You don’t need to be a science-fiction fan to believe in the metaverse. It’s here, it’s real and there’s still time for banks to jump on the bandwagon.
The metaverse is a vision, not just a technology. It’s a virtual world with a diverse ecosystem and a thriving culture. More importantly, the metaverse runs on exchanging goods and services, and the financial infrastructure is still being built. That’s why banks need to pay attention to this opportunity.
As you explore the metaverse and all it has to offer (as well as what your institution can provide in return), keep these five things in mind.
The metaverse is fragmented, but not for long: The universe may encompass all things, but the metaverse is less comprehensive — comprising a handful of disjointed virtual worlds. They’re run by different companies, operate on different systems and cater to different target audiences. You’re likely familiar with the largest operators, including Meta (formerly Facebook), Microsoft and Apple. But banks should also familiarize themselves with budding metaverses like Decentraland and the Sandbox.
Currently, most worlds are closed because identities, payments and assets don’t transfer between platforms. However, a unified metaverse is in everyone’s best interest, and banks can help facilitate financial interoperability.