Meta Commerce with Metaverse

Authors : Sachin Kumar Singh

Volume/Issue : Volume 8 - 2023, Issue 7 - July

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What is Metaverse? Prior to discussing the Metaverse’s potential to penetrate the core sectors including finance, one must get a basic understanding of what the Metaverse is. “Meta” means beyond, so the metaverse basically promises a universe that is beyond the real world as we know it today. The Metaverse can be understood as an innovative way for people to interact with emerging technologies. These evolving concepts have led to the creation of a digital economy, known as the Metaverse, where goods and services can be created and acquired virtually. In simple words, a metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, the term is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated using virtual and augmented reality (VR and AR) headsets. As per Facebook founder Marc “The metaverse is the next evolution of social connection, 3D spaces in the metaverse will let you socialize, learn, collaborate, and play in ways that go beyond what we can imagine.” Once this virtual world of the Metaverse comes into being, this should work like a replica of the real world and the users in Metaverse should interact, react, and transact like real-world humans, although this is happening in the hypothetical world of the Metaverse. The user actions in Metaverse are expected to generate humongous datasets related to user behavior, lifestyle, and tractions data. Typical offerings in Metaverse could be a shopping mall, gaming, education, news and media, concerts, events and fashion shows, social interaction, entertainment, advertisement, etc., etc. All these services would need users to spend, and this could give birth to another push in the fintech payments and fintech lending industry with the evolution of a newer model that need to be explored to get the Metaverse commerce into action.

Keywords : Metaverse, Fintech, Defi, Banking, Payments, Credit, Neo-banks, AR, VR.


Paper Submission Last Date
31 - December - 2023

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