The 3 economies that could flourish in the metaverseOctober 19, 2022 | By Andrey Slivka
The business opportunities of the metaverse are still coming into focus — but the scope is undeniable. More than 90% of business leaders expect the metaverse to significantly impact their industry by 2030. The economic activity has been projected to be in the trillions of dollars.
The metaverse could change the nature of value exchange, spawn new business models and expand opportunities to more people. These three still-nascent economies could stand to benefit:
The creator economy: Opening the door for creatives
The independent creators in various mediums who use online platforms and marketplaces to make, disseminate and get paid for their output should flourish in a decentralized version of the metaverse, which needs to be built out and filled with content. Blockchain will secure creators’ ownership of their production, let them more easily monetize it and give them control over how it can be used, under what circumstances and by whom. A centralized metaverse will also generate opportunities for creators, just as today’s centralized internet platforms do. But in this case, those creators will have less control over and ownership of what they make.
The data economy: Forging new frontiers in monetization
The big platforms have defined the online data economy as we’ve known it. That could change in a decentralized metaverse as blockchain gives users a mechanism to control their data, even to the point of their being able to sell or exchange it on their own. Where might they sell it? Financial institutions, big and small, could form one market, and in the era of open banking, fintech startups and third parties could leverage permissioned consumer data to build innovative financial products.
The crypto economy: Enabling frictionless value transfer
In a decentralized metaverse, we’ll use cryptocurrencies to transfer value across virtual and geographic borders. But even in a metaverse where big tech companies could dominate, digital currencies and NFTs will make financial transfers faster and easier — simplifying the cumbersome process of sending money from one platform to another, among other things. In either scenario, crypto could become a proper medium of exchange rather than just a vehicle for speculation.
The potential for the metaverse is immense, with billions of people visiting millions of always-on virtual environments to play, socialize, shop, work and learn. Explore the opportunities enabled by the metaverse and how we can overcome the challenges in bringing these worlds to life in the latest edition of Mastercard Signals.Read more