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Education

This technology remains under this version of web 3.0, it will also affect organizations beyond the technology
development. For example, goods sphere since it is proposing to transform everything from the way people shop,
and services, whether virtual or navigate themselves from place to place, view real estate, seek entertainment,
physical, can only be purchased in the and interact with businesses.
metaverse through each provider's
own cryptocurrency. For example, For fintechs and payment providers, the metaverse appears to be a natural
if you connect to Decentraland, pivot as it aligns nicely with their inherently digital-first, flexible nature, and
you can only use MANA. This is a they are well positioned to push the market forward.
demonstration of the role payments
providers can play, by enabling the But taking advantage of the opportunities the metaverse has to offer in the
purchase of goods and services in the future means cementing brand awareness and engagement now. If it is a
metaverse regardless of whether the success, payment providers will have an entirely new market to cater to where
user owns cryptocurrencies. the most familiar and trusted brands will have the advantage.
At this stage, it's difficult to determine While it remains to be seen whether visions for the metaverse will come to
the effect the metaverse will have on fruition or fizzle out over time, the concept has the potential to disrupt the
the development of cryptocurrencies. global economy by requiring that businesses, across all industries, invest
That said, this technology is already in better technology and drive competition to provide effective metaverse
playing a large part in making crypto experiences to consumers.
and blockchain technology more
mainstream, and a harmonious co- Sascha Münger began his career at SIX Group in 2007 in accounting and treasury prior to mov-
existence of these and traditional
currencies is likely not far away. ing to the payments division at SIX Payment Services, where he was, among other roles, product
and project manager for the launch of the Swiss mobile payment solution TWINT. Following the
No less significant than crypto are acquisition of SIX Payment Services by Worldline in 2018, https://worldline.com/en/home.html,
non-fungible tokens (NFTs). Each Münger has held the role of senior product manager, with a particular focus on special topics such
NFT represents a unique item, as crypto payments, web3 and the metaverse. https://www.linkedin.com/in/sascha-münger/
with blockchain records that store
information about the digital file.
NFTs are becoming increasingly
popular already as a form of payment,
as they can be easily transferred
between users.

Since they use blockchains in the
same way as crypto, NFTs are an
effective way to give owners proof
of ownership, to transfer value
securely, and provide accessibility
and anonymity.

The potential opportunities presented
by the metaverse are incredible, but
it is not without its challenges. Still
at a highly embryonic stage, the
concept presents several obstacles
for merchants, financial institutions
or any business that wants to reach
this new world. When it comes to
payments, issues regarding data
privacy and payment fraud are
concerning while consumer behavior
and shopping preferences may
represent a big adaptation challenge
for some businesses.
Looking ahead

While the metaverse is primarily
expected to transform the technology
sector, where many companies will be
creating the infrastructure to power
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