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Metaverse can’t be constructed on the company enterprise mannequin, says EY innovation lead

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Magnus Jones, the innovation lead at large 4 accounting agency Ernst & Young (EY), believes that the Metaverse could be led by the youthful technology and can’t be constructed on the identical ideas of the company enterprise mannequin.

Jones’s feedback got here throughout an unique interview with Cointelegraph managing editor Alex Cohen on the European Blockchain Convention (EBC) 2022.

The EY innovation lead make clear the corporate’s funding technique, explaining why a big chunk has gone in the direction of youthful technology corporations and startups. He mentioned that many of those younger corporations have confirmed themselves with worthwhile merchandise and revenues of hundreds of thousands of {dollars}.

He mentioned that the youthful technology is presently driving the trade and defined:

“We clearly are focusing heavily on understanding sort of the younger generations and also down to the fact that younger generations are building several key elements of this landscape.”

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Talking about innovation, Jones mentioned that the age-old company enterprise mannequin gained’t succeed within the Metaverse, and corporates and tech giants need to assume past the prevailing mindset.

“It’s not that easy necessarily to apply a traditional corporate mindset business model structure in this one.”

He went on to speak in regards to the nonfungible token (NFT) frenzy i and whether or not it’s mandatory for established manufacturers to experiment with nascent tech. Jones mentioned that established manufacturers didn’t concentrate on neighborhood constructing and simply jumped on the pattern, which type of backfired. He defined:

“GAP, for example, the UK clothing company suddenly launched an NFT collection out of the blue by having some golden sweaters, while they hadn’t spent any time on building any community, as far as what I notice from Twitter, people were thinking, is this just a fraud?”

Jones mentioned that youthful generations would set the pattern within the Metaverse and older generations have to take a seat again and take notice.