The Metaverse: Opportunities for FinTechs

To the outsider, Metaverse may look like a souped-up version of Virtual Reality (VR) – but some people think the metaverse could be the future of the internet. The ultimate promise of the metaverse is that it will provide an augmented reality experience that could surpass the physical reality we live in.  That’s where we see blockchain and cryptocurrency-based technologies coming in. PricewaterhouseCoopers see the global Metaverse market growing from $45.5 billion in 2019 to $1.5 trillion in 2030.

There are many activities in this space – even big payment companies like Visa entered Metaverse with its first non-fungible tokens (NFT) purchase in August. 

As augmented reality and virtual reality become more widely adopted, new risks such as data security and human health (things like injuries or mental health) are emerging.  In 2019, 14.4 million consumers became victims of identity fraud — that’s about 1 in 15 people in the US. 

Hmm, will the metaverse need its own Interpol ? Endless opportunities for entrepreneurs. ((smile))

Leave a Reply

Your email address will not be published. Required fields are marked *