This issue was the subject of a cross-examination between experts on Thursday 2 June in a panel entitled: “What will be Metaverse’s business model? How will you be paid?”, On the occasion of the second day of the “Africa Metaverse Summit”, the first summit dedicated to this sector on the continent.An initiative from 3D Net Info, in collaboration with Cio Mag.
(Cio Mag) – Before trying to figure out how to monetize your digital presence on Metaverse, understand what it is and how it works. During this roundtable discussion on Metaverse’s business model, panelists’ first roundtable discussion was devoted to these issues. A little history lesson: The word Metaverse was invented in 1992 by a science fiction writer ”, Says Philip Nadeau of DigiHub Shawinigan, a non-profit organization that offers training, work and start-up space for entrepreneurs in Quebec City (Canada).
In today’s context, he presents Metaverse as ” is a shared and hyperrealistic virtual space that includes chattels and real estate registered in a blockchain. Every asset that can be sold with cryptocurrency. Seen from this angle, it is clear the world of the future that Metaverset proposes, according to Vicentia Asilevi of Tezos Africa, for whom ” everything we know in today’s world could be copied As such, Metaverse is a virtual world, a futuristic version of the Internet, where virtual spaces are accessed through interactions. It is therefore a form of translating real life into a virtual cycle where all activities can be performed.
” Metaverse is an opportunity and an opportunity for the African market to create value. NFTs, cryptocurrencies and new technologies represent facilities for the African market to be more representative of the global market and to be able to convert money into mobile money. The business model is to decentralize African finances shares Ismael Ould from Wynd, France.
Huge economic potential
In this new universe, many sectors are almost under development, such as education, sports, culture, business, etc. Services that can be sold online with cryptocurrencies, which are in themselves based on blockchain technology. Metaverse is also supported by blockchain to secure transactions and payments via cryptocurrencies.
According to the US financial group, Bloomberg, the potential for the Metaverse market could reach $ 800 billion by 2024, or even $ 2,000 billion by 2030. But how? Metaverse will provide a platform for all possible activities that will be performed there and generate money. The same way we dress, we attend a football match or a concert, we buy land in real life, we can do it in Metaverset, Vincentia Asilevi remembers.
Carine Dikambi, director of Binance Francophone Africa, agrees. And returns to the opportunities for income generated by Metaverse, especially for creators. ” With its peer to peer concept, Metaverse gives freedom back to the end user. He can participate without barrier to entryshe assures. Thus, NFTs allow creators to make their works accessible to the entire world without intermediaries. It’s a way to access the global economy via your smartphone! “, She rejoices.
A view shared by Ismaël Ould, then, according to him, “ Metaverse allows the development of e-commerce without the supply chain, precisely the one that poses a problem in Africa ”. Even though the expert remembers the dangers of speculation about cryptocurrencies and NFTs. In this case, he explains, the player must be aware that he may lose his money and must not invest what he is not ready to lose. According to Nelly Chatue-Diop, founder of FinTech Ejara, this role is entrusted to locals regulators to detect errors and problems related to cryptocurrencies in order to resolve them. Speaking on this subject, Philippe Nadeau, for his part, urges not to confuse regulation and prohibition of cryptocurrencies. Because he says: just as much as governments can regulate traditional finance, decentralized financing will be even more complicated. »
For the latter ” What will make a Metaverse successful is its interoperability and its critical mass of users. Everyone needs to be able to express themselves in their universe and give the opportunity to be able to move from their universe to another with their objects. That is what will generate revenue “If Metaverse represents the future of the world, it’s even more true for Africa, according to Carine Dikambi and Vicentia Asilevi. A continent that still needs to be adapted to several aspects, including education, information and advanced digital infrastructure.
See the repetition here of the panel