May will be the "Metaverse Month"
Can you tell us more about the Metaverse Month that you launched on May?
At The Dots, we want to be at the forefront of innovation since our creation and we already planned to do something around the Metaverse and Web3 trends. To go further, the real revolution in the coming years - and decades - will be the Web3, the Metaverse being just a part of it.
The Metaverse has been making huge waves around the world. One of the key areas of discussion is the Metaverse economy. That is what we will be exploring during this month with partners such as Deloitte, EY, PwC, Virtual Rangers, The LHoFT or VNX.
We think that Luxembourg has to be first mover in this area, and we want to help the country to continue its transformation as the "place to be" in terms of innovation.
What does the Metaverse economy involve and how does it work?
According to projections, the Metaverse economy is expected to reach $800 billion in valuation.
In the Metaverse, users will need to authenticate the ownership of their digital assets and ensure that these digital properties are tradeable. To do this, they need to use Non Fungible Tokens (NFTs).
NFTs are unique tradable items that cannot be replicated - as bitcoin can, for example. While most NFTs are part of the Ethereum blockchain, a few can be traded on other blockchains like Zilliqa, Tezos, Flow, Cardano and Solana.
These NFTs are decentralized and authenticated verifying marks of the owner. That makes NFTs the perfect currency for the Metaverse, where economies can be built and allowed to flourish. The Metaverse is being built to mimic the real, physical world. One of the fundamental rules of a Metaverse like Decentraland is that the real estate you purchase in the Metaverse, much like in reality, is fixed or restricted to a specific location. As demand for property in that location of the Metaverse increases and supply lowers, the price for each parcel or unit of the property also shoots up immediately. The opposite is also true – the lower the demand, the higher the supply and the price fall.
In such circumstances, NFTs are akin to the land ownership documents that you’d normally have for your physical home. If you want to sell the property, you need to put your NFT up for sale.
It will be incredibly hard for someone to fraudulently claim a Metaverse asset as their own, thanks to the smart contracts that are drawn up and maintained on the blockchain once an NFT is created.
to see more pictures.
Will we see to transformed business landscapes?
Since buying and selling on the Metaverse is easy and safe, there is a lot of excitement about how its economy will shape up. With companies like Republic Realm buying parcels of land from Decentraland for around $900,000, it is only a matter of time before other bigger buys ensue across various places and sellers in the Metaverse.
But this growth isn’t just restricted to real estate. NFTs can be programmed to represent any asset. More companies are looking towards getting their share of the Metaverse because it enables an easy reach and access to for customers in the remotest of places. These customers won’t just be restricted to purchasing products, but they can also get hi-touch interactions and services that feel as authentic as the ones in the real world.
The Metaverse economy certainly looks poised for phenomenal growth, and companies should definitely look towards it as the next era of business. But for me, the real revolution will be more globally in the web3 revolution which includes the Metaverse phenomena.
You organize the Finverse Forum on May 18th. What can we expect from this event and what is the meaning of “Finverse”?
The Finverse Forum is the point of convergence between the Metaverse and Finance. One of the objectives of this event is to help attendees understand the challenges of the digital economy, particularly in relation to the explosion of the crypto phenomenon or, more recently, of NFTs. Finverse Forum participants will have the opportunity to meet innovative companies already active in the Metaverse area. This Forum will host the Digital Finance Asset Summit, organized jointly with VNX, that will address some concrete use cases and will give voice to actors of the cryptoasset world such as Alexander Tkachenko from VNX, Michael Jackson from Arcane Crypto AS, Max Shin from Bithumb Custody and Youngjun Jang from Edimus capital. It will be the occasion for some participants to meet potential investors. Attendees will have the opportunity to listen to speakers like the Luxembourg entrepreneur Xavier Buck, who will share his experience of investing in NFTs before handing over the stage to “Hasheur” Owen Simonin, a well-known influencer - on Bitcoin particularly. The conference will be concluded by the cryptoasset lawyer Biba Homsy for a roundtable session with big players as EY, Tezos, Polygon that will be followed by a networking cocktail and a VIP seated dinner.