The new digital frontier: Assessing the metaverse’s financial industry potential
In this study, we will discuss the ongoing prospect of the metaverse moving beyond gaming and ultimately unfolding a new frontier of opportunities for the financial services industry.
Today, the most popular way to experience the metaverse is via a video game played on a virtual reality (VR) headset. Online, multi-player, role-playing worlds like The Sims or Second Life have been around for nearly 20 years, but their modern equivalents like Minecraft, World of Warcraft and Fortnite have hundreds of millions of users, and huge supporting economies. As of 2022, metaverse companies have reached an estimated market cap of approximately $19 trillion.
But in this study, we will discuss the ongoing prospect of the metaverse moving beyond gaming and ultimately unfolding a new frontier of opportunities for the financial services industry.
In spite of its potential for attracting catchy headlines and hefty investmnets, the metaverse does not yet have an industry-wide set definition. It can, however, be thought of as an evolving collection of real-time applications and experiences across devices:
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