By Abhijit Shukla
Metaverse unveils a new dimension, a new universe – a space where our real world, augmented reality and virtual reality intersect, seeding an immersive and collaborative shared virtual 3D environment. In the metaverse sphere, cryptocurrency and digital art, namely non-fungible tokens, are commonplace. While technocrats, gaming platforms and social media fans are busy talking about the extraordinary experience they will witness in the metaverse, people are looking for alternative digital possibilities and eager to find new paths to transactions. financial transparency.
Looking ahead to the near future, Metaverse has not only become the new favorite of big tech companies, but also the new favorite of the investment industry.
Digitally acquired fintech solutions are revolutionizing the way transactions are conducted in real life. With cashless transactions experiencing a rebound, they will form the basis of financial transactions carried out in the metaverse – forming the backbone of the huge economic metaverse ecosystem.
Metaverse is expected to become an important digital platform for personal and professional interactions. In fact, the management of financial data and the management of financial transactions that correspond to real scenarios provided by fintech solutions will contribute to the meta-universe, making the meta-universe as indispensable as a real situation.
To make this new environment as immersive and realistic as possible, the ability to manage the complexities of finances and transactions will be essential. The pandemic has encouraged people to interact and pay digitally more than ever. As a result, adoption of fintech has exploded around the world.
Based on current blockchain technology, cryptocurrencies exert better security, transparent transactions, reduce settlement processes and provide efficient transactions, establishing cryptocurrencies as an official payment method in the metaverse and eliminating the use of different currencies to fully carry out financial transactions. However, each cryptocurrency performance will need to be rated in the metaverse to become the preferred standardized choice for transacting.
Following a similar model to digital wallets, the only difference is that metaverse wallets will help store cryptocurrencies. The wallet can be used to carry out real-life financial transactions. For example, metaverse wallets can be used to buy and sell products, such as NFTs or virtual real estate, on the metaverse platform. Likewise, it can also be used to receive or transfer tokens between users within the metaverse.
Helping clients analyze real-world financial decisions in the virtual world by recreating these scenarios in the metaverse using “gamification” can improve financial literacy while eliminating risk with real, hard-earned money . By instilling the concept of gamification, financial institutions can leverage the financial literacy of individuals. In a bid to attract while retaining its consumer base, fintech services are creating apps targeting the younger generation to better understand various financial concepts such as budgeting, taxation, investing, stock trading and even banking. purchase of properties.
Virtual employee onboarding and training
With the pandemic that has led to the adoption of remote working, the real scope for employee interaction and socialization has been limited to a screen. By improving the user experience of financial services professionals, these institutions can create a virtual office in the metaverse where employees and; digital avatars can work in a simulated real environment. Employees can talk, interact, and hang out with each other in the metaverse, just like the real-world paradigm. In addition, the metaverse allows virtual meetings for new employees.
The integration and carrying out of associated activities such as their training.
While the metaverse’s fintech ecosystem is a universe one could be equipped for, financial institutions will need to make smart investments in the metaverse’s digital economic ecosystem if they are to succeed on the platform and be ready for the future. Whether visiting a virtual mall and; spending, attending an event/conference, or understanding basic finance through gamification, the metaverse could add a robust dimension to the world of finance.