Abstract
As digital assets and decentralized finance (DeFi) rapidly evolve, the integration between financial systems and virtual worlds—increasingly known as the metaverse—is expected to gain momentum. The metaverse promise to be a critical use-case for DeFi—a financial field that has so far struggled to find convincing use-cases. Digital finance, in return, offers a means of financing, developing, and incentivizing metaverse citizens, especially at a time when virtual worlds are struggling to convince the public of a compelling case for their existence. In this study, we review existing research on financial applications within the metaverse, including virtual financial services, instruments, intermediaries, and markets. Building upon this foundation, we introduce a conceptual design for the integration of financial systems with the metaverse. Through this study, we highlight emergent areas and provide valuable insights to guide future academic and practical endeavors in the financial and virtual space.
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