BFC Bulletins Monthly News Digest
Metaverse has started helping creators monetize their creativity and innovation skills through art, music, videos, etc. by offering digital twins capable of providing multi-way authentication. Digital avatars are linked to users’ own identities, thereby helping develop new protection products for Metaverse. This will create ample opportunities for the financial sector by introducing seamless payment systems for users and players through these digital avatars and is expected to have a net positive impact on virtual financial sector (likely seeing it outpace the physical-world financial sector). Three companies are currently working the Metaverse in this regard:
- JPMorgan Chase is developing Onyx, a virtual-world, browser-based platform that offers blockchain payments to clients.
- The Industrial Bank of Korea (IBK) is preparing to IBK Dotori Bank on Metaverse, which will offer financial products and services streamlined for Cyworld Z users.
- Shinhan Bank is collaborating with KT to feature multiple financial services in Metaverse for the digitization of bank branches.
