To create a decentralized metaverse economy, it is necessary to transfer real-world data and events into the digital world. Decentralized oracles provide the solution by serving as middleware that connects the metaverse to real-world data.
The decentralized metaverse economy requires several things, including:
Data feeds: Various financial tools and services such as payment processing, lending and borrowing, staking, and investing are necessary for the metaverse economy to thrive. Oracles are needed to make all of these features possible.
Verifiable randomness: Decentralized oracles can provide verifiable randomness, which is essential for applications such as lotteries, loot boxes, randomized NFT projects, play-to-earn games, raffles, and more. For instance, OVR a decentralized metaverse that lets users create and visualize AR/VR experiences customized to specific geographic locations, uses a decentralized oracle to select a special grant fund winner transparently and fairly from the participants in the upcoming OVRLand Treasure Hunt.
Sports results: Metaverse users can walk into a virtual betting store to predict their favorite club or player will do well in a football match, and the result or outcome is provided securely by oracles.
Weather results: Oracles can embed weather results in metaverse applications. For example, each OVRLand in the OVR metaverse can simulate the weather conditions of the physical location it represents.