What is the economic model for metaverse?

This problem was the subject of interrogation among experts, Thursday, June 2, in a session entitled: “What will be the business model of Metaverse? How is payment done?”, on the occasion of the second day of the “Metaverse Africa Summit”, the first summit dedicated to this sector on the continent. An initiative of 3D Net Info in partnership with Cio Mag.

(Cio Mag) – Before trying to figure out how to monetize your digital presence on the Metaverse, you must understand what it is and how it works. During this roundtable on the Metaverse business model, the first roundtable of panelists is devoted to these questions. Simple history lesson: The word Metaverse was coined in 1992 by a science fiction author ‘,” reported Philip Nadeau of DigiHub Shawinigan, a non-profit organization that provides training, work, and start-up space for entrepreneurs in Quebec City (Canada).

In today’s context, Metaverse is presented as ” It is a shared, hyper-realistic virtual space that includes movable and immovable assets registered on the Blockkin. Every asset can be sold with cryptocurrency. From this angle, it is clear future world which the Metaverse suggests, according to Vicentea Asilivi of Tezos Africa, who ” Everything we know in today’s world can be repeated As such, the Metaverse is a virtual world, a futuristic version of the Internet where virtual spaces are accessed through interactions. So it is a form of transferring real life into a virtual cycle where all activities can be performed.

Metaverse is an opportunity and an opportunity for the African market to create value. NFTs, cryptocurrencies, and new technologies represent facilities for the African market to be more representative in the global market, and to be able to convert credit funds into mobile money. The business model is African fiscal decentralization Share Ismail is born from Windsor, France.

Huge economic potential

In this new world, many sectors are actually developing, such as education, sports, culture, business, etc. Services that can be sold online with cryptocurrency, which in itself depends on blockchain technology. The Metaverse is also powered by the blockchain to secure transactions and payments via cryptocurrencies.

screenshot from the painting

According to the US financial group, Bloomberg, the potential of the Metaverse market could reach $800 billion by 2024, or even $2000 billion in 2030. But how? Metaverse will provide a platform for all the possible activities that will be carried out there and generate funds. The same way we dress, attend a soccer game or concert, buy land in real life, we can do it in the Metaverse, remembers Vincentia Aselevi.

Karen Decambe, Binance Francophone Africa Director, agrees. And it goes back to the income potential that the Metaverse generates, particularly for creators. ” Through the peer-to-peer concept, Metaverse gives freedom to the end user. Can participate without entry barrierEmphasizes. Thus, NFT allows creators to make their work available to the entire world, without intermediaries. It’s a way to access the global economy through your smartphone! ‘, rejoice.

A view shared by Ismail Ould since, according to him, “ Metaverse allows the development of e-commerce without the supply chain, which is the same chain that poses a problem in Africa.” Even if the expert remembers the dangers of speculation about cryptocurrencies and the NFT. He clarifies that in this case, the bettor must realize that he can lose his money and should not invest what he is not ready to lose. According to Nelly Chateau Diop, founder of FinTech Ejara, this role has been transferred to local regulators to expose flaws and problems related to cryptocurrencies with a view to resolving them. Speaking on the subject, Philip Nadeau on his part called for the regulation and prohibition of cryptocurrency not to be confused. Because he says: As much as governments can regulate traditional finance, it will be more complicated with decentralized finance. »

For the latter, What will make Metaverse successful is its interoperability and critical mass of users. Everyone will have to be able to express themselves in their own universe and give the possibility of being able to move from one universe to another with their things. This is what will generate income If the Metaverse is the future of the world, according to Karen Decambe and Vicentia Asilivi, it is even more true of Africa. A continent that still needs to align in many aspects including training, information and advanced digital infrastructure.

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