Blockchain Technology and Virtual Asset Accounting in the Metaverse: A Comprehensive Review of Future Directions

Abstract

This research focuses on the metaverse’s evolving trend and the potential application of blockchain technology in the accounting of virtual assets in this digital domain. The metaverse introduces a new economy in which users may earn real-world revenue through virtual activities, necessitating the need for efficient and dependable virtual asset accounting. Blockchain technology, with its decentralized and immutable record, appears to be a viable answer to these problems. This paper discusses the present status of blockchain technology for accounting for virtual assets in the metaverse as well as its potential role for businesses and the economy. It also determines the technology’s issues and limits and makes recommendations for further development. The approach of this study is based on a comprehensive review of the existing literature on the interactions between blockchain technology, virtual asset accounting, and the metaverse. The findings indicate that blockchain technology has the potential to transform virtual asset accounting in the metaverse by improving security, transparency, and consistency. However, scalability and legal/regulatory issues must be overcome before it can completely achieve its promise. Accounting experts, developers, and stakeholders interested in the convergence of blockchain technology and the metaverse economy will find this paper useful.