Banking On The Metaverse: What HSBC And Jpmorgan’s Move Into The Metaverse Tells Us

metaverse

Mootup CEO says there has not been an industry untouched by metaverse innovation.  HSBC made an announcement last month on the purchase of the virtual real estate.  The bank claims it is using its metaverse land to engage sports, esports, and gaming fans. 

Metaverse Innovation

The financial services sector is primed for metaverse innovation.  Metaverse is a concept for sharing 3d worlds via computers, smart devices, augmented reality, and virtual reality headsets.  Despite all the new technology and gizmos, innovative companies have explored using technology to effectively implement metaverse experiences. 

The number of cryptocurrencies and nfts in the world is estimated at 300 million.  The first bank that enters the virtual world opened a lounge in February.  Virtual reality has made it easier for UX to use virtual reality that is similar to or even superior to physical reality. 

In the banking industry, HSBC and jp morgan invest in virtual reality.  Gartner: 25 percent of individuals will spend at least one hour a day in the metaverse by 2026.  Virtual branches would be better than brick and mortar branches, he says.

A metaverse for business is when companies create and launch 3D environments.  It opens up new ways of working for banks and financial institutions.  HSBC and JPMorgan are likely going to kick off a new type of digital banking.

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