The Metaverse is not just about new experiences and engaging with people in a virtual world. It is also a new era of data ownership of management, with incentives for companies and users aligning perfectly. Itheum makes that latter part possible with the help of the Elrond blockchain and its internet-level scaling.
The Metaverse Is Taking Off
One cannot deny the current popularity of the Metaverse and Web3. Blurring the line between the real and virtual worlds is considered the next technological frontier waiting to be conquered. Moreover, the industry attracts attention from up-and-coming projects – like Decentraland, The Sandbox, Wilder World – and technology behemoths – Meta, Apple, Microsoft – alike.
As global interest in the Metaverse grows significantly, it becomes crucial to look at what is needed to make it happen. More specifically, the Metaverse and Web3 ushers in an era in which users control their data rather than third-party companies and advertisers. It sounds very appealing, yet it will not be possible without the correct infrastructure. Tokenizing data and turning it into assets users can control, share, or transfer is crucial in this equation.
Projects like Itheum acknowledge the need to tokenize data and convert it into usable assets. The advent of a collaborative world where incentives and interests of users and companies align is upon us. Itheum ensures anyone can manage their data without friction. Moreover, the team is enhancing NFT technology by establishing NFMe ID-s, which serve as unique and “soulbound” Data Avatars for Metaverse visitors.
The concept of NFMe ID technology will add a metadata layer to their regular Metaverse avatar. That metadata can help unlock more personalized experiences and benefits that would otherwise remain inaccessible. Moreover, the layer introduces a recurring income stream as users convert their data to a more suitable format for the Metaverse economy. Ultimately, Itheum is a catalyst for mainstream and enterprise adoption of the Metaverse.
Leveraging Scalability from an L1
Enhancing metadata through blockchain technology requires robust infrastructure capable of achieving a high throughput. Rather than using Ethereum or BNB Chain, Itheum builds on Elrond, a network capable of achieving internet-level scaling beyond what other public blockchains are capable of today. Elrond’s mission is to onboard the next billion people into Web3 and the Metaverse.
Elrond CEO Beniamin Mincu adds:
“The elements are in place for building a compelling environment where adventure, exploration, and curiosity are elevated to unprecedented levels of immersiveness and unique relevance. Data will be the building blocks of the Metaverse, and Itheum is creating the premise for everyone everywhere to share in the significant upside potential of this untapped new economy.”
Morningstar Ventures, creators of the Elrond Dubai Incubator, have invested $1.5 million into Itheum. Moreover, the Itheum project will debut in the Elrond ecosystem through the Maiar Launchpad in the coming weeks. It is another feather in the cap of the Elrond ecosystem, which continues to turn heads throughout its fast and efficient network, low latency, and negligible costs.