Mercobank Considering NFTs and the Future of Banking in the Metaverse

Mercobank, one of the world’s leading digital banks, has announced the company’s plans to enter the non-fungible token (NFT) market, while also taking a step into the future to determine how the banking sector will adopt the Metaverse. NFTs are tokens that can be used to claim or represent ownership in digital items. While DeFi and NFTs present “the most innovation” in the crypto space right now, it is not yet adopted by many companies.

No doubt the world has witnessed significant developments in all aspects of our lives; the results have continued to generate new transformations in different sectors around the globe most especially the banking sector.

Many of the transformations and developments have historically happened in the digital transformation landscape. With the growing interest in Blockchain and cryptocurrency, the issue of creating a digital presence and a digital asset has gained major importance for both individuals and businesses.

With the emergence of new innovative technologies “Metaverse” and its platforms, the demand for non-face-to-face environments will certainly be on the rise. Mercobank, being an innovative bank, has begun putting strategies to develop virtual environments to enable its customers to access banking services online like the real world.

Speaking at a virtual media roundtable on Dec. 15, Mercobank CEO Ramon Vicente de Vera said that the bank has a “Keen Interest” in digital art. “We as innovative banks are always interested in moving with the transformative changes in the digital space, NFTs’ and Metaverse will rapidly dominate the digital space and most top companies have started jumping on the NFT train.”

“The Bank is currently working alongside a top company that is not affiliated with the government to pilot its digital asset custody service. So far the bank has evolved very well in the digital space amidst the challenges that came as a result of the pandemic. The company will be diving into the Metaverse trend because it will definitely change the way we live, the way we travel, the way we interact with one another,” and that the financial sector, too, would be forever changed,” he concluded.

The hype surrounding Metaverse is already making waves in the digital space. In the Metaverse world, cryptocurrency and digital art, namely non-fungible tokens (NFT), are commonplace. So many experts are already making predictions of what it would look like to shop in the Meta universe. While the Metaverse technology still remains on the lips of tech fans, gaming platforms, and social media, the Mercobank team is currently busy looking for new ways to make money and the possibility of selling NFTs in the future.

Metaverse has been tipped to grow in importance as a digital financial platform for banking and financial transactions, as well as personal and business interactions. In order to make this new environment as immersive and realistic as possible, managing finances and transactions effectively will be critical.

One differentiating factor for Mercobank is its ability to manage financial transactions similar to real life. In this virtual world, anyone can buy and sell houses, products, clothing, land, and avatars just like in the real world.

About Mercobank

Mercobank is the perfect symbiosis of Technology, Blockchain, and Banking. The company is a leading digital bank with a mission to redefine finance for the new economy. The bank is building a pioneering technological bridge between the digital and traditional asset worlds.

The company orchestrates the entire account management process for our clients, while also providing excellent banking and investment solutions for clients.

Photo by Anna Hunko on Unsplash

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