A new form of internet is emerging with the introduction of Web3 and the metaverse. These allow us to move away from the fragmented interactions of today into the immersive experiences of tomorrow.
Web3: The Next Generation of the Internet. The Race is On
Decentralized finance (DeFi) disrupts traditional financial services--but planning now for the internet's transformation can help banks stay ahead and create new opportunities. Here's how financial service companies can best embrace the future of the internet with Web3 and the Metaverse.
The metaverse will greatly impact how businesses and consumers with services,products and each other. Organizations across all industries are exploring metaverse components—like NFTs, DID, DeFi, blockchain and cryptocurrency—to establish interconnection
~800 Billion of annual metaverse revenue by 2024, according to Bloomberg. Meta (like Facebook) is investing $10 billion a year in the metaverse.
Non-fungible tokens (NFTs) will allow individuals to control, manage and transfer digital assets through blockchain, which will promote better information security and protect personal data from corruption.
~41 Billion NFT volume traded in 2021, up from $95 million in 2020.
Decentralized Identifiers (DID) are the passports to Web3. It gives individuals control over their personal information without relying on big tech.
150 financial institutions to pilot Verified Self-Sovereign Digital ID, which uses DID.
Decentralized finance (DeFi) is the promise of a new financial ecosystem that disrupts incumbents by leveraging blockchain and cryptocurrency to facilitate transactions between parties without the need for banks.
~255 Billion total value locked (TVL) in DeFi loans across 130+ exchanges (top four exchanges account for 90% of volume)
Blockchain and cryptocurrency will streamline banking and lending services,reduce risk and decrease settlement times. Blockchain provides a digital ledger that can implement things like payments and securitization without the need for a bank.
~1.8 Trillion market cap of 18,000+ cryptocurrencies trading ~$80 billion per day across 450+ exchanges.
What can we build together? Think bigger—solutions like blockchain platforms, Web3 ideation,crypto-wallets and NFT marketplaces. With greater control over personal data and decentralized data storage, Web3 and the metaverse are critical components in how businesses will implement their digital strategies.
The possibilities of Web3 and the Metaverse
See how financial service companies can embrace future technology in great capacity: