Interest in the subject has grown among financial institutions like Goldman Sachs, Bank of America, and Morgan Stanley. The decentralization of networks like Bitcoin is crucial for advancing a new Internet era.
The development of the metaverse has caught the attention of the leading financial institutions worldwide. They consider those digital worlds crucial for cryptocurrencies to find their place in society.
Rod Hall, a manager of Goldman Sachs, expressed interest from the bank in the metaverse and its development. They explained that they see blockchain as the essential technology to develop the metaverse and the web3.
The bank believes that blockchain technology is relevant since it allows the unique identification of each virtual object without a central authority. According to the analyst, that is crucial for tracking ownership of assets in the metaverse.
Hall also said that it is hard to predict the possibilities to invest in this context. However, he noted that companies depending on centralized user identity control might find a new business model through blockchain.
Bank of America is also in favor of what the metaverse can offer the world of finance and society. Its director of research, Haim Israel, stated cryptocurrencies could find an opportunity to become massive in that virtual world.
The executive explained that they work as a payment method in the metaverse for the multiple investment possibilities existing there. Besides lower payments for services, the use of cryptocurrencies includes further considerable expenses like the acquisition of land and cars, among other luxuries.
The Metaverse Has the Potential to Change Lives
Similar to Goldman Sachs and Bank of America, New York-based financial services company Jefferies recently expressed its opinion. The director of equity strategy of that company, Simon Powell, said that the metaverse will be the most dramatic alteration of life ever seen.
Powell commented that a single metaverse might be over a decade away, but its potential evolves to change human life. Along that path, the steps include hardware development, the software, and the companies involved.
Morgan Stanley, another leading bank, has also expressed interest in the metaverse, calling it the next great subject of investment. Meanwhile, it is possible to perceive increasingly large outlays to have a place in that fast-growing world.
There is a Connection between the Metaverse and the Web3
The term metaverse refers to a virtual world created from three-dimensional images and augmented reality, allowing new interactions between its inhabitants.
While there are decentralized metaverses like Decentraland, there are also centralized ones like Meta, which Facebook recently announced. That has led to massive worldwide interest in those virtual worlds and their development possibilities.
There is a connection between the web3 and metaverses as the latter occurs within the former. That constitutes a new stage in the Internet age, with features never seen before, like the use of new databases, artificial intelligence, and three-dimensional spaces.
It is important to note that the technology behind Bitcoin is crucial for the development of the web3. Decentralization is essential for more autonomous and interactive Internet access, distributed in various storage points.
By Alexander Salazar
