The metaverse could see a big financial boom by 2030

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The metaverse could experience a major financial boom by 2030

The metaverse, which is akin to a cyberspace parallel to physical reality, could experience meteoric growth, experts say.

Several Canadian experts believe that the metaverse is about to experience a period of explosive growth. With a value of up to $13 trillion by the end of the decade.

The metaverse?

According to the Toronto law firm Grinhaus, which is taking an interest in it to the point of becoming the first Canadian firm to set up an office there, the metaverse is an internet-based environment where people can interact and conclude transactions.

Lawyer Aaron Grinhaus thinks it's quite similar to Facebook or Instagram. According to him, the metaverse sits on a spectrum from social media on one side to virtual reality on the other. Many people have known about the metaverse for years, but they don't know it.

And maybe it's a new Eldorado.

Citigroup says it could represent an $8 trillion to $13 trillion market by 2030. Goldman Sachs believes a third of the global digital market could shift to metaverse as more and more people carry out their transactions there.

But nothing is decided yet. Facebook has made a big bet on the metaverse by evoking this concept by adopting its new name, Meta, in 2021. If Citigroup's prediction is correct, the company could profit from it, but in the meantime, its metaverse division lost $13.72 billion in 2022.

Mark Zuckerberg, when he unveiled the new name of the company he founded, Meta, in 2021. The metaverse division lost over $13 billion last year. (File photo)

The metaverse is a land of opportunity, says Brian Peterson of EY Canada.

We are comfortable holding virtual meetings and conducting virtual conversations . Bringing more humans into our virtual experiences is a natural extension, he says

However, Peterson says organizations need to carefully consider how they will approach various topics in this new environment, such as accessibility and identity. These are things the EY lab in the metaverse is currently investigating.

“If organizations set up an office in the metaverse without designing anything there, employees may feel very isolated.

— Brian Peterson, Partner at EY Canada

The Metaverse may still seem contrived to some, but Mr. Grinhaus believes it could become an important tool for many professions. It might even increase accessibility, if done correctly.

People think it's very complicated, but it's not. It's just another point of contact, he says.

However, there are still several things his law firm can't achieve in the metaverse. , at least not yet.

Lawyers must follow strict rules. For example, they must verify the identity of potential clients before drawing up a contract that will allow them to give legal advice. Some digital platforms allow this, but it is up to the lawyer to determine whether he has actually confirmed the client's identity, explains Me Grinhaus, who recommends the utmost caution.

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“I don't cut corners. What we are doing is adding a means of communication to improve communication.

—Aaron Grinhaus, attorney at Grinhaus, Toronto

Similar rules have been put in place for accepting fees, Mr. Grinhaus adds. His firm has been accepting cryptocurrency since 2016. Verifying an identity is important in any financial transaction, regardless of the currency used.

The usefulness of the metaverse will depend on the company's business, Peterson said. As technology advances, the uses of the metaverse will become more obvious. Businesses need to think about what they want to achieve, he believes. that it is worth meeting in a virtual environment to solve a problem.

— Brian Peterson, EY Canada

Some firms try a more hands-on approach.

In June, KPMG launched the first collaboration center in the metaverse for its employees and clients in the United States and Canada. Unlike the Grinhaus office, it is not located on a decentralized platform, but on a licensed private platform, much like a company can license Zoom or Microsoft Teams, explains Kareem Sadek, co-leader of the group. Metavers and Services related to crypto-assets and the blockchain. It therefore requires an invitation to enter, which allows for greater control and discretion.

Over the past seven months, the center has hosted #x27;workshops, meetings, trainings, roundtables and other types of interaction, says Katie Bolla, who co-leads Metaverse Services. Some use headsets while others prefer a computer or a cell phone. they see is a large open area containing waterfalls, tropical plants. All set against a soothing soundscape.

You can stretch the boundaries of physical reality to create something more immersive, says Bolla.

And the metaverse can be a more interactive tool than a video conference and cheaper than transporting people around the world, she adds.