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How Banks will Monetise Metaverse

Banks are facing enormous disruption due to blockchain technology. This blog post offers insights into how banks can monetize the Metaverse and remain profitable in the digital age. For more visit us: jmrinfotech.com

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How Banks will Monetise Metaverse

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  1. How Banks will Monetise Metaverse ©Copyright by Jmrinfotech.com

  2. 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. • ©Copyright by Jmrinfotech.com

  3. 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. • ©Copyright by Jmrinfotech.com

  4. 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: • ©Copyright by Jmrinfotech.com

  5. 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. • ©Copyright by Jmrinfotech.com

  6. 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? • ©Copyright by Jmrinfotech.com

  7. 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? • ©Copyright by Jmrinfotech.com

  8. 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. • ©Copyright by Jmrinfotech.com

  9. 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. • ©Copyright by Jmrinfotech.com

  10. 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

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