Since its creation in 2017, enterprise blockchain has made great strides. Initial use of blockchain for enterprise was based on permissioned private networks. It was mainly used to manage supply chains. Blockchain technology grew over time and companies began to utilize public, permissive networks in order to run their business.

Fast forward to 2021 — enterprises are now applying decentralized concepts to create more efficient workflows in the Metaverse. William Herkelrath, head of business development at Chainlink Labs — a decentralized oracle network — told Cointelegraph that while the Metaverse is hard to define, he believes that it’s a collection of ecosystems that are growing naturally out of decentralized finance, or DeFi: