FINANCIAL SERVICES IN THE METAVERSE

Metaverse is a virtual world where people can meet, play, work, invest, and buy various products, such as houses, artwork, clothes, jewelry etc. In this virtual world, people interact with each other by using avatars, with their “magic” glasses. Metaverse combines artificial intelligence, augmented and extended reality, the Internet of Things, blockchain technology, edge computing etc. Gaming industries were the first ones that used the 3D space, followed by luxury brands (Nike, Gucci, Coca-Cola, Louis Vuitton), educational institutions, hotel chains (Hilton), IT companies (Facebook Horizon, Microsoft), banks (JP Morgan, HSBC) and others. Financial services are increasingly present in this virtual world. The purpose of this paper is to give an overview of the current situation regarding the use of the Metaverse, its advantages and disadvantages, as well as presenting future scenarios for the further development of this virtual world, especially for financial institutions.

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