As the creative economy enters the metaverse, banks cannot remain aloof to this new development. The upcoming metaverse acceleration will affect the banking sector as well. Financial institutions must be ready to embrace new technologies that will affect the whole society. Metaverse is likely to democratize access to finance.
The spread of digitization and cashless transactions has lowered the cost of doing business. Metaverse will only accelerate this process. It will offer a virtual environment where individuals can engage with all types of businesses, people and institutions. They will have access to entertainment and work as well as financial solutions offered by financial institutions.
The Exponential Growth of Metaverse
New studies predict that metaverse will become Web 3.0 that will include Web 2.0 features and some new things. Users in metaverse will be able to access different types of products and services. They can access these features through their desktops, cellphones, augmented reality and virtual reality devices, and even gaming consoles.
The research indicates almost five billion users of metaverse by 2030, in a market that is projected to be $8-13 trillion. Such a vast market presents an excellent opportunity for all types of businesses including those that offer financial products and services.
Metaverse Gaining Traction
Millions of people are expected to join the metaverse. They will not only be users but also the creators of content and services. While only 30 million virtual reality headsets are currently in use, there are already more than 500 million players for most popular online games.
Several real estate operators are already operating in the metaverse. They have conducted transactions worth millions of dollars in 2021. Top financial corporations have established their presence in metaverse. Countries are coming up with their own metaverse strategies to avoid being left behind. Middle East regions likely to lose their oil advantage in the coming years have shown greater interest in the metaverse economies. They are preparing for a world where oil will not be a significant revenue generator.
Metaverse Will Power Creative Economy
Digital era will see a new global economy as creativity of people will fuel the metaverse and other digital sectors. Creativity has powered the evolution of humankind and metaverse will not be an exception. This new creative economy will not be based on the money, labor and land only but also on inventive creative features. This digital Web 3.0 world cannot develop without the support of traditional financial institutions. It will be a mutually beneficial relationship that benefits both the providers and users of financial services.
The article has been published by the editorial board of the Fintek Diary. Happy Reading. For more information please visit www.fintekdiary.com
