Digital Twins In Metaverse
Among the phenomenal advantages in the fintech industry, Metaverse is the recent one, making a progressive difference in the finance industry by enabling the creation of more improved payment infrastructure in the ecosystem. Till now, Metaverse has created a number of opportunities for the financial sector by introducing consistent payment systems for users and players through digital avatars. For example, NFT in Metaverse is one of the most popular payment solutions that supports the integration of blockchain technology. Through NFTs, the creators can sell their creativity and innovation expertise through art, music, videos, and many more. Now, Metaverse is offering digital twins to help the fintech industry deliver multi-way authentication. These digital avatars are connected to the user's own identity as well as the physical body in reality. This way, it is supporting the development of improved protection products for Metaverse.
Metaverse is one of technologies & trends for global trade that has a tremendous potential for the finance industry to access the new space for business. Digital avatars can help bank staff and other clients in the upcoming future. Plus, users can move around with their digital assets without shifting to a different place. This has brought a positive impact on the financial sector to develop even bigger than the physical world. These financial institutions can efficiently adjust the volume of transactions in both the physical and virtual worlds with a wide range of target audience. Various virtual shopping centers can benefit from these financial institutions for efficient digital payments within the Metaverse ecosystem.
There are also chances of opening multiple bank branches virtually with client-focused development strategies. It is expected that the customers will appreciate the new form of financial transactions in a new way of human interaction with digital avatars. This way, the fintech industry is being transformed through blockchain. The monetization force of Metaverse will rapidly extend to the next level for the financial sector with millions of dollars of commercial transactions. There is a harmonious relationship between the finance industry and the Metaverse.
Three Financial Companies Which Are Working On Metaverse:
1. JPMorgan Chase: JPMorgan Chase is perhaps the earliest bank to introduce its branch in Metaverse with its Onyx, a virtual world browser-based platform. It will facilitate the blockchain payments to customers and will help expand the opportunities of the cryptocurrency market.
2. IBK: Industrial Bank of Korea plans to introduce an IBK Dotori Bank on Metaverse with financial products and services organized for Cyworld Z users.
3. Shinhan Bank: Shinhan Bank has coordinated with KT to provide multiple financial services in Metaverse for digitizing the bank branches in the upcoming future.