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Meta Valley: Türkiye's Digital Trading City Fully Managed by the Metauniverse

Türkiye's TradeValley is preparing to open a virtual digital city for shopping through metaverse technology, which has become a major priority for global trade leaders.

According to the company's officials specializing in digital commerce, the part of the city called "Meta Valley" simulates the famous landmarks of some Arab cities, which shows the tower in Doha, the capital of Qatar, the palm island of the United Arab Emirates, and other landmarks from Saudi Arabia, Türkiye and other cities.

The commercial activities in virtual cities are active on three levels, namely wholesale trade, supply and retail shopping. In addition, there are large exhibitions and affiliated conference rooms and theaters for organizing conferences, lectures and seminars.

This city is the first platform of its kind in the virtual world, which will be divided according to the product categories provided by each section, such as fashion, accessories, food, etc.

The digital market in the city provides shopping opportunities and offers comprehensive transactions in the virtual world, so customers have their own virtual characters (avatars), can visit exhibitions and meet exhibitors, and can use virtual reality technology or simply "VR" to talk to them and sign commercial agreements for purchasing, selling, and transporting goods.

Metaverse field

Prior to the introduction of the concept of a digital commercial city, the trend of collaboration with the metaverse developed into the most common "trend" in the contemporary business world, leading to increased contemplation on how to benefit from it and use its applications in the field.

The concept of leasing is the core mechanism driving the commercial movement in virtual cities, where shop owners from different professions can rent their spaces and easily establish their exhibitions or stores in the virtual world, allowing customers to communicate with them without restrictions.

Meta Valley does not have a mayor, municipal authorities, or security companies, but its commercial market is very similar to the real market, where customers can shop, talk to shop owners, negotiate prices, or solicit their opinions on their products. However, in the virtual world, it breaks the usual online shopping process.

The founder of the city said that since the spread of the new crown pandemic, the reliability of technical solutions has been on the rise. The popularity of teleworking systems and digital conferences helps to enhance the business processes of the metauniverse.

Trade Valley has invested its expertise in the fields of virtual reality and augmented reality through the Expo Valley platform. In addition, it has built effective ideas related to the metaverse through e-commerce, and has the potential to directly apply them to various trade activities after its applications are limited to land sales, virtual real estate, cinemas, and entertainment games. The important question remains, what international trade will Meta Valley provide?

The head of TradeValley, Yusuf Yeni Turkolu, answered this question with the following points:

Open up the development prospects from traditional business platforms to platforms that can establish direct communication and interaction between various parties.

Combining the advantages of e-commerce platforms and social media, and finding an alternative to traditional product views (websites, pages on social media platforms), that is, having a comprehensive store that includes all the details of the physical store.

Eliminating the need for travel and movement between countries, merchants can now inspect and verify their products in 3D and communicate directly with factory owners.

Utilize the maximum capabilities of current technology to increase the sales and profits of merchants, while enhancing their communication with potential customers and establishing long-term relationships with them.

Add the human dimension that is missing in the business processes behind the current shopping platform screens.

Why must it be a metaverse?

Yusuf Yeni Turkolu replied that through the metaverse, merchants and manufacturers can meet in the same place and have roles similar to reality. They can talk as if they were in the same place, which is undoubtedly a qualitative leap in the field of communication and a qualitative leap in the virtual world that is completely parallel to us. In addition, this provides additional possibilities that are difficult or impossible in current reality, such as instantly moving from one city to another, or from one factory to another, with each factory located in a different city.

Yusufu Yeni Turkolu, founder of TradeValley, which created the virtual city Meta Valley

What are the advantages of the metaverse?

At the B2C level of retail trade, each company can rent their own space in this city, which is different from real-world locations in terms of the importance and centrality of the location, as well as its proximity to the city center or special locations within the city. They can choose the shape of an exterior building from a large group of prefabricated buildings, or add a specially designed building.

Advertisements can be added to buildings to generate economic returns through advertising, and the interior decoration of buildings can be selected from a large number of different ready-made designs, or auxiliary tools provided by the municipal government can be used for decoration design. In addition, completely unique designs can also be added.

It is also possible to add products, whether in 3D or 2D, and add payment options, whether through credit cards or remittances, and even use digital currency payments in the future, to be able to directly talk to visitors (customers) when they enter the store, thereby touching their needs more and providing them with the best service.

wholesale trade

Through digital cities, specialized industrial zones can be provided based on product types, where each merchant or factory can rent suitable buildings for themselves and potentially simulate their established factories, warehouses, or companies, adding products, detailed information, and prices. They can use virtual characters from the metaverse to negotiate face-to-face with buyers.

exhibition

The exhibition area contains all the features, and exhibition organizers can decide the type of exhibition they want to organize and choose the appropriate design for them. In addition, they have the ability to add special designs and showcase products within the booth, and provide a wide range of ready-made booth designs, displaying each exhibitor's brochure and video, directly talking to exhibitors and negotiating products with them.

challenge

Yusuf Yeni Turkolu believes that the biggest challenge currently facing Meta Valley is that the novelty of its ideas lies entirely in the technology market, and there is a lack of previous models in this field. Therefore, the existing technological expertise is insufficient to meet the needs of this market.

The Türkiye businessman and investment expert explained to Al Jazeera that TradeValley has been working hard to train the technical department in this field. In addition, it has also trained the department specialized in 3D design. It also needs to consider the key points to make the design suitable for working on the current Internet infrastructure, and needs relatively high speed.