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Examining the use of Non-fungible Tokens (NFTs) as a trading mechanism for the metaverse

Yilmaz, Murat ORCID: 0000-0002-2446-3224, Hacaloğlu, Tuna and Clarke, Paul ORCID: 0000-0002-4487-627X (2022) Examining the use of Non-fungible Tokens (NFTs) as a trading mechanism for the metaverse. In: European Conference on Software Process Improvement. (EuroSPI 2022), 31 Aug - 2 Sept 2022, Salzburg, Austria. ISBN 978-3-031-15558-1

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Abstract

The notion of a metaverse seems hard to define but encourages the impression that it can be considered as a new virtual metaphysical landscape that somehow goes beyond our geographical locations and understanding (i.e., independent of time and space). Based on virtual reality, augmented reality, and blockchain, it is envisioned as an independent but extended world that is planned to be a digital virtuality entrenched not only in our old habits such as gaming and entertainment but also in virtual asset trade. In particular, trading is a pillar of the virtual economy, and auction houses will be crucial for Metaverse trading. This exploratory study examines the possibility of using an auction environment to improve the trading capabilities in a virtual universe. We investigate the cases of creating a virtual auction house with the potential of social trading of virtual assets with crypto coins and bartering. To this end, we built a virtual auction house and tested it initially using a set of scenarios. Our preliminary findings suggest that creating a virtual trading environment would be beneficial as an environment for buying and selling virtual assets and exploring their consequences.

Item Type:Conference or Workshop Item (Paper)
Event Type:Conference
Refereed:Yes
Uncontrolled Keywords:Metaverse; Auction Theory; Virtual Reality; NFT; Trading Mechanism
Subjects:UNSPECIFIED
DCU Faculties and Centres:DCU Faculties and Schools > Faculty of Engineering and Computing > School of Computing
Research Initiatives and Centres > Lero: The Irish Software Engineering Research Centre
Published in: EuroSPI 2022: Systems, Software and Services Process Improvement. Communications in Computer and Information Science (CCIS) 1646. Springer. ISBN 978-3-031-15558-1
Publisher:Springer
Official URL:https://dx.doi.org/10.1007/978-3-031-15559-8_2
Copyright Information:© 2022 Springer
Funders:Science Foundation Ireland, grant No SFI 13/RC/2094 P2
ID Code:27880
Deposited On:21 Oct 2022 12:08 by Thomas Murtagh . Last Modified 21 Oct 2022 12:08

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