A growing number of companies in the financial services sector, technology and cloud computing are tapping opportunities in the metaverse as we enter this next phase in the evolution of the internet, Web 3.0u—a place where the physical world meets with virtual and augmented reality. However, the metaverse is beset with several challenges from a lack of agreed standards for interoperability to privacy and data to law and jurisdiction.
Metaverse is described as a digital reality that combines aspects of social media, online gaming, augmented reality, virtual reality and cryptocurrencies to allow users to interact virtually. Renowned global companies investing in the metaverse include Facebook parent company Meta, HSBC, Epic Games and Microsoft.
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