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Metaverse must run on Blockchain Technology: Goldman Sachs

Global investment management giant Goldman Sachs has talked about blockchain technology and Metaverse. According to them, these two, especially crypto technology, are among the most “disruptive” trends since the early internet.

Rod Hall, senior equity analyst at Goldman Sachs, and other analysts have discussed this in a note published a few days back. The note comes when a major part of the global industry is turning its head towards Metaverse.

Recently, Facebook announced that it is changing its name to Meta, focussing on building virtual worlds. According to them, the Metaverse is the future of the internet.

Coming back to Goldman Sachs, the analysts have stated that crypto technology is the center of the development of metaverses. This is because crypto allows users to own assets or items without any central party securely. Moreover, it also allows them to move those assets and items across different platforms without any central entity.

For example, The Sandbox, a popular metaverse title, runs on the Ethereum Network. This enables users to buy/sell in-game land & NFT on exchanges outside of Metaverse. Moreover, users can list their items and properties on marketplaces such as OpenSea.

In the post, Goldman Sachs has stated regarding Metaverse:

“We believe that the metaverse is likely to be an amalgamation of different 3D spaces and that users will move between these regularly.”

They’ve also added:

“If any virtual goods or services are unable to move from one space to another with the user, we believe their value is likely to be more limited.”

Regarding Blockchain, the analysts have stated that it has “much broader and far-reaching implications for decentralized identification and ownership of physical/digital entities.”

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