Applications of Cryptocurrency in the Metaverse

Research Article
Open access

Applications of Cryptocurrency in the Metaverse

Tianzhang Zhao 1*
  • 1 East China University of Science and Technology    
  • *corresponding author 20002113@mail.ecust.edu.cn
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/25/20230507
AEMPS Vol.25
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-93-5
ISBN (Online): 978-1-915371-94-2

Abstract

The Metaverse and cryptocurrency have become a heated topics of discussion in society due to the rapid development of blockchain technology. However, there is a lack of research and prediction on the future application of cryptocurrencies on the Metaverse. Therefore, this paper reviews the historical development of the Metaverse through literature research and cause-effect analysis and combines the current development trend of new technologies (IoT, AI, NFT, etc.) related to the Metaverse and cryptocurrency with the current successful commercial applications or related academic research (Vtuber, virtual health care ophthalmology) to predict the future application scenarios of cryptocurrency on the Metaverse. This paper's main contribution is to provide an overview of the various cryptocurrency application scenarios currently being used in the Metaverse and predictions of the future development direction in light of the most recent technological trends, thus filling in any existing gaps in the cryptocurrency and related financial fields in the Metaverse. It serves as a resource for academics working on the creation of Metaverse technologies and crypto-currency application case development.

Keywords:

Metaverse, Gamefi, cryptocurrency

Zhao,T. (2023). Applications of Cryptocurrency in the Metaverse. Advances in Economics, Management and Political Sciences,25,255-262.
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References

[1]. Gadekallu, T. R., Huynh-The, T., Wang, W., Yenduri, G., Ranaweera, P., Pham, Q. V., ... & Liyanage, M. (2022). Blockchain for the Metaverse: A review. arXiv preprint arXiv:2203.09738.

[2]. Anbin Shi & Chenxi Yang.(2021). From NFT to Metaverse:The path and vision of cutting-edge technology to reshape the news media industry. Youth Journalists (21),84-87. doi:10.15997/j.cnki.qnjz.2021.21.034.

[3]. Lele Hu.(2022).Views on Metaverse and innovation in higher education reform. Journal of Fujian Normal University (Philosophy and Social Science Edition) (02),157-168.

[4]. Niranjanamurthy, M., Nithya, B. N., & Jagannatha, S. J. C. C. (2019). Analysis of Blockchain technology: pros, cons and SWOT. Cluster Computing, 22, 14743-14757.

[5]. Han, S., & Kim, T. (2021). News big data analysis of ‘Metaverse’using topic modeling analysis. Journal of Digital Contents Society, 22(7), 1091-1099.

[6]. Jeon, H. J., Youn, H. C., Ko, S. M., & Kim, T. H. (2022). Blockchain and AI Meet in the Metaverse. Advances in the Convergence of Blockchain and Artificial Intelligence, 73(10.5772).

[7]. Mazzone, M., & Elgammal, A. (2019, February). Art, creativity, and the potential of artificial intelligence. In Arts (Vol. 8, No. 1, p. 26). MDPI.

[8]. Li, J. (2022). The Impact of motion-sensing exercise games on young adults: Take “Ring Fit Adventure” as example.

[9]. Khaki, A. R., Al-Mohamad, S., Jreisat, A., Al-Hajj, F., & Rabbani, M. R. (2022). Portfolio diversification of MENA markets with cryptocurrencies: Mean-variance vs higher-order moments approach. Scientific African, 17, e01303.

[10]. Junji Nishino. (2022). Some epochs in VTuber culture. In Proceedings of the 38th Symposium on Fuzzy Systems, Japan Society for Fuzzy Informatics (pp. 494-497). Japan Society for Fuzzy Intelligent Informatics.

[11]. Tan, T. F., Li, Y., Lim, J. S., Gunasekeran, D. V., Teo, Z. L., Ng, W. Y., & Ting, D. S. (2022). Metaverse and virtual health care in ophthalmology: opportunities and challenges. The Asia-Pacific Journal of Ophthalmology, 11(3), 237-246.


Cite this article

Zhao,T. (2023). Applications of Cryptocurrency in the Metaverse. Advances in Economics, Management and Political Sciences,25,255-262.

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The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development

ISBN:978-1-915371-93-5(Print) / 978-1-915371-94-2(Online)
Editor:Canh Thien Dang, Javier Cifuentes-Faura
Conference website: https://2023.icmred.org/
Conference date: 28 April 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.25
ISSN:2754-1169(Print) / 2754-1177(Online)

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References

[1]. Gadekallu, T. R., Huynh-The, T., Wang, W., Yenduri, G., Ranaweera, P., Pham, Q. V., ... & Liyanage, M. (2022). Blockchain for the Metaverse: A review. arXiv preprint arXiv:2203.09738.

[2]. Anbin Shi & Chenxi Yang.(2021). From NFT to Metaverse:The path and vision of cutting-edge technology to reshape the news media industry. Youth Journalists (21),84-87. doi:10.15997/j.cnki.qnjz.2021.21.034.

[3]. Lele Hu.(2022).Views on Metaverse and innovation in higher education reform. Journal of Fujian Normal University (Philosophy and Social Science Edition) (02),157-168.

[4]. Niranjanamurthy, M., Nithya, B. N., & Jagannatha, S. J. C. C. (2019). Analysis of Blockchain technology: pros, cons and SWOT. Cluster Computing, 22, 14743-14757.

[5]. Han, S., & Kim, T. (2021). News big data analysis of ‘Metaverse’using topic modeling analysis. Journal of Digital Contents Society, 22(7), 1091-1099.

[6]. Jeon, H. J., Youn, H. C., Ko, S. M., & Kim, T. H. (2022). Blockchain and AI Meet in the Metaverse. Advances in the Convergence of Blockchain and Artificial Intelligence, 73(10.5772).

[7]. Mazzone, M., & Elgammal, A. (2019, February). Art, creativity, and the potential of artificial intelligence. In Arts (Vol. 8, No. 1, p. 26). MDPI.

[8]. Li, J. (2022). The Impact of motion-sensing exercise games on young adults: Take “Ring Fit Adventure” as example.

[9]. Khaki, A. R., Al-Mohamad, S., Jreisat, A., Al-Hajj, F., & Rabbani, M. R. (2022). Portfolio diversification of MENA markets with cryptocurrencies: Mean-variance vs higher-order moments approach. Scientific African, 17, e01303.

[10]. Junji Nishino. (2022). Some epochs in VTuber culture. In Proceedings of the 38th Symposium on Fuzzy Systems, Japan Society for Fuzzy Informatics (pp. 494-497). Japan Society for Fuzzy Intelligent Informatics.

[11]. Tan, T. F., Li, Y., Lim, J. S., Gunasekeran, D. V., Teo, Z. L., Ng, W. Y., & Ting, D. S. (2022). Metaverse and virtual health care in ophthalmology: opportunities and challenges. The Asia-Pacific Journal of Ophthalmology, 11(3), 237-246.