Accounting Profession in Metaverse Era - NFT

Abstract

Metaverse comes from a novel released in 1992 entitled “Snow Crash”. Metaverse represents concepts beyond entertainment and commerce to create virtual communities as users use avatars to represent themselves within the Metaverse and interact with other users through avatars. In the Metaverse world, Non- Fungible Tokens, or NFTs for short, are also integrated by registering the ownership of digital assets using blockchain technology. However, with technological progress, there are challenges related to security, regulations, difficulties in using the technology, and others. This challenge causes the NFT market to remain unstable, So it raises crucial questions surrounding the behaviour of an accountant, especially in the Gen Z demographic, on how to face these challenges. For this research regarding Metaverse and NFT, the researchers used the qualitative exploratory method, with interviews being one of the most commonly used for data collection. Concluding this research, the accounting profession still has time to adapt to the changes brought on by the Metaverse and NFTs since the technologies are still a small niche, and the majority of the public does not have access to and knowledge about them. Also, many risks and challenges arise due to inadequate government regulations regarding NFT and Metaverse.