It is well-known by now that the Metaverse promises to change every aspect of human interaction among each other and with interfaces. Businesses will find a space to grow in the Metaverse, and many enterprises are already heading in that direction. That was the subject of the European Blockchain Convention’s virtual conference. According to the panel of the virtual conference, blockchain will be much more than an interactive gaming and entertainment platform. Enterprises are increasingly leveraging blockchain to make processes faster and more accurate. The earliest use of blockchain in business was in supply chain management and inventory management. Recent times have seen more enterprises entering the Metaverse with the aim of creating a cross-platform business model on the basis of decentralized exchanges. At its core, the Metaverse is a collection of interoperable ecosystems that work with each other.
The benefits for consumers on the Metaverse will also be exponential. Interoperability will break down monopolies that we see in the present capitalist system all the time. The concept of loyalty programs and membership perks will change in the Metaverse, and consumers will be able to switch from platform to platform with ease. According to David Palmer of Vodafone Business, the only missing link between the Metaverse and the physical world is a bridge to carry assets from the former to the latter. Palmer suggests that a smartphone can bridge this gap with the increased adoption of NFTs, cryptocurrency exchanges, and blockchain-based apps.