JN Turns To Metaverse For Local Business Opportunities | Affairs

The metaverse, which is generally considered a virtual extension of the Internet, can connect customers to services while serving them with advertisements.

In a forum called “Welcome to the Metaverse” hosted by JN Fund Managers Limited, JN Group representatives said that consumers can “visit” a local bank without ever leaving home or visiting a luxury apartment before taking out a mortgage.

A metaverse is described as a virtual or networked world that focuses on connecting users to computers or other users, usually through virtual reality or augmented reality technology.

JN Group, the leading provider of private mortgages through JN Bank, has begun the discussion on the latest developments in fintech and blockchain technology, with the aim of finding out how technology, like the metaverse, can create a space for interaction. Rich user online and business promotion.

Jamaica National, which has been around for a century and a half, does not see the metaverse as a threat to the institution. On the contrary, he sees practical marketing uses for connecting remote customers.

During the discussion, tech companies like Microsoft, Meta Platforms Inc, formerly Facebook Inc and Nvidia, said Winston Wilkins, Senior Research Analyst at JN, and Nvidia are pumping big money to transform the metaverse from its disparate concept into a seamless reality.

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

He explained that the metaverse in its current form includes online applications that have “an immersive experience, a permanent community, and a native currency.”

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

Non-fungible tokens, or NFTs, refer to data stored in a ledger such as a blockchain and associated with photos, artwork, and other digital files. NFTs are tradable in digital form.

Fortnite is an online digital game that has grown from 1 million to over 300 million users in less than five years.

Ad space

With the increased use of virtual and augmented reality connections, the metaverse advertising space is expected to grow at a faster rate than traditional social media networks.

“We should be there,” Wilkins said.

The term metaverse is so catchy that it even appears in the title of the latest Marvel movie. strange doctor The movie opened locally on Friday. Jamaicans began searching online for information about the metaverse in May 2021 with a special interest in the “meaning of the metaverse”. In addition, the Jamaicans were really interested in linking metaverse searches with other related search terms such as cryptocurrency and fantasy worlds, according to search results via Google Trends.

Overall, in 2017, quite a few people started searching for the term, but the search volume was so low that they might have been programmers or geeks. Research on this topic really exploded in April 2021, and Jamaica followed suit a month later.

In general, most people outside Jamaica were and still are interested in currency, non-fungible tokens, gaming, investing, and decentralized themes. Decentraland is a 3D virtual world, where users can buy virtual land on the platform such as NFTs. It was uploaded in February 2020.

“The metaverse is largely an idea, not a fact,” said guest speaker at the JN Fund Managers Forum, Dr. Alison Manzer, partner at Banking & Specialty Finance Group, Cassels, a Canadian law firm. “But Star TrekSuch holograms will be with us for the next five years.”

new reality

Technology will enable the creation of avatars that will allow individuals to navigate the new reality. This, when combined with other technologies, will enable immersive press conferences, trade shows and conferences, shopping, and make or try on clothes and shoes before buying. This will allow doctors to perform surgeries, engineers on the same site to collaborate remotely with other engineers, etc.

“The Metaverse will take gaming and entertainment to the next level. No questions asked. It will become more immediate and more immersive,” said Manzer, an author, attorney, and speaker who has written books on financial technology, blockchain, and financial regulation, “but it has many other uses.” .

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

JN’s forum walked away from the sordid conversations about whether technology could eventually push individuals to transcend reality and choose to remain in the metaverse – as a topic for matrix The movie is alive.

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

business@gleanerjm.com

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