Blockchain will form the foundation of the metaverse, as the technology enables users to securely own digital assets, moving them between different platforms. This is reported by Business Insider, citing a Goldman Sachs research note.
Analysts at the bank described blockchain as «one of the most disruptive technological trends» since the Internet’s advent. In their view, the distributed ledger will underpin the metaverse, because it allows removing a central intermediary.
«We believe that the metaverse will most likely represent a union of various 3D spaces, between which users regularly move. If goods or services cannot follow their beneficiaries, their value will be more constrained» — the analysts explained.
According to Goldman Sachs, blockchain is the only technology that can unambiguously identify any virtual object, regardless of the central operator.
«This ability to identify objects and then track ownership rights will be crucial for the functioning of the metaverse when it finally materializes» — the report says.
Overall, the analysts expressed optimism about the future of blockchain technology, but stressed that it is still too early to build any investment strategies around it.
As noted, Bank of America called metaverses «a huge opportunity» for the crypto industry.