For the digital world, money is cryptocurrency, finance in the metaverse is powered by blockchain. Anyone entering the digital world can purchase or trade musics, art and homes as nonfungible tokens or NFTs which are blockchain-based collectibles that are digital representations of real-world items. NFT’s enables a proof of ownership and is not interchangeable.
People can buy and sell assets, create and play games, trading cryptocurrencies or even breeding digital animals in the Metaworld.
Buying properties in Metaverse is now the hype. Gaming has also been popular and the demand for customized appearance is rising. Brands like Gucci Balenciaga and Burberry are making millions in the Metaverse selling authenticity ownership of handbags or dress on gaming platforms such as VRchats etc. Buyers purchase “skins” to customize their appearance in an online game such as Roblox and Fortnite.
Avatars will be as common as profile pictures today, but instead of our image, it will be a living 3D representing us with expression and gestures. Mark Zuckerberg explained that we will be having wardrobe of virtual clothes for different occasions designed by different creators from different apps and experiences in the Metaverse. He also predicts that digital luxuries will soon be a common feature of these worlds as well.
The Fabricant’s (A digital fashion house) first major project was with I.T Hong Kong, a luxury department store, jointly created a real-world garments from almost 100 luxury labels in metaverse-ready 3D. They have seen the demand and has ventured into the metaverse since then.
As we know, cryptocurrency is the currency being used in the digital world and Metaverse. Many platforms such as Sandbox and Decentraland are using Ethereum as a token of exchange and financial transactions. Solana co-founder Anatoly Yakovenko said that the evolution of the internet has already started and it has been a reality where cryptocurrencies can help improve them. Solana has the same decentralized finance capabilities such as hosting smart contract and also run non-fungible tokens, but it does so at a greater speed and lower cost as compared to Ethereum.
Digital developers in the crypto space such as Yakovenko believed that virtual world wont present the same kind of challenges with handling under data and privacy as social media platforms or search engines face right now. This is due to the transaction and finance are done with cryptocurrencies which provides a chance to break the traditional Big Tech.
He also thinks that crypto is to make metaverse better for business models that exist on the web right now and are unstable or broken. Companies that can control the market can steal viewer’s data and sell it to advertisers. They can feed viewers information and force them to consume it. Sandbox, Decentraland and Axie Infinity have their own crypto tokens that users need to purchase virtual items or receive as rewards. Decentraland’s mana token gained over 16,000% this year and Sandbox’s sand token rise 5400% and Axie’s axs token gained over 25,000%.
Many high-profit investors like digital asset manager Grayscale and disruptive technology investor Cathie Wood believes that Metaverse will turn out to be a trillion-dollar opportunity.
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