The growth of blockchain technology has been astonishing, as its various applications have become billion-dollar markets today, and innovations are flowing in every direction. Even though not the latest development, virtual reality (VR) platforms in blockchains have become prevalent only in recent times. If you wonder about VR platforms not being the newest entrant, you might not have seen the games Second Life and Roblox or have not seen all those games based on VR headsets. This blog particularly focuses on how one can build an Ethereum-based virtual reality platform, taking the popular VR game, a.k.a. Metaverse platform Decentraland as an example.
What is a Virtual Reality Platform Like Decentraland?
A virtual reality platform like Decentraland is a Web3 ecosystem-based solution that can be used for multiple applications. Such a portal allows users to have real-world-like experiences through digital devices such as VR headsets that can supplement personal computing systems. Such a platform will enable people from anywhere in the world to access it and becomes part of the digital ecosystem. Users can engage in various socializing activities such as meetings, parties, concerts, performances, playing, working, and learning.
The actual Decentraland platform runs based on three crypto tokens – MANA, LAND, and Estate. While $MANA is a fungible token or the in-game currency, LAND and Estate are non-fungible tokens (NFTs) that are not interchangeable. The platform ran on the Ethereum blockchain network and was initially launched in January 2020. The platform’s native token, $MANA, has a market cap of more than US$ 1.65 billion at the time of writing
Advantages of Running an NFT Virtual Platform Like Decentraland
- An Ethereum-based virtual reality platform provides high levels of security, which assists players in efficiently owning and managing digital lands on the platform.
- Such a platform also uses the distributed digital ledger to check for the rarity of the virtual lands based on their characteristics, which determine their value in the game world.
- Since Ethereum is a widely-adopted blockchain, multiple virtual reality platforms exist, and they can be interoperable with your platform to access various in-game assets and accessories.
- The transparent nature of blockchains allows transaction information to be viewed and verified by the relevant parties on the NFT virtual reality platform like Decentraland.
- Additionally, such platforms allow users to liquidate or secondarily trade their virtual NFT assets through internal or external NFT marketplaces.
A Stepwise Guide to Build an Ethereum-based Virtual Reality Platform
- Decentraland-like virtual reality platform development starts with planning for the venture. Analyze and gather information on business scope, competitors, the technology required, and target market, which can be useful in the future.
- Based on the findings, frame the project’s whitepaper, where you include information such as your platform’s details, visions, missions, tokenomics, asset types, and other features, along with the technology that will be used to build the platform.
- Then, proceed with designing the front-end of the Ethereum-based virtual reality platform by incorporating all the elements you require in the platform’s user-end environment.
- Afterward, continue to develop the platform’s back-end using sophisticated programming languages where all the UI and UX features designed earlier will get to work together.
- Frame the smart contract protocols based on which the platform’s environment functions from day one.
- Also, integrate the NFT virtual platform like Decentraland into the blockchain(s) of your wish, and create the various native tokens for your platform for cryptocurrencies and plots.
- Then, repetitively test the platform for defects and resolve if any occur. Ensure to use various test cases (manual and automated) to form a portal without flaws.
- Now, promote your new Ethereum-based venture using various marketing strategies and list your native tokens on popular crypto exchanges to gain a user base to start with.
- Finally, launch the virtual reality NFT platform like Decentraland to the public. Let the user community run the platform through DAO protocols that decide how things occur as time goes on.
Business Scope for Building an Ethereum-based Virtual Reality Platform
Currently, the market cap for NFT virtual reality platforms is more than US$40 billion, which is expected to rise exponentially in the next decade. This is due to the increasing adoption of Web3 technology among the global population, which effectively started from the NFT boom in 2021, most of whom were based on the Ethereum blockchain. Thus, such a platform as a business model can be a great venture option without a doubt.
Closing Thoughts
Hence, if you want to build an Ethereum-based virtual reality platform, there are a few companies that can help you in realizing such massive dreams. Such firms can ensure that creating your platform is based on your needs as they adopt a customer-centric approach during development. Contact one such company to begin building on your virtual reality dreams!
