Metaverse Payment System: How People Could Possibly Pay in Virtual Worlds; Will It be Crypto?

Metaverse payment systems will become essential once virtual worlds become a thing in the future. Once this happens, how will they actually work?  

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General views of the Philipp Plein fashion show during Metaverse Fashion Week on March 24, 2022 in UNSPECIFIED, Unspecified. The Metaverse Fashion Week MVFW is hosted by Decentraland virtual world and is the first experimental virtual fashion week.

As of writing, consumers can already have their metaverse experiences through virtual worlds and online games. 

These include “Fortnite,” “Roblox,” and Decentraland. All of them have their own payment systems. 

For example, “Roblox” has its own in-game currency called Robux, which can be acquired using real-life currencies. 

But will this method of payment be used in metaverses? 

Metaverse Payment System Possibilities

According to Fast Company’s latest report, there are lots of possibilities on how future metaverse payment systems will turn out to be. 

Metaverse Payment System: How People Could Possibly Pay in Virtual Worlds; Will It be Crypto?

(Photo : Photo by Joe Raedle/Getty Images)
A Bitcoin image hangs on the wall during the North American Bitcoin Conference held at the James L Knight Center on January 19, 2022 in Miami, Florida. The North American Bitcoin Conference was a three day event that brought together people to listen to people involved with on Bitcoin, NFTs, the Metaverse, Defi, DAOs, Stablecoins, Blockchain and more.

Also Read: Ford NFT, Virtual Automobiles Appear on Leaked Trademark Applications; Does it Mean Entering the Metaverse?

One of these is relying on the blockchain. Experts explained that if this technology is used, consumers can pay in whatever currency they prefer. 

But there’s also a chance that enterprises in metaverses will do no more than make replicas of their existing web presence. 

For example, if a company is producing real-world products, it can also create virtual versions of them. They can either include the virtual products in purchases or sell them separately.  

Other Possible Meta Payments

Aside from the blockchain technology and products’ virtual versions, Forbes reported that digital tokens could also be the future metaverse payment methods. 

However, these won’t actually be the cryptocurrencies you know today. Instead, they will be linked to actual assets. 

These include gold, dollars, properties, etc. If you want to learn more details about these non-crypto digital tokens, you can visit this link. 

The online world is clearly rising as more and more people tend to spend their time on the internet. 

Because of this, many companies are now trying to enter the expanding metaverse market. 

Recently, we reported that a Chinese metaverse company made an AI humanoid robot as its new chief executive officer. 

Meanwhile, Sony’s CEO shared their interest in entering the metaverse industry, saying they want to have their own cross-platform space. 

For more news updates about the metaverse and other related internet topics, keep your tabs open here at TechTimes.  

Related Article: Dubai’s Metaverse Strategy Is Set To Generate 40,000 Virtual Jobs, Strategy Proposed by Crown Prince of Dubai Sheikh Hamdan bin Mohammed

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Written by Griffin Davis

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