Metamoney: Payments in the metaverse
David G. Birch, Victoria J. Richardson · Journal of payments strategy & systems · 2023
This paper builds a structured model of the metaverse, the building blocks that are needed to make it useful for business — in other words, transactions — and the new services (and therefore new service opportunities) that it presents. The model brings together the virtual worlds where transactions can take place, the digital assets that will be exchanged in those transactions, and the digital identities of the owners of those assets. This underpins a comprehensive and practical model of the metaverse that helps to identify the key technologies that are required to turn it into a place for business as well as the service opportunities for organisations who are exploring metaverse business models. We use this model to explore the nature of payments in that environment and conclude by identifying digital wallets as the central organising principle in these new environments and set out our view that smart wallets operated by agents will be the crucial enabler.