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Chainlink Labs’ head of business development, William Herkelrath, believes DeFi users will want to use loyalty programs in the real world.
William Herkelrath stated that the metaverse is a collection of ecosystems that are powered by DeFi.
“DeFi companies need to interact with the outside world, so they will be forced to have ecosystems in the metaverse. For example, if consumers choose to use loyalty programs outside of specific platforms, then they are more likely to choose brands that provide rewards in other ecosystems. The metaverse allows data, physical assets, commercial and financial assets to be hosted at and outside of a centralized environment. ”
Even though the concept of the metaverse looks futuristic right now, projects using blockchain are starting to embrace it. Head of Blockchain at Vodafone Business David Palmer on December 21 at the virtual conference of the European Blockchain Convention said that he sees the metaverse as more than a virtual world in which interaction can take place through games or social networks. In his understanding, the metaverse is now being applied to financial concepts based on blockchains such as cryptocurrencies, NFT and DeFi.
In metaverse projects, there is currently no way to transfer virtual transactions to the real world. Palmer believes that the mobile phone can connect the two worlds by acting as an intermediary. Vodafone Business uses blockchain to create digital identities that can be used in both the metaverse and real life.
“Digital identity will go beyond the digital and physical worlds. For example, a digital wallet will contain a bank account, mortgage information, tokens, NFTs, and more. But the decentralized person will also have access to these credentials, allowing people to interact in the metaverse and in the physical world. ”
Many companies are already exploring early use cases for their business models in the metaverse. According to the Blockchain Gaming Alliance (BGA), the market capitalization of the metauniverses in DeFi has reached an all-time high of $ 4.6 billion. Grayscale predicts that the metaverse will reach $ 1 trillion in annual revenues over the next few years.
At the same time, Tesla CEO Elon Musk considers Web 3.0 and the metaverse to be far from being implemented and calls them “buzzword marketing buzzwords.”
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