THE ECONOMY OF THE METAVERSE
The boom of the metaverse implies the beginning of a new way of browsing the Internet, which will also bring about the appearance of new social, cultural and economic phenomena. This virtual world is not only designed to play, but to reproduce many of the social dynamics of our day to day, from working to going to concerts, playing games, learning, socializing, shopping, selling and real life activities that are replicated in a digital universe.
In this universe, a new economy will emerge in which all kinds of digital goods and services will be bought and sold, such as clothing for avatars or virtual cars for transportation. In this context, cryptocurrencies and NFTs are fundamental tools for this new form of digital communities, being an integral part of the metaverse and the fuel of the economy of this digital world.
A digital individual or avatar will use cryptocurrencies to be able to carry out commercial operations such as the purchase of land, a house, businesses, cars, art, luxuries, etc., or they can simply buy clothing, food or entertainment that can be for their avatar or be sent to the real world. Thus establishing a demand for goods and services to meet the needs of individuals who interact in the digital world. On the supply side, companies have been betting on metaverses and many of them are already carrying out different advertising campaigns to offer their goods or services. Many of the digital assets currently offered are characterized by having NFTs, which means that each digital asset has an alphanumeric code in blockchain technology that makes it unique and unrepeatable, guaranteeing the authentication of the digital asset (Baez, 2021).
Therefore, this will require a new supply chain in the digital economy based on NFTs. On the one hand, companies specialized in its creation and design will be necessary, guaranteeing its portability and interaction. This is why NFTs will be one of the main assets in the digital economy that the metaverse will create, which implies a challenge for companies to the extent that they have to adapt their products, services and even experiences to a new way of navigate in Internet.
To conclude, it is essential to highlight that the metaverse and other digital spaces bring with them various changes, which are beginning to be reflected in the economy, business models and investments in the digital world. Now there is a lot of talk about cryptocurrencies, investments in digital land, purchases for customization of avatars, pieces of virtual art valued at millions of dollars, among other terms. Therefore, we must bear in mind that digital reality will be achieved through a process as a society, learning progressively. In these times it is important to transform all ideas into interactive projects through immersive technologies which will connect us with the digital world.
