Metaverse Economies

Metanomics is a term to describe Web3.0 economies within the virtual world. The term incorporates decentralisation, crypto blockchain and NFTs as ways in which people create, trade and sell their services in the Metaverse. The Metaverse offers significant potential for creators, entertainers and artists to earn from their talents. The new digital economy is emerging where rewards await unique skill sets and ownership is decentralised.

The monetisation of the Metaverse is happening in several ways—advertising across popular platforms, the selling of digital assets such as land and wearables, entertainment event, physical goods in virtual environments and play-to-earn ecosystems. Cryptocurrencies are core in allowing applications to monetise digital assets. Each decentralised platform has its own currency called Crypto Tokens. Metaverse Crypto Tokens differ from cryptocurrency coins like Bitcoin and Ethereum through not having a native blockchain. The crypto token on exchanges determines the value of assets within the environment.

NFTs are a way of trading physical and digital assets that make buying and selling easy, transparent and with reduced risk of fraud. The ownership details of the item are stored on the blockchain. NFTs are the way Metaverse collectables trade.

NFTs were created by Kevin McCoy and Anil Dash in 2014. McCoy and Dash called the technology “monetised graphics”. Today NFTs are used as a format to sell a diverse range of copyrightable creations, from digital artwork to wearables, land, music, film, and physical, real-world items. Converting the item into an NFT makes buying, selling, and trading efficient, documents ownership, and helps artists monetise their creations.