With the rebranding of Facebook into Meta, the metaverse has gained quite the attention from tech giants like Microsoft, Roblox Metaverse, and Nvidia Omniverse with a market opportunity that might reach up to $800 billion by the year 2024.
According to most people, metaverse just might be the new evolution of the internet – Web 3 or Web 3.0. This is owing to the fact that the metaverse is a virtual reality that is perceived on a person-to-person basis. It means different things to different people so much so that the thin veil between the virtual world and reality has become blurred beyond recognition.
However, at the same time, the metaverse might have the capability of changing the future of how technology works.
What Does The Metaverse Entail?
Metaverse is a virtual 3D world where people can interact with each other. It is an amalgamation of virtual and augmented reality along with that of social media, gaming, and cryptocurrency to provide its users with a virtual living environment. One can use their imagination to build anything and everything from hill stations to cities to space centers and have the capability of connecting with other people within that virtual universe.
According to Venture capitalist Matthew Ball,
“The metaverse is a massively scaled and interoperable network of real-time rendered 3D virtual worlds which can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence, and with continuity of data, such as identity, history, entitlements, objects, communications, and payments.”
What Is The First Bank That Entered The Metaverse?
The first bank to enter the metaverse happens to be one of the major banks of the US – JP Morgan. In fact, it has also opened a lounge called Onyx in the blockchain-based virtual world called Decentraland. The lounge is based in the Metajuku mall.
In case you’re wondering, Decentraland is a virtual reality platform that is powered by the Ethereum blockchain and allows users to create, experience, and monetize content and applications. Hence, buying virtual plots of land with non-fungible tokens (NFTs) can finally be put to use by users.
In fact, owing to this feature, users also have the freedom to create their own avatars and virtual spaces and traipse around freely in the Onyx. The highlight of the lounge is the digital image of Jamie Dimon – CEO of JP Morgan along with a roaming tiger.
The report by Wall Street Financial Market stated the proliferative growth opportunities of the bank in the metaverse which the media giants intend to capitalize on by building a presence in the virtual world.
“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”
The report elucidated that if you own an online avatar and you want a change in its or your clothes, then you will have the power to choose your own clothing after going through a couple of showrooms. You will be able to buy the limited edition. If that doesn’t suit you, then you can always start a business of your own in the metaverse. Or maybe even own an art gallery where you can exhibit your own exclusive collections and designs. Or you can own a private club – the opportunities are endless!
According to the bank, the relationship between the physical and the virtual world must be strong and their success rate would completely hinge upon having an ecosystem that is vigorous and financially flexible.
The report further stated,
“When you think about the economics of the metaverse—or ‘metanomics’ —there are opportunities in almost every market area. Imagine you have an online avatar, and you want to change what it/you are wearing; you will be able to buy limited-edition, digitally branded clothing that you pick after browsing a virtual showroom. Or you may start your own small business, such as an art gallery where you display your latest and greatest collections, or a virtual private club.”
This is how rapidly the metaverse is growing. We’ve already got McDonald’s playing with the idea of ordering a burger in the virtual world only to receive it in the real world. Nike and US retail giant Walmart have also secured their place in the digital universe.
The metaverse is still in its infancy but the world is getting ready for it. However, what still remains to question is how well is it going to be perceived.
Disclaimer: This article is fact-checked.
Image Sources: Google Images
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This post is tagged under the largest bank, USA, the first bank to enter metaverse, metaverse, private lounge, Onyx, virtual tiger greeting, Jamie Dimon, Metajuku mall, Decentraland, Ethereum blockchain, non-fungible tokens (NFTs), buying virtual plots, opening an art gallery, Nike, McDonald’s, robust ecosystem, financially flexible
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