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メタバース：未知の領域？

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2022/05/20
アレンカ・グリーリッシュ

Preface: What is the Metaverse?

Merriam-Webster offers a succinct definition: "a highly immersive virtual world where people gather to socialize, play and work." Metaverses may or may not involve virtual reality (VR) or augmented reality (AR).

Currently there are numerous virtual worlds, some born out of Web 2.0 (today’s internet that is dominated by platform players, e.g., Google, Meta, i.e., centrally owned and controlled) and others rising from Web 3.0 (ascendant decentralized internet built on the blockchain, i.e., owned and controlled by users). Top Web 2.0 names include Fortnite, Roblox, and World of Warcraft. Ascendant Web 3.0 names include Decentraland (JPMorgan owns “land”) and The Sandbox (HSBC, SCB, and Standard Chartered own “land”). Web 3.0 metaverses include digital assets which are owned via non-fungible tokens (NFTs).

Here Be Dragons

Cartographers in medieval times would place images of dragons and other scary creatures to indicate potentially dangerous or unknown territories, resulting in the phrase "Here be dragons" (in Latin: hic sunt dracones).

The metaverse is currently uncharted territory. The potential for trillions of dollars in revenue, however, is driving a wide variety of cartographers to map the path to riches. Estimated revenue opportunity ranges from $1 trillion (Grayscale) to $8 trillion (Goldman Sachs and Morgan Stanley) to $13 trillion (Citi). No wonder big tech, Web 2.0, and VC giants are investing heavily to chart the uncharted.

  • Microsoft is pursuing “the enterprise metaverse” through initiatives such as Microsoft Mesh which is pushing the envelope of remote work and collaboration. It is building its gaming platform via its ~$70 billion acquisition of Activision Blizzard (World of Warcraft and Candy Crush to name a couple).

  • Meta is betting its future on generating metaverses (e.g., Horizon Worlds), spending $10 billion in 2021.

  • Nvidia sees its Omniverse Platform as its next revenue rocket with one analyst forecasting $10 billion in revenue generation by 2030.

  • Andreessen Horowitz is leading the VC giants, announcing a $1B fund for Web 3.0 seed investments.

No wonder that banks are sending out explorers.

  • Onyx by JPMorgan was the first mover, buying “land” in Decentraland and setting up a “branch” with a focus on delivering transaction banking and payments services (Celent blog).

  • HSBC, Siam Commercial Bank (SCB), and Standard Chartered followed, buying virtual land in The Sandbox (“LAND”).

HSBC (Celent blog) will develop an “ESTATE” to engage with a select customer segment of gaming and e-sports enthusiasts.

SCB’s venture arm, SBC 10x, has set up a virtual headquarters.

Standard Chartered has stated its ambition is to “actively engage its clients, partners, staff, and the tech community, to explore co-creation opportunities in this new and exciting space, with the goal of experimenting and building new experiences for clients, as well as bringing the local sports and art communities into the metaverse.”
Press Release.

  • Banco Santander and BBVA have invested in an alliance between Metrovacesa (Spanish real estate developer) and Datacasas Proptech (Spanish startup focused on online sale of properties). The alliance will market digital real estate in the metaverse.


Given the potential for next generation customer engagement and meta-commerce, banks cannot ignore the rise of metaverses. They should, however, explore cautiously, choosing expeditions with low cost of failure and sufficient learning benefits. There be dragons in cryptoland as evidenced by the recent Terra conflagration. Terra, prior to its meltdown, was touted as a top five “layer 1” blockchain hosting a rising stablecoin star, algorithmic-based TerraUSD. Terra bulls were building metaverses.

For further insights regarding the potential of the metaverse, see Oliver Wyman Forum's Reckoning with the Metaverse: A Primer on the Metaverse and NFTs.