One of the many definitions of the metaverse is that it is “…a network of 3D virtual worlds intent on social connections and provides a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with social media, to create spaces conducive for rich user interaction not unlike the real world.” Dennis Gada, Industry Head, Financial Services at Infosys, delineates how banks, cryptocurrency and the metaverse are all connected in the shared future we’re all headed towards. So, while the metaverse may seem like a digital fantasy because it mimics the real world so closely, it is also about real money. Metaverse commentators may differ on how big and how fast it will get, but they all agree that it’s a serious opportunity in the making that could reach anywhere between – US$ 800 billion and 1.6 trillion by 2030. One analystOpens a new window even predicts that it could create a value worth US$5 trillion in the stipulated timeframe. Use cases across industries will drive metaverse adoption. For example, playing games with friends, clothing for avatars, training, conferences, buying virtual property, NFTs, focused group ideations, virtual banking services, commercial real estate services, and personalized advisory services can all happen in the metaverse. Commerce in the metaverse is powered by using cryptocurrency, but each metaverse platform (such as Decentraland) uses a unique coin (Mana) which is powered by the Ethereum blockchain.
Full opinion : Three’s Company: Metaverse, Cryptocurrency, and Banks.
