E-commerce platforms change the way we viewed the business landscape globally and Metaverse trading is set to do the same. The metaverse is promising a future where virtual shops will exist in the digital space and buyers would be able to browse, try out, and buy various products taking a 3D virtual tour.
Metaverse trading won’t be any different from the traditional supermarkets and stores we are used to, except the experience here is entirely online. No borders, strict regulations, or trade barriers, anyone from any country would be able to trade in the Metaverse.
E-commerce in metaverse: how will it look like?
The metaverse e-commerce will be highly immersive. Customers, employees, and remote users would be able to have hi-touch interactions within the virtual world. For example, face-to-face meetings between employees without having to be there in person would a possibility. Also, without leaving the comfort of their room, customers would be able to trail new products, try customizations, and even explore locations.
Furthermore, business opportunities that defy the laws of physical reality would be explored. An anticipated use case is having a data presentation modeled in 3D which you can interact with.
The Metaverse economy would be based on blockchain technology and related asset classes like NFTs and crypto. This means businesses should expect a future where they can set up their VR stores by buying property as NFTs and using crypto to price product catalogs.
What can you trade in the metaverse?
Business operations that are provided by the metaverse include:
In the future, businesses in the metaverse will be able to meet the metaverse’s product and service requirements.
Businesses can now sell VR accessories to customers who want to customise and “fashion” their 3D avatars. Artifact hunters could appear in games to assist players in completing objectives and earning money. Other ways where businesses can function is as tour guides in virtual reality places such as museums or theme parks.
Meta-assets as NFTs
Businesses can also use NFTs to sell and buy virtual assets in the metaverse.
Non-fungible tokens, often known as NFTs, are a type of digital asset that grants the buyer a type of ownership license for virtual goods. Digital artworks, GIFs, memes, and Tweets have all been sold as NFTs in the past.
Because of the huge demand for high-value NFTs, businesses may find investment opportunities in the metaverse.
Advertisement of real-world products in VR
Through virtual reality advertising and promotion, the metaverse might also help businesses flourish in the actual world. Digital billboards outside of virtual collaboration spaces and product placements in virtual reality games are examples of advertising you’ll see in the metaverse.
You can also create end-to-end brand storytelling experiences with downloadable brand offerings that enhance product recall in physical stores.
How to invest in metaverse
Investing in the Metaverse world is possible through two approaches; directly or indirectly.
You can invest in the metaverse indirectly by purchasing virtual land in the metaverse, buying in-game NFTs, and purchasing metaverse tokens. Indirectly ways of investing in metaverse include investing in Metaverse Index (MVI) and buying metaverse-associated stocks.
Regulating the metaverse
Regulation of virtual assets
Traditional financial regulatory systems, such as securities, banking, money transfer, and commodities regulations, may apply to virtual assets in the metaverse, such as NFTs. When such assets are bought and sold, they may also be subject to a variety of taxes, including income and sales taxes.
Regulation of conduct in the metaverse
Another key question is who will regulate the legal limitations of conduct in the metaverse. On this front, many metaverse projects contain terms of service that profess to contractually restrict user conduct, allowing for sanctions such as suspension from the platform and confiscation of in-world assets in the event of a violation.
Privacy and cybersecurity
Privacy and cybersecurity are two more emerging concerns with metaverse initiatives. Metaverse designers are adopting privacy rules and corporate compliance processes to solve these issues.
The metaverse is always changing, and there are many new advancements on the way. We are in the midst of a major shift from the physical to the virtual world. While the potential is enormous, it is prudent to conduct an extensive study before making any big investments.