In Episode 172 of My Metaverse Minute, Kieron talks about how the banking industry has demonstrated hesitancy towards the Metaverse, with financial institutions claiming that it isn’t environmentally friendly.
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00:40 — The banks are starting to worry about the environmental impact of the Metaverse. In a recent survey, 94% of senior executives in the UK said they needed to address the environmental impact of the Metaverse.
01:40 — It’s great that they’re considering sustainability and the environment. However, this highlights how shortsighted the banking industry is at the moment when it comes to Metaverse technologies. It flags the need for a cultural shift.
01:57 — There are many opportunities in the financial space for transactions to be energy efficient and environmentally friendly. There are opportunities to kickstart a massive revolution in how digital transactions take place in the Metaverse and the consensus mechanisms that will reduce carbon output.
02:31 — Etherium’s merge reduces energy use by 99%. This can be replicated across the Metaverse by financial institutions.
02:56 — Because the opportunities are there for banking institutions to be environmentally friendly in the Metaverse, Kieron explains that this just means the culture shift hasn’t happened yet, as environmental concerns are just an excuse for hesitancy.
03:24 — The institutions are still focused on old-fashioned traditional operations that won’t translate into the Metaverse. It has to be digital, tokenized, and blockchain-backed, all of which require a cultural shift.
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