a customer-centric approach to development. To start building your virtual reality dream, contact one of these companies!