Web 3.0 and metaverse development has led to the rise of many metaverse shopping platforms. There are several real-world examples where businesses use metaverse technology to promote and sell their products. However, for many common individuals, confusion about the metaverse marketplace and its workings still exists.
That’s why we have researched and compiled the necessary information to enlighten you about this topic. By the end of this topic, you will learn a lot about the Metaverse, its functioning, and how it is changing how we shop online.
The Interrelation Between Blockchain and Metaverse
Before learning how metaverse shopping works, you need to know about the role of blockchain technology. Blockchain is an online ledger where entire metaverse transactions are recorded virtually. It means the blockchain will keep account of every single purchase or sale that will commence in the Metaverse.
Since blockchain is a shared technology, it has no particular owner or controller. Multiple businesses can use it to manage their transactions over online platforms. In the Metaverse, blockchain is a decentralized intermediator for tracking transactions. Let’s learn more about it in detail below.
Blockchain in Online Shopping
As previously stated, blockchains track and record each purchase, sale, and trade transaction in the Metaverse. The records include which, When, and Where a transaction occurred and its amount. With each new transaction, a new data block adds up to the chain of information that connects with the asset.
As blockchains are highly encrypted, any transaction changes will not be possible. Anyone can only add a new transaction to the blockchain. Blockchains make shopping in the Metaverse the most practical by backing up entire transactions in the most secure way.
Currencies for Transactions in the Metaverse
Metaverse transactions are based on three different types of currencies. Let’s learn about them in detail:
Blockchain cryptocurrencies: These currencies are decentralized and entirely controlled by their users. Currently, there are thousands of cryptocurrencies available worldwide that are rising in value daily.
Non-blockchain cryptocurrencies: Some cryptocurrencies are not hosted over blockchains but only over their host platforms. These currencies are native cryptos and hold value only within their platforms.
Real-world currencies: Many crypto platforms offer new crypto users an option to purchase virtual currencies in exchange for real money. You can buy crypto and sell it in the future for real currency as well.
What Will You Be able to Purchase in the Metaverse?
Your imagination is the only limit to what you can purchase in the world of the Metaverse. Whereas you will find most platforms selling only virtual assets in the Metaverse, a few platforms like iShopMeta will allow you to purchase physical products while providing the virtual shopping experience. With every purchase you will make with iShopMeta, you will earn an NFT in return.
But What Exactly is an NFT?
So NFTs or Non-Fungible Tokens are just other virtual assets on the blockchain. NFTs are unique and come in the form of artwork, music, video clips, writings, and exceptional fancy items that people tend to purchase for collections or sell at a higher price in the future.
Whereas NFTs existed even before Metaverse was there, now Metaverse has made NFTs more popular than before.
You can use NFTs to purchase digital assets. Whereas other people may be able to access a digital asset, for example, a digital artwork, you will still be the owner of that asset. The digital assets you will own in the Metaverse will also help you raise the value of your physical products, as people now tend to love and support these virtual assets more than ever.
Metaverse Marketplace is Changing the Retail Shopping Experience
A wide range of virtual assets is now available in the Metaverse. But, the effects of the Metaverse’s growing popularity go beyond just virtual shopping. The power of the Metaverse now expands to the selling and purchasing of products available in the real world.
The virtual elements of the platform allow for a more branded experience than regular store customers would encounter.
With the help of platforms like iShopMeta, you can now easily earn and redeem NFTs in exchange for real-world products like Home Décor, Furnishing, and Fashion Wearables.
iShopMeta also brings opportunities for many brands to develop their metaverse shopping marketplaces to sell their physical or virtual products in the realm of Metaverse.
By being a part of the virtual retail world with iShopMeta, your brand can be a part of virtual and augmented reality-based shopping. Hence, you can enhance your brand’s retail experience while leaving a mark in the Metaverse.
What is the role of Metaverse in shopping?
Metaverse, with its plethora of capabilities, covers everything from selling and purchasing digital artworks to real-world goods. It has now become a digital world that will provide the most intriguing virtual shopping experiences.
What is the Metaverse’s future in shopping?
Consumers can visit a virtual world using an avatar to read product details, try products, interact with a virtual sales representative, place an order, and pay with cryptocurrencies, digital wallets, or NFTs. We can say that future shopping will entirely be based in the world of Metaverse.
How do customers benefit from shopping in the Metaverse?
The most significant advance of metaverse shopping is that customers no longer have to visit a physical store to purchase products. They can visit a virtual store in the Metaverse and browse several products while experiencing them virtually.