FinTech Magazine September 2023 | Page 85

METAVERSE

FUTURE-GAZING :

A VIRTUAL ECONOMIC SYSTEM IN THE METAVERSE

While metaverse talk may have quietened , that doesn ’ t mean it won ’ t come to dominate our digital lives . So , what will payments in the metaverse look like ?
WRITTEN BY : LOUIS THOMPSETT

“MAINTAINING USER TRUST THROUGH PROTECTING PRIVACY WILL BE INTEGRAL TO THE REPUTATIONS OF BUSINESSES IN THE METAVERSE ”

ZACK MICHAELSON SENIOR DIRECTOR , FINANCIAL SERVICES , PUBLICIS SAPIENT

Although anticipatory talk around an impending metaverse revolution may have quietened so far in 2023 , with Meta ’ s Metaverse Chief Vishal Shah admitting “ the hype is dead ”, this by no means suggests the future won ’ t be metaverse-dominated , despite the fact AI has come to rule the technology discussion surrounding Web3 .

Franklin Templeton ’ s Rafaelle Lennox believes the metaverse market could be worth US $ 5bn by 2030 . She says to Forbes : “ It ’ s too big to be ignored . In the first half of 2022 , over US $ 120bn has been invested in the metaverse , double that of 2021 , from startups to large tech companies , venture capital and private equity .”
Talk of an expanding metaverse has come hand in hand with discussions of a bigger role for cryptocurrencies – which have been touted as a primary means of digital payment in the metaverse .
But cryptocurrencies have seen a growing competitor emerge in recent months , with many centralised banking institutions experimenting with the introduction of Central Bank Digital Currencies ( CBDCs ).
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