Metaverse and Digital Economy

Metaverse and Digital Economy

Metaverse is a kind of virtual world. It is the fictionalization of the things we do in our lives in the virtual world. Metaverse is like a universe where dreams come true. Metaverse is a three-dimensional virtual world. For example, there may be a copy of the city you live in in the metaverse. Navigating the Metaverse requires gadgets like a smartwatch, headphones, and now a tactile glove like Facebook has developed.

Let’s come to the economic role of the metaverse. Companies all over the world have rolled up their sleeves to gain a place in this parallel universe.

compaines building the metaverse

https://www.cbinsights.com/research/metaverse-market-map/

As I mentioned before, metaverse is being developed together with decentralized autonomous applications such as Web3.

So, is it possible to make money in Metaverse? Climate-related problems have been frequently emphasized lately. In this case, could Metaverse be an alternative for a cleaner world?

I think it is necessary to evaluate Metaverse with both its good and bad sides.

Let’s say you book an office on Metaverse and furnish your office just like in the real world. You can also create your own avatara there. This image will look just like you. You can make your business meetings in this virtual office. When you want to make a business deal, you can go to your partners’ virtual offices or they can come to yours. Or none of this, you can also meet in a virtual cafe in the metaverse. You put on your glasses, put on the gloves and shook hands. You made the deal. You also recorded this agreement on the blockchain.

This happened from where you were sitting, right? You have eliminated the concepts of distance, time and space. Normally, in order to do this, for example, you would leave your house, you would go to the road with your car, you would enter the traffic, it would be a waste of time, your gasoline-burning car would pollute the environment with exhaust fumes. You would also take your partner with you and maybe you would make a product presentation there. For all these, traffic would increase, air would be polluted, time would be spent and expense would be incurred, right?

At this point, it is understandable to change the socialization of human beings, which is one of the purposes of creating Metaverse. In this way, the world will be saved from pollution. In Metaverse, everyone will have a virtual identity, digital wallets will be used, and cryptocurrencies will be valid.

With cryptocurrencies, the business world in the real world will be transferred to the virtual world. You will also be able to switch to Google with the avatar created on Facebook.

On the other hand, for people who can meet in the metaverse, the concept of the big city will begin to lose its meaning. Namely, there will be no need to live in big cities in order to be close to the business world. In this case, workplaces in big cities become meaningless and rents are cheap.

Covid 19 had already begun to change the way we do business. People got used to working remotely, which was actually a preparation for the metaverse. While rents will decrease in the real world, they will increase in the metaverse.

In this case, sociologists, psychologists, city planners should think very well and prepare for the new situation.

What will be the sociological and psychological effects of this when people start to spend most of their time in the metaverse? Remember, many people committed suicide during the covid 19 shutdowns.

But will autonomous and decentralized organizations announce that they have established a digital state tomorrow?

A new blockchain-based world is being built. Blockchain is a candidate to become the world’s notary.

From what we have told so far, we understand that the concept of employment is changing with the digital economy and the metaverse. You can now work anywhere in the world from where you live.

Let’s move on to the digital economy.

If we take a brief look at the components of the digital economy, the internet is the most important component of this economy. For fast internet, Elon Mask equips all parts of the world with satellites.

 

Another important component is data reading. In other words, a person who does business in the digital environment will be able to access data about his work in a short time and much cheaper.

In short, data is the engine of the digital economy. There is a data war all over the world right now.

On July 1, 2021, 130 countries met and agreed on the taxation of the digital economy. States have also sought to create a centralized digital currency to digitize themselves.

A digital economy reconciliation has already been made between Singapore, Chile and China. Digital economic cooperation will begin, just as countries have real economic cooperation.

In the digital economy, employment will also be online, and it is possible to find workers and managers from many parts of the world.

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Production will mainly be personalized production. Production will be done with 3D printers. All produced objects will be connecting to the internet. We call this the internet of things.

From a sales point of view, stores normally have opening hours for sales. In the digital economy, stores will not close. You can also shop in the middle of the night.

With the logistics cities established all over the world, it will be possible to reach the end consumer instantly. You will be able to reach customers from where you sit, without the need for a wholesaler in between.

Businesses established in the Metaverse will be established just like in the real world. for this, whatever needs to be done in the real world will be done in the metaverse.

Finally, whoever dominates telecommunications in digital infrastructure will dominate data. In the new digital economy that dominates data, it will be the richest and dominate the power.

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