Page 14 - Executive briefing on the metaverse

Executive briefing on the metaverse

Figure 5: Metaverse Seoul

Another example is Barbados. The country plans to legally declare digital real estate as
sovereign territory by establishing a metaverse embassy. The Barbadian Ministry of Foreign
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Affairs and Foreign Trade signed an agreement with Decentraland, which provides a fully
digital world, to establish this metaverse embassy. With opening of the embassy, Barbados
will become the first coutry in the world to recognize digital sovereign land.

3.3 Consumer metaverse

The metaverse is expected to change the way consumers interact with products and services
significantly. For example, consumers could purchase virtual real estate and other assets in the
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metaverse, creating new forms of digital investment and economic development. Consumers
can also use the metaverse to interact with brands and products in a virtual environment so
providing new marketing and advertising opportunities. The metaverse can also provide a
platform for virtual events such as concerts and sporting competitions so offering consumers
new forms of entertainment.

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