What is the economic model for the Metaverse?

This problem was the subject of a cross-examination between experts, Thursday, June 02, in a panel entitled: “What would be the business model of Metaverse? How to pay?», On the occasion of second day of the «Africa Metaverse Summit», the first summit dedicated to this sector of the continent.An initiative of 3D Net Info, in partnership with Cio Mag.

(Cio Mag)-Before trying to figure out how to monetize your digital presence in Metaverse, you need to understand what it is and how it works. During this round table on the Metaverse business model, the first round table of panelists was dedicated to these questions. A little history lesson: The word Metaverse was coined in 1992 by a science fiction author ”, Announced Philip Nadeau of DigiHub Shawinigan, a non-profit organization that provides training, employment and start-up space 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 blockckain. Every asset that can be traded in cryptocurrency. When viewed from this angle, it is obvious the world of the future proposed by Metaverse, according to Vicentia Asilevi of Tezos Africa, for whom ” everything we know in the world today can be imitated “. As such, Metaverse is a virtual world, a futuristic version of the internet where virtual spaces can be accessed through interactions. So it is a form of transitioning real life into a virtual cycle in which all activities can take place.

The Metaverse is an opportunity and opportunity for the African market to generate value. NFTs, cryptocurrencies and new technologies represent the facilities for the African market to become more representative of the global market, and to transform fiduciary money into mobile money. The business model is financial decentralization in Africa shared by Ismael Ould of Wynd, France.

Great economic potential

In this new universe, many sectors are virtually thriving, such as education, sport, culture, business, and so on. Services that can be sold online using cryptocurrencies, based on blockchain technology. Metaverse is also supported by the blockchain to secure transactions and payments through 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? Metaverse will provide a platform for all possible activities to be held there and generate money. In 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, recalls Vincentia Asilevi.

Carine Dikambi, director of Binance Francophone Africa, agreed. And back to the revenue possibilities generated by the Metaverse, especially by creators. ” With its peer to peer concept, Metaverse gives freedom back to the end user. He can participate without barriers to entryhe assured. Thus, NFTs allow creators to use their works globally, without intermediaries. It’s a way to have access to the global economy through your smartphone! “, He was happy.

A point of view shared by Ismaël Ould, because, according to him, “ Metaverse has allowed the growth of E-commerce without the supply chain, one that poses a problem in Africa ”. Even if the expert is mindful of the dangers of speculation around cryptocurrencies and NFTs. In this case, he explained, the bettor should be aware that he may lose his money and should not invest in what he is not willing to lose.According to Nelly Chatue-Diop, founder of FinTech Ejara, this role is handed over to local regulators to detect errors and problems related to cryptocurrencies, with the aim of resolving them. Speaking on this topic, Philippe Nadeau called on his part not to confuse the regulation and prohibition of cryptocurrencies. For, he said: the more governments control traditional finance, the more complicated it is with decentralized finance. »

For later, ” what makes a Metaverse successful is its interoperability and the critical number of its users. Everyone should be able to express themselves in their universe and provide the possibility to move from their universe to another using their objects. This is what can generate income “. If the Metaverse represents the future of the world, according to Carine Dikambi and Vicentia Asilevi, it is even more true for Africa. A continent that still needs to be adapted in many aspects including training, information and advanced digital infrastructure.

Watch the replay here on the panel

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