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What the Metaverse Means for International Finance

Just as the internet yielded e-commerce and websites that could market and sell most items and services, the metaverse, it has been argued, is going to change the manner and way that we see and interact with international finance. This article looks at how the metaverse is going to change the way that we interact concerning money, finance, and investments.

What the Metaverse Is or Will Be

It is argued that the metaverse is going to be the next version of the internet, including all the new tech and virtual reality options that are now being developed. It had been noted as a concept in the early 90s but has only started to come to fruition in our current times.

The metaverse is a virtual community that is accessible in the cloud and on the internet and uses virtual reality technology to fully immerse oneself in this world. The argument is that it is going to be through the additions and improvements made to the internet, using AR and VR, that people will be able to live, interact, and exist in this space. Social media and how the incorporation of VR and AR has come to dominate, has been the main driver of the metaverse and the demand for people to live out their social interactions in the virtual space, as whoever they would like to be. Then there are games, such as Minecraft and Fortnite, where the entire tribes that have formed alongside the games in the online space have created complete online societies and communities that exist around the games, the merchandise, and the norms associated with these games.

How the Metaverse Will Change Global Economics

Cryptocurrency made the ability to make huge financial transactions without any centralized controls or permissions, with no fees, and with absolute anonymity. These currencies also allowed for the tracking and recording of transactions, making them some of the safest forms of financial transactions. Investment on the internet allows anyone from anywhere to invest in financial markets that are always open, and it is this access and availability that the metaverse will increase and accentuate.

Changes that we have already seen include the rise of the NFT. Places like the OKX.com marketplace for NFT purchases and trades is a great example of the variety that is now available, and for which people seek to provide a bespoke form of security or as a valuable virtual possession, art, collectible, or essential card in an online game.

Global financial systems and international economics are all in the direct line of the impact of the march of progress that is the metaverse. All sectors that are currently even remotely conducted online and, in the cloud, will now be adapted and amended to suit a new way of life that is for some predominantly lived in the virtual space that the metaverse will be. Financial systems have been changed for the foreseeable future with the rise in NFT trade and crypto and there is arguably no retreat from this surge into e-currencies and the existence of a virtual investment space in the metaverse.



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