PayPal Australia Managing Director Peter Cowan says the metaverse is a way for people to immerse themselves in a new “digital world” to buy and sell things.

“It’s kind of the next iteration of social media, if you think about a few years ago not many brands … were on social and now we’re seeing around 80 per cent of brands are on social,” he told Sky News Australia.

“We anticipate the metaverse will be the same.”