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The Metaverse Economy: Transforming Money With Digital Currency
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Author(s): S. Catherine (SRM Institute of Science and Technology, Chennai, India), Meena N. Rani (SRM Institute of Science and Technology, Chennai, India)and N. V. Suresh (ASET College of Science and Technology, India)
Copyright: 2024
Pages: 8
Source title:
Creator's Economy in Metaverse Platforms: Empowering Stakeholders Through Omnichannel Approach
Source Author(s)/Editor(s): Babita Singla (Chitkara Business School, Chitkara University, India), Kumar Shalender (Chitkara Business School, Chitkara University, India)and Nripendra Singh (Pennsylvania Western University, USA)
DOI: 10.4018/979-8-3693-3358-7.ch012
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Abstract
The Metaverse economy represents a paradigm shift in the realm of finance, poised to redefine the concept of money through the utilization of digital currency within virtual environments. Within the metaverse, digital currency facilitates transactions for shopping, gaming, and a diverse array of goods and services. To traverse the virtual realm using a virtual reality headset and controllers purely for recreational purposes, without any predefined objectives. The Metaverse offers unprecedented opportunities for businesses and individuals to engage the exchange, and accumulation. Through immersive experiences, luxury brands and retailers are already capitalizing to cater to evolving consumer preferences, with cutting-edge technologies such as augmented reality and artificial intelligence. The brand Gucci has initiated the sale of their products within the Metaverse, utilizing digital currency for transactions. As the metaverse continues to evolve through advancements in digital currency and technology, it promises to revolutionize the future of money and commerce.
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