Several new technologies have come together to enable the vision of the metaverse. Augmented reality (AR) and virtual reality (VR) headsets have become cheaper and more powerful, improving the user experience.
Blockchain has enabled digital currencies and NFTs. The new methods to transact and own digital goods allow creators to monetize their activities through tokens.
In addition to monetization and as a means to exchange value, token-holders can also participate in the platform’s governance (e.g., vote on decisions).
This democratic ownership economy, coupled with the possibility of interoperability, could unlock immense economic opportunities whereby digital goods and services are no longer captive to a singular gaming platform or brand.
FINTECH INFRASTRUCTURE IS BEING BUILT
Web 2.0 virtual world integrations with crypto payments and NFT/digital assets marketplace commerce.
Expansion of solutions and services to support DAO community-based projects, business ventures and investments.
Web 3.0 virtual world integrations with legacy traditional finance payment rails (e.g., credit cards, pay by bank, debit, automated clearing house/wires)
THE DIGITAL TRANSFORMATION OF FINANCIAL INSTITUTIONS TOWARDS WEB 3.0 IS ESSENTIAL
. Single wallet user experience.
. Evolution of virtual/cryptocurrencies and digital asset backed financing and mortgages through using lending models, or leveraging decentralized finance (e.g., NFT-collateral backed virtual world mortgages)
. Creation of cross-border and cross-metaverse foreign exchange and liquidity solutions
. User identification and privacy safeguards
. There is a big parallel economy booming and a robust , flexible financial ecosystem that will allow users to seamlessly connect between the physical and virtual worlds needs to be created to support it
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