The opportunity for the Banks in Metaverse

It’s a remarkable feat given that it is built on the premise of decentralization and doesn’t warrant involvement of intermediaries. This itself, is perhaps a testament of its potential and is further evidenced by the transformative impact it has had across multiple industries, be it increased transparency in global supply chains or improved efficiency of governments.

Given its promise of disintermediation, inherent trust, and immutability it was easy to see why Blockchain might have appeared as a threat to the Banking and Financial Services industry. However, once the initial skepticism and apprehensions subsided, the BFS industry eventually warmed up to Blockchain.

Several financial Institutions emerged as trailblazers and leveraged the technology in the areas of payments, trade settlements and custody services to name a few. And not long after that, governments and central banks got involved and those of many countries are now actively working on developing their respective Central Bank Digital Currencies aka CBDC.

The Metaverse can broadly be defined as an ever evolving and expanding virtual world that offers collaborative, immersive, and interactive experiences for users. While the user experience is being revolutionized by a new breed of AR/VR devices, holographic and haptic technology, the underlying infrastructure for driving commerce and economy is being built by leveraging Blockchain technology.