What economic model for the Metaverse?

This issue was the subject of a cross-examination between experts, Thursday 2 June, in a panel entitled: “What will be the business model of the Metaverse? How to get paid? », On the occasion of the second day of the« Africa Metaverse Summit », the continent’s first summit dedicated to this sector. An initiative of 3D Net Info, in collaboration with Cio Mag.

(Cio Mag) – Before trying to find out how to monetize your digital presence on the Metaverse, you should understand what it is and how it works. During this round table on the Metaverse business model, the first round table of speakers was dedicated to these questions. A little history lesson: The word Metaverse was coined in 1992 by a science fiction author ”, Informs Philip Nadeau of DigiHub Shawinigan, a non-profit organization that offers training, work and start-up spaces for entrepreneurs in Quebec City (Canada).

In today’s context, he presents the Metaverse as ” is a shared and hyper-realistic virtual space that includes movable and immovable assets registered in a blockchain. Any asset that can be sold with cryptocurrency. Seen from this angle, it is clear the world of the future that the Metaverse suggests, according to Vicentia Asilevi of Tezos Africa, for which ” everything we know in today’s world could be replicated As such, the Metaverse is a virtual world, a futuristic version of the Internet in which virtual spaces are accessed through interactions. It is therefore a form of transposition of real life into a virtual cycle in which all activities can be carried out.

The Metaverse is an opportunity and an opportunity for the African market to create value. NFT, cryptocurrencies and new technologies represent the structures for the African market to be more representative on the global market and to be able to transform fiduciary money into mobile money. The business model is to decentralize African finances shares Ismael Ould of Wynd, France.

Huge economic potential

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

Screenshot from the panel

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

Carine Dikambi, director of Binance Francophone Africa, agrees. And she goes back to the income possibilities generated by the Metaverse, especially for creators. ” With its peer to peer concept, the Metaverse returns freedom to the end user. You can participate without barriers to entryensures. Therefore, NFTs allow creators to make their works available to the whole world, without intermediaries. It’s a way to access the global economy through your smartphone! “, He rejoices.

A point of view shared by Ismaël Ould, since, according to him, “ the Metaverse allows the development of e-commerce without a supply chain, the very one that poses problems in Africa “. Although the expert remembers the dangers of speculation on cryptocurrencies and NFTs. In this case, he explains, the bettor must be aware that he can lose his money and must not invest what he is not ready to lose.According to Nelly Chatue-Diop, founder of FinTech Ejara, this role is devolved to local regulators to identify defects. and problems related to cryptocurrencies, in order to solve them. Speaking on this topic, Philippe Nadeau asks for his part not to confuse regulation and prohibition of cryptocurrencies. Because he says: as much as governments can regulate traditional finance, it will be even more complicated with decentralized finance. “

For the latter, ” what will make a Metaverse a success is its interoperability and its critical mass of users. Everyone must be able to express himself in his own universe and give the possibility of being able to move from his own universe to another with his own 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 still needs to be aligned on various aspects including training, information and advanced digital infrastructures.

Watch the replay here of the panel

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