Will Blockchain Distributed Ledger Technology Be a Catalyst for Virtual Reality Adoption?
Blockchain The Catalyst For VR Adoption?
Virtual Reality is a form of technology that has been growing over the past few years and that has gained interest from several big companies and investors. For example, Google Ventures, which functions as Google’s capital investment sector, invested $500 million in a virtual reality company called Magic Leap. In addition, Google has also developed products such as Daydream and Cardboard.
Facebook has also become a participant as well. In 2014, the platform paid $3 billion and acquired a virtual reality company called Oculus Rift, which was founded by technology entrepreneur Palmer Luckey.
Lucky recently interviewed with Vanity Fair and the New Establishment Summit, describing his new virtual reality venture and what he sees for the future of the market. He also explained that “VR is the final medium.” There are also several market predictions that believe that virtual reality will turn into a $55 billion industry by 2021.
The trouble is, some are countering with statements that the technology is not moving toward mass adoption, which is necessary to continue justifying investment and growth forecasts. Some even have gone as far as stating that it could take years for virtual reality to experience mass adoption.
Industry insiders have also shared their views, stating that brands require more education before they may consider bracing virtual technology as a market tool. One such example is the travel industry, where the technology may be a prime method for showing interested travelers a destination before they go there.
In terms of commercial adoption, there are other opportunities for virtual reality platforms as well. One area that could be of use is skills training – especially for specialized jobs such as surgery. Before being admitted to the surgery floor, physicians can train using a virtual reality environment. Another example is pilots. The technology can provide excellent aviation simulation.
Even with such factors, there still may not be enough to promote growth, which is why one virtual reality platform is looking at blockchain technology. The platform, called Ceek, has developed an active user base and a range of virtual reality content with several big-name musicians.
Those who use the platform can download it to their smartphone and watch their favorite musicians while streaming the songs. The blockchain technology component comes in with the platform’s effort to create “digital entertainment metaverse,” which gives artists incentive to produce and fans to consume VR technology as a method to enhance the chances of global adoption. Rather than requiring fans to purchase tickets and attend concerts, the technology will sell virtual tickets and fans can buy them with the platform’s digital tokens.
The technology is also beneficial for artists, which will be able to reach audiences in places they could not before. This not only improves an artist’s fan base, but it also enhances access.
Ceek also announced that it is interested in launching 4D audio headphones to provide users with an audio and visual experience. The headphones will feature interactive audio so that users can listen to the altering sounds while going through the virtual reality system – very much in the same manner that they would as if they were at a real concert.
Overall, the industry may recognize what is needed for mainstream adoption – including the need for lower prices. Unfortunately, cheaper technology is not the end-all. The area will need to continue improving its headsets and gear and implement savvy marketing techniques as well.