Global Metaverse in Finance Market Overview:
The concept of the "Metaverse" in finance refers to the virtual space where financial activities and transactions take place using digital assets and technologies. It's an extension of the Metaverse concept, which originated in science fiction and has evolved into a broader notion of a persistent, immersive virtual world where users can interact, socialize, and engage in various activities. In the financial context, the Metaverse encompasses, virtual currencies, decentralized finance (DeFi) platforms, digital asset exchanges, non-fungible tokens (NFTs), virtual real estate, and more.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Growing integration of decentralized finance (DeFi) protocols and services into the Metaverse
Market Growth Drivers:
The increasing digitization of financial services and Rise of Virtual Economies Drives the Overall Market
Challenges:
Complex user interfaces, technical barriers, and the learning curve associated with blockchain technology and virtual environments can pose challenges for mainstream adoption
Restraints:
Virtual environments are vulnerable to hacking, fraud, and other security breaches
Opportunities:
The integration of virtual reality (VR) and augmented reality (AR) platforms presents significant growth opportunities for the Metaverse in finance
Competitive Landscape:
Companies form strategic partnerships or alliances with other companies, platforms, or developers within the Metaverse ecosystem to leverage complementary strengths, expand reach, and unlock new opportunities. Collaborations can enable companies to access new markets, technologies, or user bases while sharing risks and resources.
Some of the key players profiled in the report are JPMorgan Chase & Co., Mogo Inc., Microsoft Corporation, NH Investment & Securities Co. Ltd., HSBC Holdings plc, IBK Industrial Bank of Korea, Shinhan Financial Group Co. Ltd., Enjin Coin, Animoca Brands and Nvidia Corporation. Considering Market by Technology, the sub-segment i.e. Blockchain will boost the Metaverse in Finance market. Considering Market by Component, the sub-segment i.e. Hardware will boost the Metaverse in Finance market.
Latest Market Insights:
In January 2022, Mogo Inc. a digital payments and financial technology company, announced a strategic investment in NFT Trader, a Canadian company that operates a secure peer-to-peer OTC trading protocol for non-fungible tokens or NFTs.
In February 2022, JP Morgan became the first bank to enter the metaverse, opening a lounge in the popular blockchain-based world, Decentraland one of the most popular metaverses. This marks the banking giants entry into the metaverse, as it eyes the potential financial gains.
In the United States, the SEC regulates securities offerings, trading, and investment activities. It has jurisdiction over virtual assets that qualify as securities, such as tokenized securities or investment contracts offered within the Metaverse.
What Can be Explored with the Metaverse in Finance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Metaverse in Finance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Metaverse in Finance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Metaverse in Finance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Metaverse in Finance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Technology Companies, Government Regulatory and Research Organizations, Market Research & Consulting Firms and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.