Meta Economy is an entirely new concept that reflects the market’s evolving trend. This is thought to be the future of the current economy. Meta Economy is expected to emerge within the next one to two years; we will see a significant transformation of the economy combined with a traditional business system on Blockchain and Metaverse.
1. Meta Economy Overview
The Meta Economy is a virtual economy built in the Metaverse virtual universe, which is linked by the Internet and Web 3.0. Users are represented and interact with one another via 3D Avatars as NFT assets. Convergence of today’s most cutting-edge technologies, including Blockchain, Digital Twin, VR/AR, AI, and so on. Meta Economic is regarded as a digital representation of real-world business activities, the economy, creativity, and the constraints that businesses face in the real world.
2. Meta Economy – A fair, transparent and secure economy
DAO (Decentralized Autonomous Organization) – These are decentralized autonomous organizations that are built on the Blockchain platform. The DAO will be crucial in the Meta Economy. A DAO eliminates the complex business processes used by various organizations and allows assets to be moved into a forward-thinking digital interaction without the use of intermediaries.
Everyone can contribute to building the digital space by eliminating intermediaries, reducing dependency, and exercising executive authority; DAO will assist Meta Economy in becoming a fair business environment, transparent, and safe for participants.
3. Some business activities in Meta Economy
3.1. Virtual reality travel
Creating 3D models of landmarks and spaces is the first step toward creating virtual tourism. The next step is to take that model into the metaverse, where it will be used to create virtual reality tours, which will open up new business opportunities for the tourism industry, such as:
- Increase customer experience before going to a tourist destination
- Expand products, sell virtual tours
- A global marketing channel, tourists around the world can buy virtual reality tours to experience instead of having to spend a lot of money on travel expenses.
- Enjoy a more immersive experience with VR glasses or AR. devices
- Tours can sell tickets as NFT
With pioneering technologies such as Vr360, Digital Twin, VR/AR, and Blockchain NFT, virtual reality travel on metaverse has truly made a remarkable difference. The novelty and new technology trends are particularly appealing to Genz customers.
Showrooms can now open virtual reality stores on the metaverse thanks to meta economy. The use of Digital Twin technology to “copy” the store onto the digital platform, and how everything that happens in the physical store is updated on the metaverse store; this is known as real-time calculation, is the highlight of this model.
Banks can open virtual banks on Metaverse that provide real card opening, allowing customers to maximize information verification and information security procedures based on blockchain technology without the need for procedures, cumbersome verification procedures, meeting staff, and gradually digitizing the card opening process.
Bringing physical billboards into virtual reality is a new media marketing channel that many companies are interested in. Previously, many businesses placed advertisements on the game’s metaverse platforms.
NFT billboards synchronize with real-life billboards thanks to Digital Twin technology with real-time features. When the brand’s advertising appears on real-world screens, it will also appear in the virtual world.
Imagine one day, your “house on metaverse” is in a prime location like real life, with a lot of people passing by, and you also rent a place to place ads and earn money, just like real life.
3.5. Organize performance concerts
The emergence of the Metaverse, the Meta Economy trend, has completely changed everything in the world, including the music industry.
Artists rent virtual stages, plan their shows, and sell NFT tickets. Audiences enter the metaverse, where they can interact with their favorite artists and others in real-time. This is a novel and exciting experience for music and technology enthusiasts.
The potential of the Meta Economy is unlimited. Many big names have begun to transform their business models and build their first stores on Metaverse. This proves the great attraction of this future economy.