The Fourth Illusion: How a New Economy of Consumption Is Being Created in the Metaverse

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Author(s): Alexandre Ruco (Institute of Accounting and Administration, Institute Politecnico de Coimbra, Portugal)
Copyright: 2023
Pages: 11
Source title: Strategies and Opportunities for Technology in the Metaverse World
Source Author(s)/Editor(s): P.C. Lai (University of Malaya, Malaysia)
DOI: 10.4018/978-1-6684-5732-0.ch004

Keywords: Information Science Reference / Media & Communications / Virtual Communities & Virtual Reality / Web Technologies

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Abstract

This chapter aims to analyze the business models' opportunity represented by the Metaverse (Foundation, n.d.), proposing a framework composed of four interdependent blocks; the “illusions” (Slater, 2003). The word Metaverse has been used to describe a sort of thing, mainly related to virtual reality (VR) (Lanier, 1992) and the non-fungible tokens (NFTs). The immersive experience of virtual reality is characterized by three illusions: the illusion of place, the illusion of embodiment, and the illusion of plausibility (Slater et al., 2009). This chapter describes the use of blockchain technology, namely the NFTs, as the origin of a fourth illusion.

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