Unleashing the Metaverse Potential

Abstract

The present study is based on the role of NFTs and crypto currencies in unleashing the potential of metaverse. Retail which is as old as human history has gone through various paradigm shifts such as introduction of physical currency in the trade, introduction of e-commerce, digital payments, and now a new dimension—i.e., metauniverse, non-fungible tokens, and cryptocurrency—has been added to it, which is shaped up with the use of artificial intelligence. Metaverse has become a social amalgamation of virtual reality, real-world, and electronic dimension. It seems like meta universe and crypto currency are natural partners, as metaverse which is based on augmented reality; it does require a digital currency which can be used by virtual avatars at meta retail stores. So crypto currency which is a digital currency can be used in meta universe. The crypto currency is based on block chain technology which gives the avatars a sign of security and safety.