Technology, Media & Telecommunications

Questions remain as to what the financial impacts of the Metaverse will be, and what will drive the potential trillion-dollar online economy. The answer can be found in blockchain technology, with cryptocurrencies like Bitcoin and Ethereum acting as the money used to purchase the stuff that makes up the Metaverse—digital assets in the form of NFTs.

In August 2020, a group of game firms and online companies came together to form Oasis Consortium (the “Consortium”)—a non-profit dedicated to advancing common ethical standards and technologies for the rising Metaverse. In less than two years, the Consortium has become a standard-setter for what might be the most exciting new industry in the world.

The metaverse has taken the digital and physical world by storm. Many companies, including Facebook, have developed augmented reality products within the metaverse and many of these products utilize Non-Fungible Tokens (NFTs) to integrate the digital and physical consumer experience.