How will the metaverse change banking?

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Cryptocurrencies have had an unprecedented growth rate in the last two years or so. They have ballooned into a trillion-dollar market with hundreds of tokens already in existence and even more popping up every day.However, uncertainty around these burgeoning assets meant that their acceptance by the traditional finance industry wasn’t exactly forthcoming.

But thanks to the rapid mainstream and institutional adoption of digital currencies, banks and other financial institutions are now clamouring to integrate crypto into their business models.Many adjacent products and technologies like non-fungible tokens (NFTs), decentralised applications (dApps) and the metaverse are also starting to pop up. And while each of these has the potential to shake up the banking world, the most promising and fascinating is the metaverse.

The virtual world promises to completely overhaul banking, both for the customers and the banks as well.The future of banking is in the metaverseCurrently, the metaverse is relegated to the gaming space, with games like Decentraland and devices like the Oculus Rift and the PSVR 2 seeing steady growth. The gaming industry even racked up global revenue worth $154 billion in 2021, which is no small feat for an industry that gained popularity only recently.Also Read | Nearly half of crypto owners first bought digital assets in 2021: SurveyHowever, the next frontier for metaverse-related technology could be the banking industry.

Experts predict that the metaverse can completely revitalise the working and perception of banking. And it’s not hard to see why; you could visit your bank without stepping out of your home, just pop on a VR device and you’re there!Investment giant Goldman Sachs mirrors this outlook with