Blockchain developments boosted the growth of the decentralised finance market. According to the latest research study published by Zion Market Research, the global DeFi market is expected to surpass USD 232.20 billion by 2030. German-based fintech startups like Micobo, Bitbond, and Cashlink are offering their customers infrastructure for tokenized assets to help them digitise their financial products and transactions securely.
Finance in the metaverse
Blockchain technology – along with cryptographic tokens – enables the evolution towards the metaverse, an immersive 3D experience that allows people to interact, bringing the internet towards Web3. Cryptocurrencies are getting more used for the purposes of asset ownership verification and transactions occurred in online shopping, gaming, socialising, and other activities in the metaverse.
Three major elements of finance in the metaverse are NFTs (Non- Fungible Tokens), virtual currencies, and virtual marketplaces.
NFTs are unique digital assets – for example, collectible items or virtual real estate – that, thanks to a blockchain, allow for verification of authenticity and easy tracking of ownership. NFT is often used to buy and sell assets in the metaverse. Among the especially notable startups that provide platforms to facilitate NFT-based commerce and trading are Bitski, which offers Wallet-as-a-Service, Mojito, a Web3 consumer engagement platform, and NiftyKit, a SaaS platform for artists to sell digital collectibles.
Virtual currencies are the major element for purchasing virtual assets in the metaverse. They can be used for virtual transactions or exchanged for traditional currency. The Spanish-based fintech startup called Criptan offers crypto solutions for businesses and individuals. The Lithuanian-based CoinGate acts as the payment gateway, offering cryptocurrency payment processing services for businesses.
Virtual marketplaces are places where users buy and sell digital assets using virtual currencies. The virtual marketplaces in the metaverse provide investment opportunities for both individuals and businesses. For example, SuperRare is the digital art market on Ethereum that makes it easy to create, sell, and collect rare digital artworks. The world’s largest Web3 marketplace for NFTs and crypto collectibles is OpenSea. This peer-to-peer marketplace includes digital art, gaming items, and other virtual assets backed by a blockchain.
Virtual economy is being driven by blockchain technology and the increasing popularity of virtual environments, NFTs, and virtual currencies. Metaverse startups are at the forefront to transform the digital world with immersive experiences in the future.
Our analysis of key payment trends for 2023 encompasses SMB tech growth, e-wallet adoption, Open Banking prominence, B2B payment expansion, decentralised finance impact, and the rise of virtual currencies and marketplaces. As payments keep changing, businesses must adapt quickly to new technologies and customer preferences to stay competitive in the ever-evolving market.