After Facebook changed its name to Meta in 2021, Metaverse arose and exploded, launching an uncompromising game between the technology titans. Everyone is vying for the top spot in this burgeoning new sector. The concept of Meta Economy was born out of the Metaverse. Since then, a new economy based on the Metaverse platform has emerged, with the potential to displace the current traditional economy.
1. What is Meta Economy?
Meta Economy is the result of combining the terms Metaverse (Virtual Universe) and Economy. As a result, Meta Economy refers to an economy based on virtual reality environment that is linked together via the Internet / Web 3.0. In Meta Economy, humans are represented and interact with one another through 3D avatars. Meta Economy creates a world without boundaries, allowing users to serve their businesses in more innovative ways, overcoming and augmenting the restrictions of the old economic model.
2. Meta Economy technologies are used
Meta Economy is based on today’s most cutting-edge technology trends, such as Blockchain, AI, cloud computing, VR/AR, and so on. All of this was combined to produce technical economic figures in the form of an official 3D model of the real world. All business is fair, transparent, and secure in this world.
- DeFi, DAO, NFT, and other blockchain technologies are used to improve the security of all information about items and transactions. The blockchain technology serves as the foundation for individuals and businesses to participate in a fair and secure economy.
- VR360 simulates the real environment and real-world physical assets in the form of 3D models using VR/AR virtual reality technology to boost realism, visualization, and appeal for activities.
- Artificial intelligence mixed with big data offers organizations with data to study and understand, allowing them to better serve their consumers. Simultaneously, AI aids in the automation of tasks, the recording and response to client input, and the overall efficiency of the organization.
3. Why is Meta Economy the Next Big Thing?
3.1. Changes in consumer behavior
Consumer behavior has changed as a result of the Covid-19 epidemic. Digital shopping is more popular among consumers due to its ease, quickness, and security. In fact, 81 percent of customers say they’ve modified their buying habits since the pandemic began, and 92 percent think they’ll keep doing so in the long run. If it’s an illness or not When changing customer behavior necessitates swift adaptation, firms must shift from traditional to digital business models.
3.2. The technological push
The epidemic of Covid-19 has accelerated the development of Blockchain, NFT, Crypto, and Web 3.0 technologies… These are the key technological platforms for the development of the Meta Economy.
3.3. Resource saving
Businesses will save a lot of human resources, time, and money as the economy shifts from the traditional model to the Meta Economy. Instead of investing a lot of money in a headquarters, digging produces workers, equipment, and a virtual store on Meta Economic, and firms save money on these expenditures.
3.4. Extending beyond the confines of space and time
The distinction between real and virtual will be blurred in the Meta Economy. Individuals who participate will use social media to role-play and introduce real-life elements to their field, business, habits, purchasing needs, business relationships, or daily relationships.
Users no longer have to endure long trips to reach their desired tourist spot or stand in long lines to purchase their preferred things. Customers may go everywhere they desire with only one click.
3.5. Improve customer satisfaction
Meta Economy provides people with an authentic, secure, convenient, enjoyable and engaging shopping experience. Users can immerse themselves in the 3D tour booth through VR/AR instead of viewing the 2D e-commerce website on the browser. The 3D technology that Meta Economy uses will make everything displayed and stalls more intuitive and lively. Customers can not only view product photos, but also see depth of information such as color, sound, and perspective.
Meta Economy will be the development of the traditional economy, changing the entire economy today. With the outstanding benefits brought, this is the inevitable trend of the future.