The emerging metaverse computer-generated environments could transform sectors like gaming, e-commerce, education, and healthcare. Its market value may reach trillions by decade’s end. Yet the potential depends partly on preventing the metaverse from becoming fragmented across closed platforms, says a new study from the Bank for International Settlements (BIS).
The study contrasts centralized metaverses owned by corporations like Meta, where the operator controls the payment system. It compares these with decentralized ones like Decentraland, which use cryptocurrencies.. It finds the centralized metaverse currently dominates. For the metaverse to flourish, interoperable payment technologies and supportive regulation are needed, the authors argue.
Central bank digital currencies could facilitate cross-border applications and payments within the metaverse. However policymakers should reinforce efforts to enable efficient, interconnected payment methods not controlled by individual private interests.
The study notes the metaverse could blur the lines between tradable and non-tradable economic sectors. But speculation and gimmicky use now prevail.
Targeted policy and technical choices in payments and integration will shape whether the promising potential of the metaverse is realized.
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