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Metanomics: The Metaverse Economy By: Kalpesh Khandare & Namita Bhatt (Symbiosis Institute of Management Studies, Pune) How Non-Fungible Tokens Aid Societal Development in an exquisite Virtual World A typical metaverse day could soon mirror the world we know and adore with a shared immersive virtual reality experience. We will visit shopping malls, drive across town, meet friends in cafés, and share contacts in ways that feel frighteningly authentic, thanks to considerable advances in virtual reality and 5G connectivity. For decades, metaverses have existed in the form of multiplayer internet games. Nevertheless, we may soon reach an era of immersive experiences that are almost indistinguishable from reality, spawning new kinds of engagement for both gamers and non-gamers. Individuals settling the land, socializing socially, transferring products, and asserting ownership rights are already seen in prototype next-generation metaverses like Decentraland and Somnium Space. A functioning economy is required in any civilization (physical or virtual). The economy is based on digital possessions such as one's metaverse home, automobile, farm, books, clothing, and furniture being authenticated in the metaverse. To prosper also requires the ability to freely travel and trade between realms with different laws and norms. The backbone of the metaverse economy will be non-fungible tokens, which are blockchain-based records of digital ownership that allow for the authentication of possessions, property, and even identity because each NFT is protected by a cryptographic key that cannot be erased, duplicated, or destroyed. It enables metaverse communities to succeed and interact by allowing for decentralized and robust authentication of one's virtual identity and digital commodities. The value of NFTs may lie in allowing the metaverse to grow the seeds of an actual human civilization based on open marketplaces (for products, services, and ideas), autonomous ownership, and social contracts rather than the glamour of multimillion-dollar digital art auctions. "Initially, NFTs focused on the digital art side of things. But it'll be a lot more powerful," adds Crypto.com's COO, Eric Anziani. "In the future, it will be the tool that depicts any digital asset in virtual environments." As a result, the possibilities are endless." Development of real estate in a brave new world Decentraland is home to people speaking by fountains, shoppers in fashion boutiques, joggers on seaside promenades, and casino croupiers attracting customers to high-stakes poker. These encounters occur as a result of virtual real estate development by individuals who have purchased land and constructed ecosystems that have attracted the curiosity of other Decentraland inhabitants.
