A metaverst fintech ecosystem: What the future of finance looks like
By Abhijit Shukla
Metaverse unfolds a new dimension, a new universe – a space where our real world, augmented reality and virtual reality intersect, creating an immersive and collaborative shared virtual 3D environment. In the metaverse sphere, cryptocurrency and digital art, namely non-fungible tokens, are common. While technocrats, gaming platforms and fans of social media are busy talking about the extraordinary experience one will witness in the metaverse, people are looking at alternative digital opportunities and are eager to find new ways to seamless financial transactions.
With a view to the near future, Metaverse has not only become the new favorite of large technology companies, but also the investment industry’s new favorite.
Digitally purchased fintech solutions are revolutionizing the way transactions are performed in real life. With cashless transactions witnessing an upswing, these will form the basis of financial transactions performed in the metaverse – and form the backbone of the enormous economic metaverse ecosystem.
Metaverse is expected to be an important digital platform for personal and business interaction. In fact, financial data management and financial transaction management that match real-world scenarios provided by financial technology 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 finances and transactions will be crucial. The pandemic encouraged people to interact and pay digitally more than ever before. As a result, fintech adoption flourished worldwide.
Cryptocurrencies:
Based on current blockchain technology, cryptocurrencies provide better security, seamless transactions, reduce settlement processes and provide efficient transactions, establish cryptocurrencies as the official payment method in the metaverse and eliminate the use of the various currencies to complete financial transactions completely. However, each cryptocurrency performance will have to be measured in metavers against becoming the preferred standardized choice for performing transactions.
Metaverse wallets:
Following a similar pattern as digital wallets, the only difference is that metaverse wallets will help store cryptocurrencies. The wallet can be used to perform financial transactions one makes in real life. For example, metaverse wallets can be used to buy and sell products, such as NFTs or virtual real estate, on the metaverse platform. In the same way, it can also be used to receive or transfer tokens between users in the metaverse.
Financial competence:
Helping clients analyze real-world financial decisions in the virtual world by recreating these metaverse scenarios using “gamification” can increase financial expertise while eliminating the risk of real, hard-earned money. By imprinting the concept of gamification, financial institutions can utilize financial expertise among individuals. With the quest to attract but still retain its consumer base, fintech services are creating applications aimed at the younger generation to better understand various economic concepts such as budgeting, taxation, investing, stock trading and even real estate buying.
Virtual boarding and training of employees
With the pandemic leading to the use of teleworking, the real scope of interaction and social interaction between employees has been limited to one screen. Due to 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 environment in the real world. Employees can talk, interact and hang out with each other in the meta-verse, just like the real paradigm. In addition, metaverse takes up space for virtual meetings for new employees.
Onboarding and conducting related activities such as training them.
While the metaverse fintech ecosystem is a universe you may just be equipped for, financial institutions will need to make smart investments in the metaverse’s digital financial ecosystem if they want to succeed on the platform and be future-proof. Be it to visit a virtual mall and; expenses, attending an event / conference or understanding basic economics through gamification, metaverse can add a robust dimension to the financial world.
