Metaverse applications in the financial industry

Metaverse, a network of virtual universes where humans using their avatars, can interact visually, auditory and touch fully with each other with the help of devices designed for experiencing virtual world such as virtual reality, has begun to take the place of digitalization as the next generation. The Internet, especially social media, has taken its place and played an important part of everyday life. Enhanced with the impact of the Covid-19 pandemic's shutdowns, remote work, the digital economy, digital socialization, and digital entertainment, internet have transformed our lives in digital manner. A transformation in today's social media-based Internet, called Web 2.0, and is described as the new generation of the Internet, Web 3.0. On the other hand, blockchain technology and crypto assets, such as NFTs and digital currencies, which are built on this technology, have become increasingly widespread, defining the economy of the future, reaching significant economic value within the global economy. This study discusses Metaverse and other related concepts, the economic volume of the rapidly growing Metaverse, industries that are thought to change and emerge with the Metaverse, current and potential application areas of Metaverse in the banking and financial services industry, and Metaverse applications of the world's leading banks and banks operating in Turkey.