How Can Metaverse Transform The Global Economy?

metaverse-changing-the-global-economy
How Can Metaverse Transform The Global Economy?

The next evolution of the internet and the best of companies like the conglomerate responsible for Facebook, WhatsApp and Instagram – the Metaverse is in the spotlight. The project, which combines social media and mixed realities (AR and VR), takes many forms. It is therefore to be expected that this virtual and immersive environment will also have a relevant impact on the global economy.

Its economic environment is still under construction, with companies groping and starting to make their presence felt. However, innovations are expected to impact the real world, acting, 

For example, in the generation of employment opportunities and the formation of specialized industries.

Furthermore, this context also attracts attention to some technologies that are helping to revolutionize the global financial system. This ranges from using a Blockchain base to adopting crypto-assets, going through a tokenization scenario.

What Is The Metaverse Today? 

Despite being in the spotlight lately, the concept of the Metaverse is not new. The idea consists of creating online universes that reproduce real-life scenarios, objects and experiences. On the platform, it is possible to create an avatar to represent yourself, interact with other people and navigate through different environments and communities, participating in meetings and having virtual meetings.

Also Read: Metaverse in UAE – What People Do

Impact Of The Metaverse On The Global Economy

metaverse
Metaverse & Global Economy Transitions

The Metaverse is likely to become the next generation social media, streaming and gaming platform.

According to studies, this digital universe will initially be explored by advertising and e-commerce for products and offline purchases. It is an opportunity to monetize consumer spending in diverse segments, from games and apparel to automobiles, real estate and entertainment.

But this is a market that goes beyond using non-fungible tokens (NFTs) to acquire virtual objects and land.

With the support of increasingly advanced technological solutions, the expectation is that, shortly, users will be able to attend live shows anywhere in the world, test cars and renovate their homes. The potential, according to the consultancy, is to unlock an additional $5 trillion in spending related to more immersive experiences.

The Role of NFTs, Crypto Assets and Blockchain in the Metaverse

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Blockchain, NFTs & Crpto Assets’ Role In Metaverse

In the Metaverse, digital currency is used to buy whatever the user wants, just like in the real world. In this scenario, it is essential to understand the role of NFTs and Blockchain to have a vision of the possibilities of this digital universe and its impact on the global economy.

Decentralization is an important feature of the Metaverse, from which one understands the importance of Blockchain technology. Among the platforms that have an architecture based on this solution are The Sandbox and Decentraland universes.

Real estate in these virtual worlds can be bought and sold with cryptocurrencies and traded as NFTs. These characteristics ensure that they remain non-interchangeable and maintain their values.

In other words, more than a space for interaction and social connections, the Metaverse is also an environment for shopping. Here monetization is the watchword. Based on cryptocurrencies, it is possible to pay less than a penny for some items, which makes certain trades attractive to users.

Points of Attention in The Virtual Environment

In the Metaverse, it is important to understand finance, because, in this virtual world, there are many financial movements, which somehow impact the global economy.

By connecting different economic models and using tokens linked to a digital identity, which can transit through different spaces, the Metaverse offers several possibilities. However, there are points of attention, mainly due to this decentralization.

After all, it is a fact that this new space will also lead to legal issues, which will require more and more focus from companies. The behaviours of employees in the digital world and the definition of what is property, for example, must be closely monitored so that possible adaptations can be made.

As much as the Metaverse is not indispensable for web 3.0, it reinforces the concept. In this sense, technology is essential for this promising trend to evolve and reach a greater number of people.

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