What does the Metaverse mean for financial services?
The Metaverse is always in the news for the right reasons. With its interactive and immersive nature, there are a lot of corporate admirers — including suitors from the financial sector.
Recently, the Bank of America utilized the technology for its employee training program — while Kookmin Bank in South Korea made “digital financial towns.” With the digital financial towns, the bank users can perform regular banking services using a Virtual Reality device. Thus, these were typical examples of how the financial service sector has adapted to this new, interactive and immersive technology with limitless possibilities.
Meaning of the Metaverse
Andreessen Horowitz defined the Metaverse as “a persistent, infinitely-scaling virtual space with its economy and identity system.” Although that definition is not a scholarly accepted one — like concepts accredited to professors and tutors of higher institutions — we can take that as a working definition. Persistent, infinitely scaling, and immersive terminologies are associated with the Metaverse.
The Metaverse is the hypothetical iteration of the Internet, an immersive and interactive one powered by technological advancement. According to Wikipedia, the term “metaverse” originated in the 1992 science fiction novel Snow Crash as a portmanteau of “meta” and “universe.” The movie and game “Ready Player One’ further solidified the foundation laid by Snow Crash. Today, the big tech companies are doing all it takes to get into the Metaverse.
Metaverse for Business: An Opportunity for Financial Institutions
Could you please imagine the feeling of getting verified for a bank loan without leaving your home? Or perform various banking activities from home — as if you are physically present? The Metaverse could facilitate multi-currency cash management, loans for virtual plots, etc.
Using AR/VR technologies, financial institutions can build better relationships with clients and employees. Data visualization is also possible with AR/VR — a tool that will aid financial risk analysis and, in turn, provide customized solutions to customers.
Financial institutions like traditional banks might step into the Metaverse to be ahead of competitors who have adopted a conservative approach to technological advancements. Additionally, they could take it further by facilitating the conversion of the Metaverse cryptocurrency to fiat and vice versa.
Exploring NFTs is an excellent option. Banks could include NFTs as an asset class and even launch Mutual Funds for NFTs. NFTs have a mass appeal, and that could be a game-changer.
Our Metaverse is the Real Game-changer
We are building a decentralized Metaverse powered by our Layer 2 Technology using Unity 3D. In this virtual multi-planet metaverse, users can connect with friends, experience different cultures and lifestyles, create NFT items, start businesses and explore the universe.
Users can readily travel through an endless Sub Universe or planets in Metaverse.
We are a community-based, affordable, user-friendly Metaverse — where users enjoy discounts on gas fees.
Are you an entertainment enthusiast? We are building a Metaverse for you. Are you in the Metaverse for business reasons? Your needs are covered. There’s a Metaverse game (MetaTube) for game players. DeFi enthusiasts aren’t left out too.
Our Metverse is developed so that you get a reward for everything you do.