It may not be the buzzword it once was among the tech set, but the metaverse has begun to get attention from financial institutions, said leading institutions in TradFi from different parts of the world. JPMorgan arrived in Decentraland under the brand Onyx, while HSBC announced the purchase of land on The Sandbox. Kookmin and DBS, two banking giants from Asia, have also entered the metaverse and begun offering various services. In Canada, incumbent financial institutions TD and RBC are conducting metaverse pilot programs. The impact of the metaverse on the financial services sector is a representation of the next evolutionary stage in banking and capital markets, said a report by Capgemini.
Financial institutions are embracing the metaverse for its unique opportunities to build relationships with a digitally native and growing consumer base. Banks are taking measures to prepare their financial advisors and wealth managers for Web3-based financial products, such as metaverse ETF and metaverse index products. This includes employee training and financial education for young consumers, as well as interactive experiences aimed at promoting a more sustainable world. As advisors become more savvy about digital assets, the question isn’t just what’s in your wallet or even your digital wallet — but how much of it is in the metaverse?