The Blockchain Buzz!

The Web3 Industry is growing rapidly and the Indian startup ecosystem has been noticeably fast in adopting these trends and technologies. In this second edition, we cover trends across Blockchain, metaverse and NFTs. Without further ado, here are the three trends you should lookout for:

Blockchain is becoming highly compatible with IoT powered devices. The decentralized segment has identified many use cases for merging IoT and Blockchain technologies. There are over 30 billion IoT powered? devices being used today but not even half of the businesses that own these devices are able to trace when and where their devices had a security breach. Blockchain technology has enabled us to pass data with utmost security and this makes it the best fit for pairing up with IoT. Blockchain is also capable of recording interactions and transactions related information. It can help to solve many problems around security as well as scalability due to the automated, encrypted, and immutable nature of blockchain ledgers and databases. It could even be used for M2M transactions – enabling micropayments to be made via cryptocurrencies when one machine or network needs to procure services from another.? This drives the need to integrate Block IoT mechanism fits have poised the digital landscape to become the new trendsetter.

We have been aware and curious about the possibilities associated with virtual worlds and virtual reality.? The concept of the metaverse is? quickly turning into a real movement, with many platforms adapting it and enjoying massive user bases. If put simply, Metaverse is a shared, virtual world that offers immersive experiences to users. Users can interact? with the metaverse and with other users using digital identities or avatars. The decentralized feature of metaverse enables? transparency and seamless access. It also? relies on blockchain capabilities for ensuring user governance privileges along with verifiable provenance. Using blockchain infrastructure also assists in bridging the metaverse economies with larger crypto economies. Big names like Facebook, Microsoft and Epic Games are some of the early adopters of the metaverse trend. In Spite of the popular belief being that metaverse is far from becoming? completely functional as a digital parallel of our real world, there are many promising use cases of? the metaverse that are seeing good levels of adoption. The adoption of metaverse games is increasing by the day.?

Non-Fungible Tokens(NFTs) have been booming? since the last few months and are moving from the digital art to many more use cases. From the music Industry to gaming to LegalTech and much more, NFTs are being widely used for a variety of things proving that the general idea has more potential than just the first popular use cases. Recently, Distillers William Grant and Son sold bottles of 46-year-old Glenfiddich whisky alongside NFTs, which are used to prove each bottle’s provenance. NFTs in gaming are starting to take off in the gaming ecosystem and their applications have been explicitly evident in popular play-to-earn games such as Axie Infinity. The concept of NFTs has discovered some promising use cases in the world of music also. One such instance is where some well known western artists have launched their tracks in NFT format. Notable fashion industry names like Nike and Dolce & Gabbana have created footwear and clothing with NFTs. Furthermore, one can also expect formidable growth in new and innovative NFT use cases in the metaverse.??

This article was compiled by Prerna Sangoi, Analyst Trainee at 100X.VC