JN turns to Metaverse for local business opportunities | Business

Metaverset, commonly considered a virtual extension of the Internet, can connect customers to services while serving them with advertisements.

Consumers can “visit” a local bank without leaving home or virtually visit a luxury apartment before taking out the mortgage, JN Group representatives said at a forum entitled “Welcome to the Metaverse” hosted by JN Fund Managers Limited.

Metaverset is described as a virtual world or network focused on connecting users with computers or other users, usually through virtual reality or augmented reality technology.

JN Group, the leading private mortgage lender through JN Bank, started the discussion on the latest developments in fintech technology and blockchain technology, and wanted to know how technology, such as metaverset, can create room for interaction. rich user online and boost business.

Jamaica National, which has existed for a century and a half, does not see the meta-verse as a threat to the establishment. On the contrary, he sees practical marketing applications to connect remote customers.

Technology companies like Microsoft, Meta Platforms Inc, formerly Facebook Inc and Nvidia, are pumping big bucks into transforming the meta-verse from its various concepts into a hassle-free reality, said Winston Wilkins, senior analyst at JN during the discussion.

“Until then, we as business people need to be aware of the technological trend and prepare to be present in space,” Wilkins said.

The meta-verse in its current form, he explained, involves online applications that have a “comprehensive experience, enduring community, and native currency.”

“So NFTs are tied to currency, multiplayer platforms like Fortnite [relate to the persistent community] and immersive technologies are like Occulus [headset]. But the magic is when they all come together, ”Wilkins added.

NFTs or non-fungible tokens refer to data stored on a ledger such as blockchain and linked to photos, artwork and other digital files. NFTs can be traded in digital form.

Fortnite is an online digital game that has grown its users from one million to over 300 million users in less than five years.

ADVERTISING PLACE

With the increase in the use of virtual and augmented reality connections, it is expected that the metaverse advertising space can grow faster than traditional social media.

“We have to be there,” Wilkins said.

The term metaverse is so catchy that it’s even included in the title of Marvel’s latest film. strange doctor film, which opened locally Friday. Jamaicans began searching online for information about the metaverse in May 2021 with particular interest in “the meaning of the metaverse.” In addition, Jamaicans were genuinely interested in linking metaverse searches with other related search terms such as cryptocurrency and fictional worlds, according to search results via Google Trends.

Overall, in 2017, a few people started searching for the term, but the search volume was so low that they were probably coders or nerds. The search for the subject really exploded in April 2021, followed a month later by Jamaica.

Overall, most people outside of Jamaica were and still are interested in the meta-verse for currency, non-fungible tokens, games, investing, and Decentraland topics. Decentraland is a virtual 3D world where users can purchase virtual land on the platform as NFTs. It was uploaded in February 2020.

“Metaversen is very much an idea rather than a reality,” said guest speaker on the JN Fund Manager’s forum, Dr. Alison Manzer, Partner at Banking & Specialty Finance Group, Cassels, a Canadian law firm. “But star trek“Similar holograms will be with us for the next five years,” she said.

NEW REALITY

Technology will enable the creation of avatars that allow individuals to cross the new reality. This, when merged with other technologies, would allow for in-depth press conferences, trade shows and conferences, shopping and customizing or testing clothing and shoes before purchase. This would allow doctors to perform surgeries, engineers in the same place to collaborate externally with other engineers and so on.

“Metaverse will take gaming and entertainment to the next level. No question about it. It will be more instantaneous, more immersive. But it has many other uses,” said Manzer, an author, lawyer and lecturer who has written books on fintech. blockchain and financial regulation.

She added that the metaverse opens up issues including privacy, pornography, personal theft, prolonged use and poor coding.

JN Forum steered around dystopian conversations about whether technology could ultimately cause individuals to disregard reality and choose to stay in the metaverse – as a theme for a Matrix movies made live.

In a video posted on Meta Platform’s YouTube channel, Meta / Facebook CEO Mark Zuckerberg described key elements of Metaverse such as immersive presence, avatars, home space, teleportation, interoperability, privacy and security, virtual goods and natural interfaces.

business@gleanerjm.com

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