How Banks will Monetise Metaverse

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How Banks will Monetise Metaverse

• Copyright by Jmrinfotech.com

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• The concept of a metaverse, or virtual reality
  world that is connected through the Internet, has
  been the stuff of science fiction for many years.
  Now that this concept seems to be more within
  reach and more likely to happen, what does it
  mean for banks? There is plenty of talk about new
  digital banking solutions to engage with
  consumers, who will be able to experience
  everything from shopping in virtual stores to
  interacting with three-dimensional characters
  that are different from their real-world
  counterparts.

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• This is not limited to just retail banking
  either. Why? Because they're looking for new
  opportunities beyond the physical world, and in a
  world where banking will be as easy as
  downloading an app, banks stand to profit. Here's
  how it will work.

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Banking Beyond Reality

• It doesn't matter how absurd the concept of
  delivering financial services in the virtual
  world seems from the perspective of 2022. It's
  already happening. Remember that there was no
  such thing as Apple Pay or Google Pay ten years
  ago. Imagine being told that people would be
  paying with watches on a daily basis by someone
  you don't know. In a similar vein, the Metaverse
  might revolutionize finance. As an example,
  consider the following sentences

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1. Everything Currency

• For many decades, money was represented by real
  banknotes distributed by automated teller
  machines (ATMs). Then came the invention of debit
  and credit cards, which removed the need to
  withdraw and carry cash on one's person.
  Furthermore, with the development of electronic
  payments, the requirement for a physical credit
  card has been eliminated.

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• Is it possible that the next person in line is
  the cash itself? What if you could get payment in
  both real money and virtual money that was placed
  into your account? Think about being offered to
  select between making a payment using Euros in
  your current account, using central bank-issued
  digital money, or using Ethereum-based coins and
  tokens from a linked digital wallet like
  Metamask. What would you pick?

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2. Mortgages in Virtual Reality

• Real estate is no exception. Marc Benioff, CEO of
  Salesforce, argues, "Digital offices are becoming
  more significant than physical headquarters." Who
  cares if the next big thing is a boom in
  virtual-world real estate? Virtual offices and
  showrooms are quickly approaching, and you may
  soon be able to host clients there. Business
  owners and individual investors alike will be
  interested, don't you think? And who do you think
  is going to foot the bill?

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3. Re-DeFining Finance 

• Whether or not DeFi poses a threat to the banking
  industry remains to be seen. What if the banks'
  investments in Oracle digital banking experience
  and AI infrastructure and distributed ledgers are
  a big opportunity to leverage? Do you recall the
  days of online banking in the late 1990s? None of
  the banks were wiped out by it. It strengthened
  them while also cutting costs and offering use
  cases that would have been inconceivable to bank
  personnel in 1992. Think about what DeFi will
  accomplish for banks prepared in the Metaverse.

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4. KYC on steroids

• Remember to add one more item. As the world
  becomes more digital, so does the threat of
  identity theft grow exponentially. If deepfakes
  were to create virtual world bank accounts and
  borrow money, just imagine the chaos that would
  ensue. They would then use the money to influence
  the market (for example, by moving or dumping
  some equity or FX). Does this sound like
  something out of The Matrix? Check out how many
  cyber-attacks are taking place right now. Ten
  years ago, could you have imagined anything like
  this? So individuals who do not want to engage in
  criminal activity in the Metaverse face a
  significant degree of danger. There is a good
  chance they'll go for the same banks they trust
  in the real world when it comes to the Metaverse.

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Conclusion

• What's clear from this blog is that there are
  many ways that banks can use the OBDX to monetize
  the Metaverse, but ultimately it comes down to
  infrastructure. Creating a face for your virtual
  bank will have value as you build trust among
  users.

Copyright by Jmrinfotech.com