The metaverse is going to have a massive impact across all industries, according to McKinsey. In 2022, well over $120 billion in private equity and venture capital funding went into metaverse-related businesses, according to the firm’s report, Value Creation in the Metaverse . This report also claims that the metaverse will generate $5 trillion in value by 2030. In other words, the metaverse is becoming increasingly harder to ignore. By reviewing how organizations in banking are testing the impact of augmented reality, virtual reality and the metaverse, one sees it is clear that this technology is still being defined. Yet the ability to change customer experiences, product innovation, sales, marketing and revenue models, and every component of digital transformation, is beginning to emerge for early adopting users and progressive companies. McKinsey defines the metaverse as a virtual universe composed of interconnected virtual worlds, social networks and virtual economies. It is a fully immersive and interactive experience that allows users to interact with each other and with virtual objects in real-time. It is an extension of the internet that allows users to experience a new form of digital reality that is distinct from (and integrated with) the physical world. The […]
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