A View of the Future of the Metaverse Economy on the Basis of the Global Financial System: New Opportunities and Risks
Journal Title: Journal of Corporate Governance, Insurance, and Risk Management - Year 2023, Vol 10, Issue 1
Abstract
The burgeoning Metaverse represents an unprecedented technology frontier that is poised to redefine our financial, societal, and cultural paradigms. This research introduces a new economic term, Metanomics, to the academic discourse by conceptualizing an economic structure in which the virtual needs of humans and virtual entities are met in virtual universes, production, distribution and finance processes are designed for this purpose and interact with the real universe. A profound examination of the potential sectoral, macroeconomic, and financial repercussions of Metanomics has been carried out. Expected improvements in sectors like education, healthcare, and tourism include increased productivity, emergence of new job roles, cost efficiencies, and heightened profitability. On the macroeconomic front, an escalation in total factor productivity, employment opportunities, and growth rates is anticipated. The unique aspect of this system pertains to its potential influence on the financial landscape. Novel financial institutions wielding innovative financial instruments are forecasted to emerge in the Metaverse. Consequently, a new arena of financial transactions linking the virtual and real-world economies is predicted to emerge, causing an expansion of the financial transaction volume in the real world. These transactions, primarily facilitated by cryptocurrencies, will contribute to an accelerated globalization process. Therefore, this research endeavours to forecast the ways the Metaverse might reshape future financial systems, predict the repercussions of these interplays on the global economy, delineate potential risks and opportunities, and propose relevant policy recommendations.
Authors and Affiliations
Selim Şanlısoy, Tuğberk Çiloğlu
Keywords
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- EP ID EP732698
- DOI https://doi.org/10.56578/jcgirm100104
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