The Application of Blockchain and Cryptocurrency in Meta-universe and NFT

Abstract

Contemporarily, the metaverse seamlessly merges the physical and digital worlds, enabling avatars to engage in a wide range of activities like trading, social networking, entertainment, and production. The Non-Fungible Token (NFT) market has surged in recent years. Nowadays, NFT's use is restricted to digital fantasy gaming, collectibles, and art, however, because of its unique features, protocols, and platforms, it might be applied to real-world problems. Blockchain and cryptocurrency technology is a core pillar technology for both the metaverse and NFT. Blockchain technology has many real-world applications. For example, ModelChain can apply blockchain technology to machine learning to solve the privacy-preserving healthcare predictive modeling task. In addition, the trading behavior of the trading subject of B2B and B2C electronic trading platform based on blockchain will be completely proven and unrepudiated. This study will give an in-depth look at the application of blockchain and cryptocurrency to the metaverse and NFTS, and highlight some key initiatives to demonstrate the use of blockchain in NFT applications and services. The limits of blockchain and cryptocurrency technologies will also be covered in the article. These results will inspire additional studies on NFT and Metaverse adoption in various contexts as well as shed light on the connection between blockchain, meta-universe and NFT.