The new economies of the metaverse are the next phase of digital evolution. They can transform digital adoption to a staggering degree and extend the realm of services beyond the basic systems with internet access. Over the last few decades, the digitization of services has emerged as a popular strategy for increasing productivity in various industries, including business, entertainment, and education.
There is a virtual environment where avatars can drive digital automobiles and buy art for their fictional homes using NFT tokens (Non-Fungible Tokens). Initial uses of the metaverse primarily focus on practicality rather than the potential future of virtual commerce.
To talk about an economy, we’re talking about a country or an area where several related activities. These include such things as production, consumption, and commerce, which occur simultaneously. When we talk about blockchains, we’re referring to distributed ledger technology.
They appear to be unrelated on the surface, but they are connected. Layer 1 public blockchain ecosystems (the core blockchain protocols where decentralized databases and computer programs run) are starting to appear more and more like country economies. Except, in this case, the nation isn’t a natural area but rather a decentralized digital network.
In a sense, a blockchain is a decentralized ledger that is not under the jurisdiction of a single entity. The information chain comprises chunks of data that are linked together. Because of the decentralized nature of this technology, people worldwide are working together to build new use cases and solutions. These include non-fungible tokens (NFTs) or digital assets.
There are two types of assets. First are those that we can exchange for each other, non-fungible. Second are those that we cannot trade, fungible.
You can trade Non-fungible assets for each other. non-fungible assets cannot be replaced, such as a house or a piece of real estate.
New Economies of the Metaverse; FlickPlay and The Sandbox
Gaming companies The Sandbox and FlickPlay have announced new cooperation that will let the users use these blockchain assets on both platforms, signalling a crucial milestone in creating the metaverse.
Interoperability is a key notion in the metaverse. You can easily move between various virtual worlds on multiple platforms. All while bringing your virtual clothing and various other items along too. You can unlock digital collectibles using an interactive map of your actual surroundings via the FlickPlay app.
Furthermore, you can use the phone’s camera to overlay the collectibles in the real world and interact with things to produce video content. Flicky, a line of anthropomorphic chameleon NFTs revealed by the app, will feature designs of the chameleon in different outfits.
Excited! Me too. But before you go jumping into the new economies of the metaverse, a quick reminder.
A digital wallet is required in the metaverse to buy something. All the transactions are recorded on the blockchain, and no cash can be stored in the wallet. Enjoy.