Many assume, too, that blockchain technology will play a key role in the Metaverse, along with other emerging technologies such as artificial intelligence (AI) and virtual reality (VR). But, is the use of blockchain really a foregone conclusion?

Stanford University professor Jeremy Bailenson recently moderated a World Economic Forum panel with some of the world’s leading thinkers of the Metaverse and blockchain. “The first question posed to the panel was ‘Do we need the blockchain for the metaverse?’” Bailenson, founder of Stanford’s Virtual Human Interaction Lab, recounted to Cointelegraph. “The consensus was that the Metaverse could exist without blockchain.”

As an example, Bailenson offered up metaverse pioneer Second Life, founded in 2003, which has 70 million current registered accounts and is adding another 350,000 new accounts each month to its online multimedia platform. Second Life has developed “a robust economy where digital assets are bought and sold,” said Bailenson. “The typical GDP of Second Life is about half a billion dollars each year. And, the world runs robustly without using the blockchain.”

“Could the next iteration of the internet exist without blockchain technology?” asked Tonya Evans, professor at Penn State University’s Dickinson Law School. “Yes, it could,” she told Cointelegraph. After all, distributed decentralized ledgers and cryptographically-secured assets — including smart contracts — are only one part of Web3 technology, along with AI, 3D printing, VR, augmented reality, the Internet of Things (IoT) and others.

Many are thrilled at the prospect of the Metaverse with its virtual worlds that can be used to play online games, but also to train surgeons on 3D organ models and enable students