Blockchain Application in Metaverse: A Review

In recent years, the term Metaverse emerged as one of the most compelling concepts, captivating the interest of international companies such as Tencent, ByteDance, Microsoft, and Facebook. These company recognized the Metaverse as a pivotal element for future success and have since made significant investments in this area. The Metaverse is still in its developmental stages, requiring the integration and advancement of various technologies to bring its vision to life. One of the key technologies associated with the Metaverse is blockchain, known for its decentralization, security, trustworthiness, and ability to manage time-series data. These characteristics align perfectly with the ecosystem of the Metaverse, making blockchain foundational for its security and infrastructure. This paper introduces both blockchain and the Metaverse ecosystem while exploring the application of the blockchain within the Metaverse, including decentralization, consensus mechanisms, hash algorithms, timestamping, smart contracts, distributed storage, distributed ledgers, and non-fungible tokens (NFTs) to provide insights for researchers investigating these topics.