Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets

Belk, Russell W.; Humayun, Mariam; Brouard, Myriam

doi:10.1016/j.jbusres.2022.08.031

Cited by 223 publications

(123 citation statements)

References 30 publications

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“…Banks could create branded NFTs that are tied to a particular card or line of credit, making it easier for customers to manage their financial transactions. This could include things like setting spending limits on certain purchases, setting reminders for when payments are due, or tracking spending trends over time (Belk, Humayun & Brouard, 2022). Another possibility is using NFTs for mortgages and other types of property loans.…”

Section: How Can Banks Create Nfts? Is It Possible To Create -Credit ...mentioning

confidence: 99%

Metaverse and Banking Industry – 2023 The Year of Metaverse Adoption

Dubey¹,

Mokashi²,

Pradhan³

et al. 2022

Technium

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This whitepaper discusses the potential of Metaverse to revolutionize the banking industry. It highlights the various ways in which banks can leverage Metaverse to improve their operations, including through the use of NFTs, blockchain technology, and smart contracts. The paper is aimed to explore the possibilities of Metaverse in the Banking Industry and understand its practical implementation radius. This paper navigates to various topics from the definition of Metaverse to business aspects in banking and financial services. Explores the various business opportunities in the customer communication domain, cross-border transactions, mortgages, digital assets, green loans, and achieving carbon net zero through Metaverse. The role of Innovation Leaders is discussed in detail assisting readers to understand and appreciate the value of innovation in today’s rapidly changing technology times. The paper argues that banks must take a proactive role in driving the adoption of Metaverse, support circular economy, and reduce waste by enabling web3.0 technology in the banking sector.

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Section: How Can Banks Create Nfts? Is It Possible To Create -Credit ...mentioning

confidence: 99%

Metaverse and Banking Industry – 2023 The Year of Metaverse Adoption

Dubey¹,

Mokashi²,

Pradhan³

et al. 2022

Technium

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“…It is important to recognise that the metaverse is not one specific virtual world, but rather, a network of virtual worlds which users can access parts of via a computer or a VR headset (Park, Kim 2022;Belk 2022;Ball 2021). John Smart et al (2007) presented the concept and the metaverse roadmap in 2007, and proposed that we should think about the metaverse as a 3D-enhanced web or combination of the real world and virtual reality, as there is no single, unified entity known as the metaverse.…”

Section: Metaverse Virtual Worldsmentioning

confidence: 99%

“…While Meta has just launched their own version of the metaverse, Horizon Worlds, many other versions have existed for years already, like The Sandbox, Somnium Space, Second Life or Decentraland. Additionally, games like Roblox and Fortnite can be considered as precursors of the metaverses, as besides gaming, they offer live concerts and other events where thousands of users can simultaneously participate as avatars while immersed in a shared virtual space (Belk et al 2022;Park, Kim 2022;Damar 2021;Suzuki et al 2020). However, all the virtual worlds that currently exist lack one of the defining properties of the metaverseinteroperability, i.e.…”

Section: Metaverse Virtual Worldsmentioning

confidence: 99%

“…Moreover, advocates see the metaverse -the new types of digital property and new ways of owning this propertyas a move from Web 2.0 to Web3 and as a part of the Big Bang of digitalisation, but more critical voices point to the crash of cryptocurrency values in 2022 and suggest that the Big Bang may be more like the dot. com bubble burst of the late 1990s that proved to be hype (Belk et al 2022).…”

Section: Blockchainmentioning

confidence: 99%

“…the realization of 'the techno-libertarian dream of a decentralized system for controlling capital' (Murray 2021). For example, in the case of art, NFTs can eliminate the need for galleries, agents and experts to validate authenticity as each NFT is guaranteed by a blockchain while the artist is given a fixed percentage of the future sales of their artwork executed by the smart contract linked to the NFT (Belk et al 2022). The ownership issues of the new types of property, property rights and property claims that exist in potential metaverses are yet to resolve, for example, compatibility with existing regulatory laws, e.g.…”

Section: Dapps Defi and Nftsmentioning

confidence: 99%

See 2 more Smart Citations

Using Cinematic Virtual Reality to Get Acquainted with the Metaverse

Säks

2022

Baltic Screen Media Review

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This paper discusses the opportunities for using cinematic virtual reality (CVR) to enhance our understanding of the imagined metaverse – the recently emerged new digital age phenomenon. The paper approaches the concept of the metaverse from an interaction point of view, which is one of the more common characteristics used to conceptualise the metaverse, approaching it as a phenomenon involving the convergence of real and virtual worlds, but also humans and machines. The article investigates the possibilities of using the relatively unexplored phenomenon of CVR, which facilitates the desired interaction while requiring the least prior knowledge and skills from the user, and thus might ease our acquaintance with the imagined metaverse. The difference between virtual reality (VR) and CVR lies in the generation of the VR world: traditional VR is typically generated through 3D graphics processing and audio triggers in real time, whereas CVR exclusively uses pre-rendered pictures and sound elements. Thus, the main difference between the two lies in the textual content and intended way of consuming it without dissimilarity in technology. With reference to three drama genre cases, the aim of this paper is to explore one of the crucial components of CVR—namely, through the established convention of the viewer perspective in traditional cinema (first-person, second-person and third-person perspective).

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