EXCLUSIVE: “De-hyping the Metaverse” – Jieke Pan, Mobiquity in ‘The Fintech Magazine Issue 26’

Jieke Pan, CTO and VP of Engineering at Mobiquity considers what banks are doing now and what they need to be doing to reap the advantages of a digital world

On June 26, 2000, the primary draft of the human genome was launched to the world. Seven years later, on June 29, 2007, the iPhone was unveiled. Whereas each occasions promised to rework our lives, it’s in all probability truthful to say that, to this point, solely the smartphone has delivered on that for many of us.

To this point, it’s unclear whether or not the rebranding of Fb to Meta on June 9, 2021, can be extra akin to our expertise of genomics or the smartphone. Nonetheless, it prompted many extra of us to marvel what the metaverse really was. Curiosity within the expertise spiked on the Fb Join occasion in October final 12 months when the corporate outlined its imaginative and prescient for the metaverse because the pure successor to the cellular web – a veritable ‘set of interconnected digital spaces that lets you do things you can’t do within the bodily world’.

After that announcement, the metaverse market was predicted to succeed in $800billion by 2024. Is that hype or substance? Is the metaverse simply one other try to rehash the identical applied sciences that failed when launched through the likes of Second Life?

Possibly we ought to start out by taking a look at what the metaverse is (and what it isn’t). In Navigating The Metaverse, UC Berkeley’s Tommaso di Bartolo offers a very good abstract. He defines it as ‘the next generation of consumer engagement: an immersive experience with a self-sustaining, community-driven economy at its centre. It’s a brand new digital actuality for shoppers, empowering joint worth creation: to construct empathy with manufacturers by changing into a part of the product’.

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