Which economic model for the Metaverse?

This issue was the subject of an expert cross-examination on Thursday, June 2, in a panel titled, “What Will the Metaverse’s Business Model Be? How to be paid? », on the occasion of the second day of the « Africa Metaverse Summit », the first summit dedicated to this sector on the continent. An initiative of 3D Net Info, in collaboration with Cio Mag.

(Cio Mag) – Before trying to figure out how to monetize your digital presence on Metaverse, understand what it is and how it works. During this round table discussion on the business model of the Metaverse, the first round table of the panelists was devoted to these questions. A little history lesson: The word Metaverse was coined in 1992 by a science fiction author ,” said Philip Nadeau of DigiHub Shawinigan, a non-profit organization that provides training, employment and starting space for entrepreneurs in Quebec City, Canada.

In today’s context, he presents the Metaverse as ” is a shared and hyper-realistic virtual space with movable and immovable property registered in a blockade. Any asset that can be sold with cryptocurrency† From this angle it is clear the world of the future that the Metaverse suggests, according to Vicentia Asilevi of Tezos Africa, for whom ” everything we know in today’s world can be replicated As such, the Metaverse is a virtual world, a futuristic version of the internet where virtual spaces are approached through interactions. So it is a form of converting real life into a virtual cycle in which all activities can be performed.

The Metaverse is an opportunity and an opportunity for the African market to create value. NFTs, cryptocurrencies and new technologies represent facilities for the African market to be more representative in the global market and to convert fiat money into mobile money. The business model is to decentralize African finances shares of Ismael Ould of Wynd, France.

Huge economic potential

In this new universe, many sectors are developing virtually, such as education, sports, culture, business, etc. Services that can be sold online with cryptocurrencies, which are themselves based on blockchain technology. The Metaverse is also supported by the blockchain to secure transactions and payments via cryptocurrencies.

Screenshot of the panel

According to US financial group Bloomberg, the potential of the Metaverse market could reach $800 billion by 2024, or even $2,000 billion by 2030. But how? The Metaverse will provide a platform for all possible activities that will be performed there and that will generate money. The same way we dress, we attend a football game or a concert, we buy land in real life, we can do it in the Metaverse, Vincentia Asilevi recalls.

Carine Dikambi, director of Binance Francophone Africa, agrees. And returns to the possibilities of monetization generated by the Metaverse, especially for creators. † With its peer-to-peer concept, the Metaverse returns freedom to the end user. He can participate without entry barriershe assures. For example, NFTs enable creators to make their works available to the whole world, without intermediaries. It’s a way to access the global economy through your smartphone! ‘ she cheers.

A view shared by Ishmael Ould, since, according to him, “ the Metaverse enables the development of e-commerce without the supply chain, which is a problem in Africa.” Even if the expert recalls the dangers of speculation around cryptocurrencies and NFTs. In this case, he explains, the gambler must be aware that he can lose his money and not invest what he is not willing to lose. According to Nelly Chatue-Diop, founder of FinTech Ejara, this role has been entrusted to local regulators to detect errors and problems related to cryptocurrencies, with a view to solving them. In this regard, Philippe Nadeau calls not to confuse the regulation and the ban on cryptocurrencies. Because, he says: as far as governments can regulate traditional finance, it will be even more complicated with decentralized finance† †

The latter, ” what will make a Metaverse successful is its interoperability and critical mass of users. Everyone will have to be able to express themselves in their universe and offer the possibility to move from one universe to another with their objects. This is what will generate income If the Metaverse represents the future of the world, according to Carine Dikambi and Vicentia Asilevi, it is even more so for Africa. A continent that has yet to be aligned in various aspects, including training, information and advanced digital infrastructure.

Watch the replay here of the panel

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