What Impact Metaverse May pose on E-Commerce?
Humble, TX, 15 Dec 2021, ZEXPRWIRE, The blockchain industry has been on the rise for a few years now. With more and more players entering the space, 2022 is certainly expected to be a banner year for the industry. Among these new players, one of the most notable is Metaverse, which is aiming to build a blockchain-based system to completely disrupt e-commerce.
Metaverse is a decentralized platform using blockchain technology, with the aim of establishing an open ecosystem in which digital assets and identities can be freely exchanged.
The platform uses a two-tier architecture, with the first tier being used to issue and manage digital assets, and the second tier being used to register and manage identities. This system is designed to provide a better user experience when exchanging digital assets and identities, as well as to protect the digital identities of users.
While this is an ambitious project, it has a number of potential use cases for e-commerce. These include:
The creation of digital assets
Metaverse allows users to create digital assets that can be used for a variety of purposes, including e-commerce. These assets can be registered on the blockchain and managed using smart contracts, providing a secure and tamper-proof system.
The use of digital identities
Metaverse also allows users to register and manage their identities on the blockchain. This can be used to protect user privacy, as well as to ensure that only authorized users can access and use information and assets.
Digital rights management
Metaverse allows users to manage their digital assets using smart contracts. These can be used to track the use of digital assets, as well as to enforce digital rights management.
These are just a few of the potential uses of Metaverse for e-commerce. With the addition of digital assets, digital identities and rights management capabilities to e-commerce, Metaverse has the potential to make it much more secure, as well as much more efficient.
Some New use cases for e-commerce
Beyond the uses mentioned above, Metaverse can also be used to create new and innovative use cases for e-commerce. These include:
The creation of digital marketplaces
Although payment methods can include Bitcoin, Metaverse and other digital currencies. Customers can also use different payment apps like Alipay, WeChat Pay, Apple Pay, Venmo, Cash App, Chime and others.
For instance with Venmo, users can make purchases by scanning a QR code. Same is the case with other payment apps. This makes it easier for customers to transact with merchants on this new marketplace, as they don’t have to learn a new payment system. If you want to learn more details, Thegigcity has provided a more in-depth look into how this secure payment issued could work.
The tokenization of physical goods
While there has been a lot of discussion around the tokenization of digital assets, physical goods can also be tokenized. This involves the creation of a digital asset that represents a physical good. This can be used to streamline the purchase and sale of physical goods, as well as to provide a secure system for tracking and managing them.
For instance, today you visit product review websites like CharlieTrotter purchase water filters to research items you are interested in buying or that you would like to give someone as a gift.
You put the product in your cart and check out. The next day you get a text message from your mom saying that she would like to buy the same item and she’s ready to purchase. The current process does not allow you to easily share items across users which means either one of you have to abandon your purchase or both of you need to buy the item separately.
Suppose you had a digital asset representing the item, one user could send the token representing this item to another user and the other user would be able to claim it and complete the purchase.
Final Words
This is just a taste of the possibilities that Metaverse offers for e-commerce. With its blockchain-based system, Metaverse can make e-commerce more efficient, secure and flexible than ever before.
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