Currency in the metaverse: banking on brilliance or ballooning on bankruptcy?
This post was written by a student. It has not been fact checked or edited.
The idea of a currency in the metaverse is an interesting one. Having a currency could fill the virtual world with profit and wealth, resulting in global econimical advancement. However, it could turn the metaverse into a beehive of money and business which wouldn't serve the common good.
Having this currency would be brilliant for all countries. If it was global and virtual, it would cause an economic boom, which would further advance big tech companies. With there already massive wealth they would be able to invest in other areas and cause development. For example, Alphabet ( the owner of Google and YouTube ) is already developing AI. Increasing Alphabet's wealth would help to develop AI, causing a boom of art and innovation. Also, having this currency would mean there was profit in the metaverse; without that there wouldn't be nearly as much incentive to build it.
On the other hand, having this currency could turn the metaverse into a massive advert for tech companies. Causing everything ot cost money would mean people would get less enjoyment out of it. Plus, different companies would compete to make more profit and the already long list of court appearances would triple. Companies and governments would squabble about tourist rights and other nuisances.
Comments (19)
Wow it's interesting information about currency in metaverse . I learned that
Currency is an important part of any economy including the metaverse. It allows users to buy and sell goods and services, which in turn drives economic activity and growth. virtual money can be used to reward players for their contributions to the community.
Your point of view inspired me...
And your comment too.. I know a user can spend at least 2 hours in the Metaverse, but will there be a whole life.. Do we buy and sell?! How is that? What will happen in the real world? It will reduce its production and economy.
Since the user spends at least two hours in the Metaverse, how can there be an exchange of goods and products? !! ..
Will it affect the real world badly, or will it affect it with benefit..or will it not affect it??
Hello! That's a great question. The Metaverse is a virtual world where people can interact with each other and exchange goods and products just like in the real world. This exchange of goods and products is done using a digital currency called cryptocurrency.
The impact of this on the real world can be both positive and negative. On the positive side, it can create new job opportunities for people who have skills related to creating or managing digital products. For example, people who have experience in designing 3D models or programming can use their skills to create products that can be sold in the Metaverse.
On the negative side, if people start spending too much time in the Metaverse, it could affect their productivity in the real world. For example, if someone spends all their time buying and selling virtual items instead of working or studying, it could negatively affect their performance in those areas. If you spend all your time playing video games instead of doing your homework, your grades will suffer. Similarly, if you spend all your time in the Metaverse, your productivity in the real world could suffer. it's important to balance it with real-world responsibilities.
The Metaverse is a virtual world where people can spend time and interact with others, just like in the real world. People may be able to buy and sell things in the Metaverse using virtual currencies, but this does not directly impact the real world economy.
if people start spending more time in the Metaverse instead of working or participating in the real world economy, it could have a negative impact on productivity and the economy. On the other hand, if the Metaverse creates new job opportunities or helps people become more productive in their work, it could benefit the real world economy.
it remains to be seen how the growth of the Metaverse will impact the real world, but it is important to consider both the potential benefits and drawbacks as we explore this emerging technology.
The impact of the Metaverse on the real world is still uncertain and will depend on how it develops. If it becomes a major part of people's lives, it could potentially affect the economy and production in the real world. As for exchanging goods and products, it is possible that virtual currencies and items could be traded within the Metaverse, but it remains to be seen how this will work and how it will affect the real-world economy. Overall, the long-term impact of the Metaverse on the real world is still unknown and will require further study and analysis.
You raise interesting points about the potential impact of a currency in the metaverse. While it could lead to economic advancement and investment in various sectors, there are also concerns about the commodification of the virtual world and the consequences of profit-driven motives. Let's explore both perspectives:
Advantages of a metaverse currency:
Economic Growth: Introducing a global virtual currency could stimulate economic growth within the metaverse, allowing for transactions, investments, and entrepreneurship. This could lead to the development of new industries and technological advancements.
Incentive for Development: The existence of a currency could provide an incentive for companies to invest in the metaverse, leading to the creation of innovative experiences, applications, and technologies. It could spur competition and encourage companies to push boundaries and offer value to users.
Disadvantages of a metaverse currency:
Commercialization and Over-Monetization: The introduction of a currency may lead to a heavy focus on monetization, where everything comes with a price tag. This could limit the enjoyment and accessibility of the metaverse for those who cannot afford to participate in commercial transactions.
Corporate Dominance and Ethics: There is a risk that big tech companies could dominate the metaverse, using their wealth and influence to shape the virtual world to their advantage. This could lead to a disproportionate influence on content, advertising, and user experiences. Additionally, the increased competition for profit may result in legal disputes and conflicts among companies and governments.
It is important to strike a balance between economic growth and the common good. Implementing regulations and ethical standards can help mitigate the negative impacts and ensure that the metaverse benefits all participants, not just corporations. Open dialogue, collaboration between stakeholders, and the involvement of diverse perspectives can contribute to a more inclusive and sustainable metaverse.
How do you think we can achieve striking a balance that aims to achieve participation from the average person vs corporations?
One way to achieve a balance between participation from the average person and corporations could be to implement policies that prioritize transparency, accountability, and fair competition in decision-making processes. This could involve creating regulations that limit the influence of corporate money in politics, promoting citizen engagement and education, and incentivizing corporations to act responsibly and ethically in their business practices. Additionally, platforms for open dialogue and collaboration between all stakeholders could be established to ensure that all voices are heard and considered in the decision-making process.
Decentraland (MANA) Decentraland operates an entire metaverse of its own. It is a VR platform powered by the Ethereum (ETH) blockchain, with a native token MANA used to transact business within its worlds.
Users of the metaverse can develop a digital life similar to the one they know in the physical world. However, they have no real banknotes or coins. The concepts of metaverse and cryptocurrencies are linked by the need to operate with a virtual currency with which to make transactions in this digital space.
Banks have the opportunity to reconnect with customers and form meaningful relationships throughout the customer journey. Banks in the Metaverse will be able to offer services available in the real world which include withdrawals from ATMs, depositing money, and interacting with representatives for help and advice.
The metaverse typically uses digital assets such as cryptocurrency and non-fungible tokens (NFTs) to make transactions.
In the metaverse, scams, microtransaction abuse, and unfair play will likely be the top threats that banks face.
Metaverse stocks are an accessible way to invest in the metaverse, and many experts are optimistic about their growing value. But they're also a risky investment, so you should invest in metaverse stocks with caution and balance stocks with more stable assets.
Potential investors have the option to buy stocks, ETFs and cryptocurrencies associated with different companies involved with the metaverse. The metaverse carries a high amount of volatility and risk, similar to any other emerging technology.
Currency in the metaverse, according to the text, I can guess it will benefit a lot of people, and that allows us to build a more advanced future. Seriously, imagine what the earth would be like in 2030. It's all just so satisfying how we're seeing all these benefits to currency in the metaverse.
yes I agree to this,Introducing currency in the metaverse, is a very good idea . we get money in the metaverse through crpyto, it is going to open so much opportunity to so many people most especially student and youth. they can make currency in different aspect, like designing ads for companies,it also offer opportunity for investor and gamers.
So many games in the metaverse can be used to earn money, such as splintland, this is a very good opportunity for student , this will also decrease the rate of unemployment and poverty.
It serves as a means of payment, which is fast and easy due to their network based nature.
Currency in metaverse has opened new opportunity for commerce and enterpreneurship skills to create and innovation of new ideas in our country, gaining access to all this creation of metaverse will bring wealth to the country and will engage the youth in meaningful things, instead of engaging themselves in so many anti social vices which can be of great risk to the country and will also corrupt the mind of the young.
With the currency gained from these online business,they will be establishment of companies,so will there be employees to work in these companies and there will be decrease in unemployment . the poor and the middle class would have access to luxury.
The idea of a currency in the metaverse is an interesting one. Having a currency could fill the virtual world with profit and wealth, resulting in global econimical advancement. However, it could turn the metaverse into a beehive of money and business which wouldn't serve the common good.
Having this currency would be brilliant for all countries. If it was global and virtual, it would cause an economic boom, which would further advance big tech companies. With there already massive wealth they would be able to invest in other areas and cause development. For example, Alphabet ( the owner of Google and YouTube ) is already developing AI. Increasing Alphabet's wealth would help to develop AI, causing a boom of art and innovation. Also, having this currency would mean there was profit in the metaverse; without that there wouldn't be nearly as much incentive to build it.
On the other hand, having this currency could turn the metaverse into a massive advert for tech companies. Causing everything ot cost money would mean people would get less enjoyment out of it. Plus, different companies would compete to make more profit and the already long list of court appearances would triple. Companies and governments would squabble about tourist rights and other nuisances.
I never have kown all of this
The idea of introducing a currency in the metaverse is an intriguing concept that holds immense potential for global economic advancement and technological innovation. It presents a brilliant opportunity for all countries, fostering an economic boom and propelling big tech companies to invest in groundbreaking areas such as artificial intelligence, paving the way for a flourishing ecosystem of art and innovation. Moreover, the introduction of a metaverse currency would incentivize the development of immersive experiences and serve as a catalyst for growth, creating a vibrant virtual world that captivates users worldwide.
However, it is essential to approach the implementation of a metaverse currency with care and consideration. While it has the power to drive economic prosperity, we must also acknowledge the risks of over-commercialization, which could compromise the metaverse's ability to serve the common good. Striking a delicate balance between profit-oriented objectives and the well-being of users is crucial to ensure a harmonious virtual environment that transcends mere financial gains.
This thought-provoking concept prompts us to reflect on the ethical and societal implications of a metaverse currency, and how its introduction must be guided by principles of inclusivity, user enjoyment, and responsible business practices. By addressing these challenges, we can navigate the potential obstacles and build a metaverse that not only fuels economic growth but also prioritizes the holistic development and satisfaction of its diverse user base.
The intriguing idea of a metaverse currency, with its promise of economic advancement and technological breakthroughs, deserves recognition for its potential impact on our interconnected digital landscape. It serves as a catalyst for discussion and innovation, encouraging us to explore new frontiers while remaining mindful of the common good and the well-being of users. This visionary concept holds the power to transform our virtual experiences and shape a future where the metaverse becomes a thriving hub of economic prosperity, creativity, and inclusivity. I would like to conclude with a question open for all and my take on the question. What if the boundaries of our reality are not defined by what we see and perceive, but rather by the limitations of our imagination? Could it be that the vastness of the universe is not confined to the physical cosmos, but extends infinitely within the realm of our minds? And if so, what untapped potentials and undiscovered truths lie dormant within the uncharted depths of our imagination, waiting to be unleashed?"
In my opinion, this question challenges us to reconsider the nature of reality and the vastness of human potential. It encourages us to delve into the depths of our imagination, questioning the limits we have imposed upon ourselves and the world around us. By embracing the notion that our imagination might be a gateway to unexplored dimensions, we embark on a journey of introspection and creative exploration, unlocking new realms of knowledge, innovation, and understanding and I feel this question urges us to embrace the power of imagination, to push the boundaries of what we perceive as real, and to embark on a quest for the boundless possibilities that await within the depths of our own minds.
What's your take on the question?
Currency in the metaverse is a way of making the metaverse more realistic. Currency in the metaverse can cause real-time transactions which is a major advantage of using crypto currency in the metaverse. With crypto, value can be exchanged instantly and without any delays, because there is no need to wait for banks or payment processors to verify transactions.
In the metaverse, crypto currency can also offer greater flexibility. It can be used to buy a variety of goods and services because it runs on a decentralised platform. Users now have more options and opportunities to engage in the virtual economy as a result.Due to currency in the metaverse, there will be lower costs and duration of transactions by enabling the sending and receiving of payments from anywhere in the world. Because it does not need middlemen and lowers the cost and time is reduced, this is an advantage for businesses and individuals who frequently need to make cross-border payments.
Why would we need a whole new money system on the vr if we can just use the money that we use for everything else. And there is no reason to do all of this on a headset if we can easily do this on phone or computer video calls.
The way we use money has developed significantly. Do you think there is room for this to evolve with the digital age?
After my research I found that a scientist metaverse A digital world where real and virtual worlds merge, for example you can meet your cousin who lives in California at a coffee shop in a virtual environment in real time via your avatar.
In this new environment, groups of users walking around in 3D spaces can choose to do whatever they want to do, which is the future of social media, indeed the entire web.
Meta Corporation has the ability to own this data, communicate in the 3D environment and has the talent and resources to build metaverses. In fact, the social media giant has announced that it will hire 10,000 people in the European Union to do the big job
My answer is yes, there will be room for the development of the digital age, because people will use it a lot in the exchange of goods and purchase currencies. In the near future at least, smart phones will remain, but we have to know that they are not designed for three-dimensional spaces, as is the case in Metaverse, and this is the reason That all major technology companies are investing heavily in virtual and augmented reality technologies, the future is definitely theirs.
In an immersive environment like this, do not expect to have any privacy of any kind. Virtual reality data is biometric data, and every movement of humans within this environment will be recorded, which is similar to the “global harvest” of all personal and behavioral characteristics of humans, which will make people Vulnerable to a lot of cybercrime, much more than it currently exists. In the end, I say that a new and exciting world is coming to us, and it is also a completely naked world that may carry many disadvantages.
I think that it already is changing. With the arrival of the Bitcoin and other crypto-currencys who we trust with money has significantly changed. Humans used to be content with a piece of paper that signed a contract between shopkeeper and customer; now they want secure hard drives to lock away information.
However, I do think that there are still ways for the use of money to change and evolve. Take communism, for example. Money in a true communist area that had worked out perfectly would useless, because people would all have the same amount. The only useful money-related concept would be tokens saying how much of what you had bought and thus how much you were still entitled to buy. Or, there could be tokens saying how much your job owed you.
I think that given how much money has changed over the years according to what customers want it will evolve due to the metaverse. The metaverse and AI symbolise just how modern consumers are now, and consumers decide the market, not the other way round.
I dont think money in the metaverse is a good thing because anyone who gets on your vr headset could probably access your money on it. And they are fragile so if you happen to drop the headset and it breaks it'll be difficult to recover the money on the headset itself again. It's a cool idea but not very viable
I think that the metaverse is a good thing and a bad thing because it is bad for normal people because it would cost loads of money and people could lose all of their money . But I also think that it is a good thing as people could have a lot more fun in the metaverse than they have in their normal lives .
I see that you are interested in the idea of a currency in the metaverse. That is a very interesting topic indeed. Let me explain it to you in simpler terms.
A currency is like money that people use to buy things they want or need. Just like how we use dollars, euros, or yen in the real world, people in the metaverse might use their own currency to buy things they want or need in the virtual world.
Now imagine everyone in the metaverse had their own currency. People who have a lot of this currency could become very rich, while others who don't have as much could struggle to get by. This might not be fair for everyone.
Additionally, if the metaverse becomes all about making money and doing business, then it might not be enjoyable for everyone. Some people might just want to have fun and enjoy themselves without worrying about making money.
So, while having a currency in the metaverse can have its benefits, we need to think about how it can affect everyone. We need to make sure that the virtual world is fair and enjoyable for everyone, not just those who have a lot of money.
I hope this helps you understand the concept of a currency in the metaverse better.
I disagree with your point in paragraph 3 because the whole point of the capitalist market is that people do become richer if they have better ideas. There's nothing unfair about it, as long as it's not from inheritance, which I consider to be a form of nepotism and thus corruption.
The whole point is that if you contribute more to society then you take back more from society. If somebody invented a communication system that went viral in the metaverse then because it's helping more people then they're going to take back more.
I agree in part with paragraph 4, but I think that money does draw more innovation. I agree that not everything should be about money and money-making, but I do think that if we can produce stuff which is a lot cheaper in the metaverse ( which we can ) then charging a much smaller fee can actually benefit both the customer and the seller.
Personally, I think that currency in the metaverse should be introduced but it should be sidelined. What I mean by this is that I think that it should be a thing, just not a big thing.
Having no currency would mean that companies and businesses lose their interest in the metaverse. True, it will have massive advertising power; but there's no direct money. This would mean that the metaverse would lose important funding and wouldn't reach its full potential. If people want there to be a brilliant metaverse, then there must be a currency.
However, making a massive thing of this currency is a bit too much. You don't really want digital street vendors pressing virtual products in your hands and asking you for money. It just doesn't really work. And if everything comes with an extortionate price, then not as many people would enjoy and maximise the potential of the metaverse.
However, if people made a lot of money out of the metaverse then banks would get more money; and that would make banks money. That may be a good thing; banks invest in businesses, who give money to the banks who give money to the people. Also, the banks would probably invest in businesses who had shares in the metaverse which would mean that even more money went round.
I think that there should be ways to make money easily but there should be rules where you can't make money. Here is my proposed constitution:
1. Tourism is free.
2. Entertainment fees may not surpass £10 ( or however many of the currency)
3. Shops can be located wherever.
4. All virtual currencies, as well as bonus products for any virtual thing.
5. No charge exceeding £5 for a metaverse headset.
6. No street vendors in certain places that are pre-designated depending on the landscape
Please tell me what you think about this comment.
“Buying things” and being able to test items through the metaverse can open a brand new world to sellers and buyers. When buying things online it can be a risk that the item is not what you expected or the wrong size, wIth buying things through the metaverse that risk will be much less plausible. Although this could be great for sellers it could be a problem for store owners because of the possible decrease in buyers actually coming to stores to buy and try on items. In 2023, there is already 80 million more digital buyers than there were in 2022—a 3.1% year-over-year increase. 33.3% of the population worldwide shop online rather than going to the shops. Many people already prefer online shopping but more people prefer going in-store shopping because they can get their items right away and they like to see what they are buying, but if people can try on and see what their buying through the metaverse then maybe they will prefer online shopping.
I hadn't actually thought about that aspect of currency in the metaverse but the more I think about it the more I realize how big a part of the idea it is. Being able to test out things in the metaverse was always a big bonus but commercializing it and making it easier for customers is a brilliant idea.
Already people are shifting towards online shopping, but as you've said no knowing what you get is a bit of a scary thing. It's so much easier to scam people online than in a shop because you can feel and inspect it in a shop. You can get bribed to leave five star reviews which means that a big part of it could be fake. In fact, my mum once received a card along with a product telling her that if she left a five star review she'd get twenty pounds. It's so easy to bribe people just because people need money and if you decline it, like my mum did, then most can't be bothered to report it or anything. That's just a part of human nature and should be expected: that people often just can't be bothered.
However, if you could test out something in the metaverse then you wouldn't have to rely on reviews which can be inaccurate. You could play a board game in the metaverse even if you lived thousands of kilometres away from others. Also, you could do this for a smaller fee than buying it. For example, you could buy a virtual board game for £1, compared to £30 in reality. This would make money for the businessmen because it would cost them approximately 10p to code the game into reality. Once you had one, it would be even cheaper.
Being able to test and use products in the metaverse is a massive and useful part of a metaverse currency. It should be encouraged and would be a huge weapon in the metaverse commercially. This would draw businesses in, which normally means that there are going to be bigger discounts, or less fees.
I feel that the creation of a metaverse currency would not be the best creation AI leaders could create for today's time and in the future. For starters, many major AI developers and even Elon Musk have stated that the metaverse and AI is evolving and every day is becoming more and more advance which can soon lead to the machines taking over humanity. So I feel creating a currency that is based off of the metaverse would give AI even more power leading to the on day world taken over by AI and the metaverse. Lastly, I honestly feel that a currency in the metaverse in unneeded. Think about it, we have so many different kinds of online and metaverse payments in our currency currently. Apple Pay, Cash App, Klaran, After Pay, and much more. For these reasons this why I not only feel that metaverse currency is bad for our future but also unneeded
I agree with the part where you said all of these advancements are being changed day by day but I think online currencies can just be an efficient way of paying. Online currencies can be beneficial to those who do not want to carry physical cash and this could even prevent robberies if the criminal is aware the victim has no cash on them. I, even use an online currency to make purchases in person and it teaches me how to manage my money.
The idea of a currency in the metaverse is actually a bit weird, seeing as the only thing you'd be able to buy with it is products inside the metaverse itself, which would have to be virtual. The only obvious product to me is an upgrade, not dissimilar to the ones you can buy on video games. In fact, Fortnite's VBucks are pretty much a virtual currency, and that idea is essentially the same.
Having a virtual currency would follow with a new market specifically for the metaverse. It would have to cover all products sold in the metaverse obviously, but that probably wouldn't be worth that much relative to a physical market where you can buy food and drink and gold and stuff like that. The only way to increase its worth massively would be to include shares of the metaverse in the market. However, as the metaverse basically is the market, then you could buy shares of the market which counts for money in the market. The whole issue is paradoxical.
The solution to this never-ending problem is to make the market a market of all online products. However, this would not count products that were bought online, because that would impact the other markets too much and would change by the second depending on whether people buy the exact same product differently. This online market would mostly be made up of the metaverse, true, but even comparatively things with a smaller worth, like VBucks in circulation would add to it. Also, it would have the might of the BitCoin and other digital currencies behind it. However, they would have to merge into one, which is bad for business ideas and you wouldn't get the same flexibility that is crucial in today's markets.
These are the problems of having an online market. Some solution which would involve slightly tweaking current regulations could be made without too much hassle and are probably appropriate. However, letting the paradox would be terrible and governments should either ditch currency in the metaverse or impose those new regulations.
I think that currency is a necessary part of economy, however, I do not think that the metaverse needs currency. People go into the metaverse often to take a break from reality and their day-to-day problems. If the metaverse starts having a currency, I think that less people will visit it, as money can make people have financial problems in the metaverse too. Also, if there will be a currency introduced into the metaverse, the society will be very unfair, with some people living a poorer life in the metaverse. So, overall, I do not support the idea of bringing currency into the metaverse.
Currency in the Metaverse would be good because you do not need to go to the bank to get your money, you can go to the Metaverse and get your money digitally. You can convert the digital money into real money or you can convert it into different real life currency. Currency can have a lot of advantages like not going to the bank to get your money. You could even buy stuff with that digital money, so currency in the Metaverse is the best. You see the Metaverse like a good place with ease, not time consuming to get your money and stuff, but there are some disadvantages.
First, hackers nowadays are now getting advanced so you may be one of their victims. As the internet and the Metaverse get smarter so as the hackers too, so there is no safe place to keep your fortune. There may be some viruses that can infect your stuff and could steal your fortune like Trojan, Malware, Spyware, etc. In Conclusion Currency in the Metaverse can be the best but can be risky because of hackers.
Although the metaverse in nice, and having currency there is wonderful and enjoyable.
But nobody has taught about how expensive is it to even have access to the metaverse talk less of earning currency in it. It is not certain that money will be given for free,you will pay or work for it like the crypto system.
Celebrities even use money to buy houses after having access to the metaverse, so currency will not be free but will be earned.
The concept of a currency in the metaverse raises intriguing possibilities. While it could lead to economic growth and advancements, there are concerns about the potential commercialization and negative impact on user experience.
Introducing a global virtual currency in the metaverse could stimulate economic prosperity and benefit all countries. It would create opportunities for big tech companies to invest their substantial wealth in various sectors, fostering development and innovation. For instance, increased resources for companies like Alphabet could accelerate advancements in AI, leading to artistic and technological breakthroughs. Moreover, the presence of a currency would incentivize the construction and expansion of the metaverse itself.
However, the introduction of a currency could also result in excessive monetization and an overemphasis on profit-driven motives. Users may find their enjoyment diminished as more aspects of the metaverse become monetized. Additionally, intensified competition among companies for profits could lead to legal disputes and conflicts over rights and regulations, potentially disrupting the harmonious experience of the metaverse.
In conclusion, while the idea of a metaverse currency offers potential benefits in terms of economic growth and technological advancement, there are valid concerns regarding the commercialization and potential drawbacks for users. Striking a balance between economic viability and preserving the metaverse's appeal and accessibility will be crucial in shaping its future.