Unreal is a new reality. From one-on-one meetings to large-scale sporting events, virtual reality is booming with new use cases and converging into a parallel world on the internet known as the metaverse. To put it simply, whatever you do in the physical world or on the internet, can and will be done in a 3D, virtual world. That’s how the web is transforming, it was informative (web 1), interactive (web 2.0) and now it’ll be immersive (web 3.0). Exactly why for us, a blockchain development company, the metaverse is a bigger & better opportunity.
DeFi & Metaverse are Interoperable
Understand this. Metaverse development depends upon end-to-end digitization of products & processes. Like all assets, financial assets too should be digitized following the ‘user governed internet’ principle of web 3.0. This can only be achieved by embracing decentralized finance (DeFi) and other apps such as wallets, exchanges, banks, and others.
For example, a peer-2-peer eCommerce store in the metaverse (another blockchain opportunity) can only perform with cryptocurrencies. And before I discuss more use cases, we must understand the significance that DeFi brings on board.
Since monetization of assets is paramount in the virtual world, DeFi provides the much-needed infrastructure for driving payments, trading, lending & borrowing, etc.
It is not incorrect to say that integrating new financial tools including seamless payment protocols within a metaverse, will create enormous opportunities for wider and more immersive metaverses. And to further enable individual players, creators, and artists to participate in a parallel economy, integration of DeFi into metaverses looks inevitable.
DeFi development will play a critical role in keeping metaverses permissionless, trustless, and secure. In simple terms, a community of users governs this structure whose power comes from holding the protocol’s tokens.
And it is on its way to unlocking value across metaverse space and this convergence has given rise to a new tool called ‘MetaFi’.
MetaFi – Path to Meaningful Virtual World
MetaFi includes collaborative & decentralized financial instruments specifically designed to build a Meta economy. It assures an integrated functionality across both the interface layer and the financial to compute layer. In my opinion, it is going to make metaverses go beyond geographical boundaries without compromising their security and composability.
Just like we need banking & finance to execute our routine processes in the physical and digital realm, MetaFi will ensure end-to-end transactional processing in the metaverse. This means every digital asset including publishing, gaming (skin creation), digital art, streaming, music, film, and more are getting monetized through NFTs and the rise of a humongous digital creator economy is inevitable.
Not to miss, there are massive investments from brands, artists, creators, influencers, and celebrities to keep this economy thriving. We are DeFi development companies that are continuously challenging themselves to develop strong financial protocols.
Just like a physical marketplace, metaverses are experiencing the emergence of profitable ventures, capital mobility, and consumer spending and unlike the real world, here, all this involves tokens which are the digital currency and can help the participants to buy digital assets and access a wider network of cryptocurrency.
Especially when play-to-earn games have caught the fancy of crypto enthusiasts and when next-gen players look to buy land, go shopping, set up digital stores, and trade NFTs, there is no surprise that DeFi is a financial ecosystem that is seeing a meteoric acceptance.
At Antier, we knew the road to emerging as the most trusted metaverse development company would require deep-rooted expertise in blockchain.
MetaFi Development: Why Are We Doing This?
Antier & I have a staunch belief in an internet run by the people. It is the very human right of the users to have full control over their money, data & identity. While blockchain laid the foundation more than a decade ago, MetaFi will further add layers to the mission.
As a metaverse development company, we are working as a facilitator in this technological renaissance and empowering businesses to be future-ready.
Vikram R Singh, CEO, Antier Solutions