To escape or teleport to our favorite place anywhere, anytime, has been a long time of research for humankind.
Over the years, many attempts like introducing 3-D in movies, the rise of Augmented Reality and Virtual Reality, etc., have been made to have a breakthrough.
In 2015, Metaverse came into the picture with Decentraland by Ari Meilich and Esteban Ordano. On this platform, you can virtually buy and sell the property.
This convinced one of the major banks in the US, JP Morgan, to invest money worth a 1 trillion dollar return predicted.
Recently JP Morgan became the first bank to enter Metaverse through the land it bought in Decentraland on 15th Feb 2022.
What is Metaverse?
Introduced through the famous Neal Stephenson’s novel ‘Snow Crash,’ Metaverse became a topic of talk for its concept of being a collective virtual space.
It is a fusion of the real and fictional world to experience all the structures existing in both worlds. The creation of our avatar, interaction without physically being present there, visiting places, etc., is all part of the so-called Metaverse.
It creates a virtual world by simulating human gestures. What started as 20 dollars per land now earns 9,900 dollars per land as the bare minimum.
This is because the Metaverse has no bounds, allowing endless imagination to come into the picture.
NFTs and Blockchain in Metaverse
NFTs stand for non-fungible tokens, which translates to non-tradable goods. NFTs are like copyright on the digital assets or products as it marks the same owners.
Whenever a particular object is launched digitally, an original copy marked with NFTs can be bought using crypto.
This will act as the bridge between the Metaverse and its users to facilitate digital transactions and bring Blockchain into the picture.
Blockchain is a distributed database management system in which the data is stored in blocks linked together through cryptography instead of single servers.
All the transaction records will be kept through Blockchain by tracking these NFTs, verifying their authenticity, and finding the owners.
Also Read : Metaverse: A Virtual Universe and the Future of the Internet
Finance and Banking in Metaverse
Metaverse, a virtually created environment, could also cover the aspect of finance with virtual transactions. Users might be able to enter into consumer-to-business and peer-to-peer transactions with the help of cryptocurrency.
All of this will require a strong financial structure to be created by banks for transactions to proceed smoothly.
Training of the employees to handle Virtual environment system development specific to the company. Strong backend servers to store virtual land data used to create the respective environment.
JP Morgan and 1 trillion dollar investment
One of the largest banks in the US has become the first bank to enter the Metaverse and create an Onyx lounge in Decentraland metaverse.
This marks the start of the banking system accepting digital currencies as well. JP Morgan aims to expand its branches in real estate through Metaverse, which is predicted to be a 1 trillion return investment.
The company began its assessment by showing that the price of virtual land has doubled in the second half of 2021, jumping from 6000 dollars to 12000 dollars.
Conclusion
The growth observed and the desperation of the big giant companies show that the future is the Metaverse. Not just JP Morgan but other giants have begun their investments in the Metaverse.
Mark Zuckerberg’s Meta is ready to place billions to have a place or land in metaverse platforms like Decentraland.
This will benefit as a lot of money would be saved from the physical infrastructure development and maintenance as many will switch to virtual environment comforts.
This raises the question of what would be the various platforms that could be released in a world of endless imagination and resources.
Read More : Titan Launched its First Smart Glasses Titan EyeX: Price, Features and more
