According to the Virtual Reality Market Forecast to 2024, published on the world’s largest market research store, the VR industry is about to face a 35% annual growth in the upcoming years.
With people’s interest in VR headsets growing, the industry is headed toward a stable path of development. Naturally, with such rapid growth comes the need for improvement.
Competitors in the VR industry are adopting new technologies and techniques to offer the best virtual reality experience the world has ever seen. One of these improvements includes the integration of blockchain as a solution for cross-reality platforms.
What Is Cross Reality
There are several ways to define cross reality:
- Most simply put, Cross reality, also known as X reality, is the combination of the virtual world and the real, physical world we live in.
- In their work called Guest Editor’s Introduction: Cross-reality environments, Joseph A. Paradiso and James A Landay defined cross reality as a mixed reality environment that comes from the fusion (union) of … ubiquitous sensor/actuator networks and shared online virtual worlds….”
- A less complex explanation would be that cross reality platforms allow users to create new forms of reality by bringing physical products into the virtual world or vice versa.
Cross reality and the VR technology in general are most popular in the entertainment industry. However, such technology has applications in numerous industries from engineering and medicine to TV, film, and marketing.
How Is Blockchain Integrated in Cross Reality
Competitors in the VR industry saw plenty of potential in blockchain as a decentralized system that could revolutionize virtual reality.
A blockchain can be useful in the virtual reality space in multiple ways:
- Monetization of Content Creation – helping virtual reality creators secure the revenue collected through their hard work.
- Virtual commerce – providing a revolutionized shopping experience that could boost sales and profits.
- STEM Training – improve science, technology, engineering, and math training through the use of innovative technology.
- In-Game Advertising – improving the tracking of virtual ad campaigns to increase traffic and conversions.
- Securing the Virtual World – the blockchain allows users to verify the value and authenticity of virtual items.
The No Borders Corporation used blockchain to connect the virtual and the real world with their recently-formed startup called Angelium which is essentially a cross reality platform that offers an interactive lifestyle where users can communicate and offer services within a virtual world. The platform is based on unique blockchain technology that a blend of both worlds.
Founded by Rio Takeshi Kubo, the platform is going to allow users to use tokens from the virtual world in the real world, as well as sell real physical items in the virtual world. Rio also created the Angelium Wallet, which serves as a passport that connects the two worlds. His main goal is to turn Angelium into a global standard as a blockchain-based cross-reality platform.
The Future of the VR Industry
The complex technology packed under the term “virtual reality” is seen as the future of our digital world. VR started out as a gaming trend but this widely applicable technology quickly exceeded expectations.
Virtual reality and X reality allow users to create new experiences and immerse themselves into a new world. With blockchain at its core, cross reality will allow people to go as far as opening virtual businesses, attending events, shopping, or even selling goods or services.