The metaverse is changing how we interact with each other, and how companies operate. It’s where people will shop, socialize, play games, and do business. It will be an extension of the physical world that allows users to virtually interact with each other.
Recently, Gartner has predicted that by 2026, 25% of people will spend at least one hour a day in the metaverse. The Metaverse will impact all industries, from gaming, shopping, work, education, and healthcare. In this article, we will look at the Metaverse and its economy.
How will the Metaverse impact economics?
The Future of Money
Blockchain technology will allow us to make transactions without having to trust any third party. This means that we won’t need banks, credit cards, or even cash. Instead, we will use tokenized e-money.
The Future of Identity
As blockchain technology continues to develop, it will become increasingly possible to securely verify identities using the blockchain instead of passwords. This will eliminate the need for passwords altogether.
The Future of Data
In addition to eliminating passwords, blockchain technology will make it easier than ever before to share data securely with other users. With blockchain technology, data privacy becomes an intrinsic part of the system itself.
The Future of Work
The covid-19 pandemic gave rise to working remotely. Stepping into a virtual 3D office will be the evolution. Skilled people will be in high demand, and with an office in the Metaverse, you have new ways to attract new talent from around the world. This means that brands that are able to adapt quickly to this new technology will find themselves in high demand.
The Future of Education
In the near future, education will become much more personalized than it currently is. Students will be able to learn at their own pace, and teachers will be able to provide them with the right level of instruction based on their individual needs.
The Future of Healthcare
One industry where the application of Metaverse technology, is expected to have a positive impact in healthcare. With the Covid-19 pandemic barely behind us, the world has experienced the fragility of our current healthcare systems. Around the world hospitals and clinics were overwhelmed and patients with chronic diseases were no longer able to get the regular treatment needed to manage their illnesses.
Read more: Digital Medicine in the Metaverse.
The Future of Advertising
Companies can use the Metaverse as a promotional tool because it allows them to interact directly with consumers. Users can visit virtual stores, attend live events, play games, and more. They can also share photos and videos using social media platforms.
Another big shift will be permissions-based advertising. Because Web3 is decentralized and users have sovereignty over what data is shared and collected, brands need to redefine their online advertising. By asking customers for their permission to collect first-party data, brands can deliver highly personalized content while building trust and driving customer loyalty.
Read more: Web3 is here; is your business prepared for the token economy?
The Future of E-commerce
The Metaverse is one of the most exciting new technologies on the horizon to interact with your audience. The Metaverse is a decentralized marketplace where anyone can sell anything to anyone else. It’s not just another e-commerce site; it’s a new type of economy. In fact, it’s the first truly global marketplace. It’s also one of the only platforms that let users buy and sell, and can earn items by completing challanges and playing games using blockchain technology.
There are two main ways to sell products and services in the Metaverse. First, you can use a marketplace where people buy and sell items directly with each other. Second, you can set up a storefront where customers can enter virtually and shop for items.
Read more: Shopping in the metaverse
There are several advantages of Metaverse shopping compared to an e-commerce platform.
- Allow purchase of virtual items without having to leave their home.
- A fully immersed experience.
- Low barrier to entry.
- Wide variety of products and services.
- Make purchases without any borders.
- Provides a safe environment for buyers and sellers to interact.
- Help to prevent fraud and scams
- Reduces transaction costs.
- Enabling users to trade items with other users.
How to Sell Products and Services in the Metaverse
Create an immersive experience
If you’re going to market with Metaverse, make sure you’re creating an immersive experience. This means using 360° footage, 3D models, and other elements that will allow people to feel as though they’re actually there.
Engage with your audience
You should also consider what kind of message you want to send through virtual reality. Are you trying to sell something? Or do you just want to show off your product or service? Whatever you choose, make sure you‘re telling a story that engages your audience.
If you’re going to market with Metaverse, you need to build trust. People will only buy from brands they trust. So, make sure you’re using real people who are actually selling your products. Also, make sure you’re not misleading anyone by showing them fake ads.
Showcase your products
You can show off your products in virtual reality through 360-degree videos. This allows customers to see exactly what your product looks like before buying it.
How it works
The Metaverse is an online virtual world where users create avatars that represent themselves. It is an open-source platform that allows people to trade virtual assets (NFTs) with each other directly through smart contracts. These smart contracts allow transactions to happen without any middlemen.
In order to use Metaverse, users must first download a Metaverse Wallet app. Once installed, users will need to purchase tokens using fiat currency. Then, they can start buying, selling, and earning items (NFTs) in the Metaverse.
Payments in the metaverse
Buying and selling Metaverse tokens (currencies that are used) with euros (or any other fiat currency) should be as easy as buying any other product or service online. NEXUS our token infrastructure platform connects traditional payment options with the Metaverse and Web3 applications. Users can buy and sell digital euros to pay for the tokens without being exposed to volatility risks. Payments are settled instantly, and merchants are not exposed to chargebacks.
Read more: Payments in the metaverse economy.
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Henri de Jong
Chief Business Development Officer
3526 KS Utrecht
Registration number: 86401386