With new lawyers being built on top of the internet, it has taken on a new form called the Digital Realm.
The growth of digital realm is not limited to just cryptocurrencies. Several digital asset projects are underway to create an official digital currency for the U.S., and it isn’t alone. More than 100 countries are in some stage of developing an official digital currency called a Central Bank Digital Currency (CBDC).
As a result of this digital realm, consumer’s attitudes are changing towards making payments. Only 16 percent of consumers said they would revert to their old methods of payments after the pandemic is over. Reports also show that nearly half of consumers stated they will not shop at a business that does not offer a contactless way to pay. In regards to digital currencies, the way people shop and pay for goods will increasingly rely on digital, or contactless, payments.
Nevertheless, in the digital realm, digital assets can streamline the current financial infrastructure, making it cheaper and faster to conduct monetary transactions. Payments in digital assets are made directly between the transacting parties without the need for any intermediaries, the transactions are usually instantaneous and low-cost. This fares better compared to traditional payment rails that involve banks or clearinghouses
Another element of the booming digital realm is the “Metaverse”. It is a revolutionizing infrastructure layer of the digital world.
Although the full vision for the Metaverse remains hard to define, seemingly fantastical, and decades away, the pieces have started to feel very real. As always with this sort of change, its arc is as long and unpredictable as its end state is lucrative.The Metaverse has become the newest macro-goal for many of the world’s giant tech companies.
In this new digital realm, there is no doubt that we are currently experiencing the battle of the Metaverse. It has introduced the world to the pay for play and the non fungible token (NFT) economies. Without this digital realm these economies would not exist. The technological advancement of our society is leading us to the Metaverse and to these user-owned economies. That’s indeed inevitable, and the big tech companies are jumping in now and its still early. So buckle up and stay tune, it’s going to be a long technological bumpy ride.
