TECH & AI

“ In a completely virtual environment where all goods provided are nonphysical and the transfer of ownership is instantaneous , everything you might want to buy , is technically a nonfungible token .”

However , cryptocurrencies face competition from Central Bank Digital Currencies ( CBDCs ) as potential payment methods in the metaverse . Paysafe ’ s SVP of Vertical Growth , Elbruz Yilmaz , suggests : “ CBDCs may play a greater role as a payment method in the metaverse , in combination with cryptocurrencies and stablecoins , depending on their respective strengths and market dynamics .”

Indeed , companies may need to adapt to operating in virtual environments , potentially creating new revenue streams through virtual goods and

services . The virtual economy could also drive innovation in areas such as blockchain-based transactional systems and collaborative , immersive user experiences .

Publicis Sapient ’ s Senior Director of Financial Services , Zack Michaelson , highlights a key issue : “ Scams and theft are real concerns , especially given the current state of security practices , which are yet to mature .

In the first half of 2022 , over US $ 120bn has been invested in the metaverse

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