Metaverse: Experiencing A New Dimension In Banking

The term "Metaverse" was first used in the novel "Snow Crash", a science fiction novel written by Neil Stephenson in the Year-1992.

- Amit Kumar Bhadani

The Metaverse is a combination of 'meta' and universe.

This concept of Metaverse creates a virtual world parallel to the real world.

In other words, it is a computer-generated universe parallel to the real world where you can enter as avatars by putting on goggles and earphones and connecting to the terminal.

The Metaverse is not only a virtual world, a virtual space, a virtual reality, a digital and virtual economy, a game, a virtual theme park, a new app store, or a new user-generated content (UGC) platform.

It is a virtual environment where you can go inside instead of just looking at a screen into an endless, interconnected virtual world and communities. In this alternate world people can meet, work and play; using virtual reality headsets, augmented reality glasses, smartphone apps or other devices. It will also incorporate different aspects of online life like shopping and social media.

As per Victoria Petrock, an analyst who follows emerging technology "It's the next evolution of Connectivity where the user can live his/her virtual life the same way he/she is living their physical life".

How will banking work in this Metaverse?