How is accounting in the Metaverse era?

Often, accounting is influenced by new technologies. Whether it’s in the agility of the routine, or the advancement in the opportunities that arise.

We’ve seen this in the controversies associated with low-cost online accounting (which doesn’t always mean the provision of accounting services) and in the recurring gloomy predictions of the end of the accounting profession over the past 20 years.

Controversy aside, let’s talk about what really matters. How can we embed ourselves as professionals in these technological developments and remain relevant in society?

Today I will talk about the opportunities presented by blockchain development. Known for the crypto asset revolution, of which Bitcoin is its flagship, the impact of this new technology extends far beyond the application of digital assets and public accounting records.

This technology has impacted people’s economies and even the economies of countries like El Salvador, which recently adopted bitcoin as legal tender alongside the US dollar. It is no coincidence that yesterday, May 16, 44 countries gathered in El Salvador to discuss Bitcoin adoption and its implications.

Recently, we are experiencing a revolution in the way people interact. Increasingly integrated into the digital world, our lives have been transforming the physical world to the virtual world. All of this is the result of the Internet’s digital revolution that began in the late 1990s.

In the daily life of some people, we are already going through a great revolution, and this is the metaverse.

In short, these metaverses are turning into new virtual communities (worlds) into which people transfer their lives, tastes and customs.

Large corporations see opportunity here, producing services/products that are directly consumed in this new economy.

Recently, a large global social network changed its brand to take aim at this emerging virtual reality.

The giants of the food, clothing, and shoe worlds aren’t wasting their time either. According to a BBC News article, “Bloomberg Intelligence estimates that the market opportunity in the metaverse could reach $800 billion by 2024.”*

And in accounting, can we also “monetize” this experience? Is there room for accounting in the virtual world?

The answer to both questions is yes. Accounting enters the virtual world. You can serve these new audiences. They are doing business in this new reality. These businesses require accounting/tax advice. A lot of people are against these issues, especially financial ones, and that’s okay. But this new world is already a reality, and ideology aside, we cannot avoid replicating the reality of the physical world in this virtual world. In that moment, accounting professionals must be ready to advise these potential clients why not monetize this new experience.

These people need accounting and their data science tools to run their business. They also need tax advice.

Virtual worlds are not immune to these demands.

So I ask you, do you already have your “office” in the metaverse?

Metaverse: What is the shadow world economy and how to use it in the coming years
https://www.bbc.com/portuguese/internacional-59431866

Metaverse economy could be worth $13 trillion by 2030, Citi estimates https://www.infomoney.com.br/mercados/economia-do-metaverso-podera-valer-us-13-trilhoes-ate-2030 -avalia-citizen/

44 countries meet in El Salvador to discuss Bitcoin adoption https://exame.com/future-of-money/44-paises-se-reunem-em-el-salvador-para-discutir-adocao-do-bitcoin/

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