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The illusion of the metaverse and meta-economy
International Review of Financial Analysis ( IF 8.235 ) Pub Date : 2023-02-04 , DOI: 10.1016/j.irfa.2023.102560
David Vidal-Tomás

This paper provides (i) a review of the existing literature on the metaverse and (ii) an empirical assessment of the current state of the Web3 meta-economy, with the focus on economic governance and metaverse commerce. We have analysed the entire Web3 metaverse niche, i.e. both the 196 available metaverse fungible tokens and all the non-fungible token (NFT) transactions belonging to the metaverse marketplace. Our results showed that economic governance is based on metaverse tokens that cannot be defined as reliable virtual currencies due to their explosive behaviour, negative performance, and higher volatility compared to traditional alternatives. Paradoxically, fiat currencies and stablecoins could be more appropriate candidates for the payment infrastructure. Moreover, we also observed that NFT prices are affected by the cryptocurrency market, which highlights the risk of metaverse commerce. For future research, developers and scholars must assess the different alternatives and infrastructures that can make the metaverse a persistent reality with a proper virtual economy. However, at present, it seems that the hype has run far ahead of reality.



中文翻译:

元宇宙和元经济的错觉

本文提供 (i) 对有关元宇宙的现有文献的回顾,以及 (ii) 对 Web3 元经济现状的实证评估,重点是经济治理和元宇宙商业。我们分析了整个 Web3 metaverse 利基市场,即 196 个可用的 metaverse 可替代代币和属于 metaverse 市场的所有不可替代代币 (NFT) 交易。我们的结果表明,经济治理基于元宇宙代币,由于与传统替代品相比具有爆炸性行为、负面表现和更高的波动性,因此不能将其定义为可靠的虚拟货币。矛盾的是,法定货币和稳定币可能更适合支付基础设施。此外,我们还观察到 NFT 价格受到加密货币市场的影响,这凸显了元宇宙商业的风险。对于未来的研究,开发人员和学者必须评估不同的替代方案和基础设施,这些替代方案和基础设施可以使元宇宙成为具有适当虚拟经济的持久现实。然而,目前看来,炒作已经远远超过了现实。

更新日期:2023-02-07
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