The Banking Executive Magazine - June 2022 Issue

The Metaverse ternet, enabling the sending or re- ceiving of data through sensors. For the Metaverse, the IoT collects from the physical world and renders items into virtual space, which increases the accuracy of digital representa- tions. COMPONENTS OF METAVERSE Components of metaverse technol- ogy include: Hardware: Access points for the metaverse in- cludes computers, smartphones, aug- mented reality, mixed reality, virtual reality, extended reality, and multi- sensory extended reality devices and metaverse screens at smart venues, new types of high technology motion picture theaters, Extended Reality XR venues, hi-tech stadiums and hi-tech arenas. Software: There has been no wide-scale adop- tion of a standardised technical specification for metaverse imple- mentations, and existing implemen- tations rely primarily on proprietary technology. Interoperability is a major concern in metaverse devel- opment, stemming from concerns about transparency and privacy. OpenXR: Is an open standard for access to vir- tual and augmented reality devices and experiences? METAVERSE CHARACTERISTICS The Metaverse key characteristics are: • Persistency: it exists regardless of the user’s physical presence. • Infinity: it supports countless con- temporary users and VR worlds. • Self-sustaining: users can earn within the Metaverse and pay for their utility. • Interoperability: it helps users move their virtual items, including avatars, from one Metaverse proj- ect to another. • Real-time: it allows users to relish live experiences. • Decentralization: The metaverse is never under the control of a single entity. • Interactivity: The metaverse allows users to communicate and interact with other users as well as meta- verse platforms. • Corporeality: The metaverse main- tain compliance with the laws of physics even in a virtual world alongside staying true to the con- cept of resource scarcity. • Creator Economy: Users can create and trade new assets or experi- ences in the virtual worlds of the metaverse alongside enjoying complete ownership. Creators can use their assets or experiences in any environment and trade them for the desired value. METAVERSE APPLICATIONS Reference to various sources includ- ing the World Economic Forum An- nual Meeting Davos 2022, Meta, Microsoft, NVIDIA, Insights2Tech- info, 101 BLOCKCHAIN, V-soft Con- sulting, JP Morgans, and Forbes, ISSUE 162 JUNE 2022 the BANKING EXECUTIVE 43