Applications of the Metaverse in Finance Industry

Abstract

The metaverse is a new form of technology that is creeping into all aspects of society–social, academic, business, and finance. This new form of artificial intelligence allows for face-to-face interactions, only the face is not made of flesh and blood, and the meeting place is not of this world but in the metaverse. Social media platforms and gaming companies have taken the lead by incorporating virtual reality with the use of headsets that immerse people into the metaverse. Using the metaverse to play games or socialize seems harmless, however, the business and financial world are moving towards using this platform for purchases of art, property, and assets by using global currency such as crypto coin. If this becomes the new way of doing business, will it be the end of real life, social interactions, and contemporary relationships? And how safe is it to make transactions through the metaverse in a global economy? Research on this new technology is too new to determine if it is the next best thing or the downfall of the world as we know it. This paper aims to introduce an emerging technology, metaverse, and future uses of the metaverse in the finance industry.