Metaverse and Web3: from telecom to luxury retail, the revolution is brewing

round table – Innovation leaders and experts different sectors are very interested in metaverse and the potential of asset tokenization. Evidence from Axa France, Bouygues Telecom, Monnier Paris AND The house of coins.

The projects and experiments carried out in different sectors of the economy show this: metaverse appeals to companies and their decision makers. The variety of brands that hold plots in The sandbox is another illustration.

And even if metaverse maturity stage predicted for 2030 by Gartner, organizations are now committing resources to cultivate their employees as well as customers.

Transformations to watch for Comex

casino and its subjects, including Monoprixinvest in the uses of metaverseof crypto and more broadly Web3. These are not the only companies in the Franceas evidenced by the participants of the round table moderated by Coins.co.uk as part of the conference IMAGine Day Metaverse.

In telecommunications, initiatives remain timid in Web3, he notes Philippe KerignardHead of innovation Bouygues Telecom. 5G promotion in metaverse, sale or airdrop of NFT, but “without pure telecom services”. Asia, on the other hand, seems to be ahead in this sector.

Operators such as SK Telecom and NTT Docomo created their own metaverses directly. They compete with companies like Meta. What they are doing is quite impressive”, underlines the expert.

In the axis of tokenizationhe also urges executives to be very vigilant about new business models that are emerging and the development of which often eludes traditional players.

Understanding technologies and uses

Indeed, these projects and their communities usually interact in channels like disagreement AND telegram, placed under the radar of corporate watch cells. Therefore unexpected interruptions cannot be ruled out. IN TELEKOMthis new competition may come from the tokenization of mobile data by virtual operators, MVNO.

“Users sell on the secondary market, without the knowledge of our operators, their unconsumed GB (…) This tokenization can have significant impacts and capacity for disruption”, insists Philippe Kerignard. This potential is taken into account internallyAxa France.

We are aware that going into the metaverse in 2022, we are in a very exploratory phase (…) However, we are observing an evolution in uses, in the origins of the video game world towards other uses (…) We believe in the metaverse within innovation department, without overestimating the short term anyway”, declares Cyrille Magneto, VP Innovation of the insurer.

“It’s important to get there quickly to better understand the technologies and uses. The aim is to be ready, to be among the first to take advantage of it in a few years”, justifies the head of Axa.

Join an ecosystem under construction

To confirm its conviction, Axa France in particular won a plot in The Sandbox.

Planting one’s flag on a platform like The Sandbox really enrolls the company in a logic of learning (…) But buying land is not enough. This is how we have built our presence. It also gives us the opportunity to promote our brand in these ecosystems and meet new people there,” explains Cyrille Magneto.

In this ecosystem logic, VP innovation is thus a member of NFT factorywhose purpose is to evangelize the uses of NFTs and create bridges between suppliers and companies in other sectors.

These connections are also an opportunity for large groups to identify “tech talent. Is here talent war. The benefits associated with being in the metaverse are manifold.” This also applies to the luxury industry, in which Monnier Paris e-commerce site.

For its director, Diaa Elyaacoubi, the challenge of Web3 is that of conquering tomorrow’s consumers, those of Generation Z. For this reason, the distributor, described as “a technology platform”, has carried out several projects around NFTs, cryptos and metaverses, including the creation of a stand during Fashion week organized in Decentraland.

Develop a Web3 culture and technological mastery

We tried to convince a number of our brand partners, many of whom were very reluctant. Therefore, a whole work of evangelization must be done on these topics”, the CEO testifies.

Through his initiatives, Monnier Paris thus aims to position itself as a partner of its brand customers on Web3. The challenge is also internal and thus to develop the culture and mastery of crypto and Web3 skills among employees.

It is very important to build the company’s mentality around these new tools: to put Discord at the heart of our IT system, to include NFT and the game to win in our loyalty program”, explains Diaa Elyaacoubi.

It is therefore strategic to act now to anticipate future revolutions. “We always overestimate the short-term impacts, in 2 or 3 years. And on the contrary, we underestimate them in the long term, in 10 years (…) blockchain it will disturb a certain number of business models. And if you haven’t been able to get on the transformation train, you risk losing it eventually,” warns Monnier Paris boss.

Finance and payments promised a profound change

IN Finance also, to asset tokenization it looks like a revolution. We must not forget the payments, he specifies Nicolas Louvet, CEO of Coinhouse. “The asset management profession is also in the process of learning what tokenization can allow,” adds the manager of the French brokerage, further emphasizing. increasing institutionalization of cryptos.

“The crypto will enter traditional products, life insurance in particular and supporting traditional portfolio management”, predicts Nicolas Louvet in the context of the complementarity between traditional finance and digital assets. However, transformations are not only in the future.

The activity of The house of coins illustrates it. The company, which collected 40 million euros this summer, it is developing its missions beyond investing in cryptocurrencies to support players from a wide range of sectors in accepting metaverse and Web3 payments.

Since the beginning of the year, we have accompanied 18 large groups in the purchase of Lands in TheSandBox or Decentraland. The best known is Carrefour, but most are CAC 40 / SBF 120 groups and some are international,” says Nicolas Louvet.

Among these clients, Coinhouse counts major luxury or fashion, automotive or media brands. These companies use a partner to manage payments received in crypto, that is, outside the platform.

Crypto services for hundreds of businesses in 2023

Wallet management for NFT sale or token cashing, instant crypto/fiat conversion, transaction reporting… The CEO estimates that in 2023, “hundreds of big companies will come to these services”.

We didn’t see that 3 or 4 years ago. We had not fully imagined it. It is very interesting to see companies with which we have not had any discussions, for example in the field of insurance and banking, now moving towards Web3 and blockchain”, says Nicolas Louvet.

However, a phase of acculturation remains to be carried out. And very often it starts with one The “breakdown” phase.notes Philippe Kerignard.

Metaverse is not just Facebook in 3D (…) NFTs are not ugly monkeys that buy 1 million euros (…) Cryptos are not just a trick to buy drugs and destroy the environment”, the innovation manager quips.

Of course, he says, the environmental impact of the metaverse is real, if only in terms of emissions generated by the consumption of mobile networks. of mint from NFT it also generates CO2 emissions. This creation even surpassed, until recently, the impact of producing a physical T-shirt, for example.

However, technological developments make it possible to reduce these energy and environmental costs, including ethereum migration from PoW to PoS.

Component C02 is a subject. It should not be hidden. However, I do not think that an industry, overnight, is capable of reducing its carbon footprint by such a factor”, concludes Philippe Kerignard.

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