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METAVERSE

ownership. Onthis website platform, businesseswill buy
“digital land” to display banner ads and advertisements.
What exactly is its relationship to your data? It will be
impossible to target specific users or create a target
audience without using user data.

DATA AND THE METAVERSE

To appreciate how data will beused in the metaverse,it is
necessary to first better understand what the metaverse
is. The goal of this digital environment is to create a
virtual or augmented reality for consumers to experience
in real time. In virtual worlds, users can work, shop, and
entertain themselves in addition to conversing with one
another.

Let’stakeacloser look at the roleof data in the metaverse,
as well as some current trends:

THE STANDARDIZATION OF DATA

Consider OpenSea or Binance, two platforms that sell
non-fungible tokens (NFTs). NFTs will be discussed in
greater detail in the next chapter. Contracts are formed
in blockchain networks (also explained later) based on
each token that is exchanged,sold, or minted.

Businesses that have access to market data such as
trade volumes and floor prices can make more informed
decisions about the launch of their new tokens or the
user experience associated with these tokens.

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