The Banking Executive Magazine - June 2022 Issue

The Metaverse ized spaces for a profound experi- ence. E-commerce business owners can interact with merchants in a vir- tual space and perform trading for- malities such as product inspection, negotiations, and finalizing deals. Businesses can better influence cus- tomers using interactive and realistic marketing content rather than relying on digital marketing tactics. Trading digital assets: With many new business concepts, Metaverse technology also comple- ments the creation, ownership, and trading of digital assets and tok- enized versions of real-world assets to empower cryptos and NFTs. Expansion of social media platforms: A platform based on Metaverse pro- vides a more immersive experience for social media users by enticing a feeling of presence among them. Combining virtual reality and aug- mented reality enables a more real- istic digital experience beyond the present social media universe’s abil- ities. METAVERSE PROJECTS Meta, Accenture, IBM, the United States Department of Defense, the United State Ministry of Defense, Amazon, Google, Tesla, Microsoft, Apple, Samsung, Sony, and LG have been developing technologies and systems that work cohesively with various metaverse applications and offerings. With the Metaverse being the trendi- est tech topic, every industry is jump- ing into its horizon, resulting in the exponential growth of Metaverse projects. Examples of Metaverse projects right now. Gaming Metaverse - Decentraland: Is a gaming-based decentralized Metaverse project designed to facili- tate a realistic and immersive virtual world for worldwide users to create, explore, and trade NFTs. It allows users to buy land inside the world, host live events, play games, and do more exciting activities, which are also possible in the real world. Real estate Metaverse – Upland: Upland is a blockchain-powered gaming Metaverse project designed to support buying, selling, and virtual trading of properties mapped to real- world addresses. The properties on this platform are represented via NFTs that users can own to become a “digital landowner” and trade these NFTs to earn profit in the form of UPX coins. Multipurpose Metaverse—Enjin: Enjin is a Metaverse project built and run on the Ethereum blockchain that supports the creation of marketplaces on its horizon. Enterprises, based on their industry niche, can create de- centralized NFT marketplaces, create NFTs, integrate them, and trade them to earn money that has real value. Military Metaverse: The United States Department of De- fense has built its own metaverse op- erating in the defense tech sector built on the most highly advanced military-first artificial intelligence system at its core operating au- ISSUE 162 JUNE 2022 the BANKING EXECUTIVE 45