Do I have to be metaverse locked?

At the beginning of the year, Axa France announced the acquisition of a virtual plot of land on the platform The Sandbox. A number of general agents will also be in the process of opening their branch in metaversethis network of connected virtual environments towards which all digital players seem to be moving (social networks, video game publishers, etc.).

In five years, this new playground for Internet users around the world could represent a The market value is more than 700 billion dollarsWhich the insurance sector intends to invest. but how? And what ambitions? François-Xavier Combe, founder of Easyblue, a digital insurance platform, explains this new big challenge for us.

What do we mean by metaverse today? Is this really true?

Today, there are already many metaverses, one can think for example sandbox, or other platforms. In that respect, the first launch pad is gaming, and a lot starts from there. Online games and video games like It is an electronic game. Stirring up massive enthusiasm and precursors to what could be tomorrow’s metaverses. A few years ago, for example, a concert was organized in Fortnite, which players attended in the virtual world of the game, and we are still at the beginning of the story, but it is accelerating a lot in certain areas. And when such a universe is structured, here the question of insurance begins to arise. To continue what we can imagine from metaverses, we already see that the revolution will come from the fact that all platforms will be interoperable and connected to each other. This is already part of what we observe on the Internet today: when we play, we win prizes: clothes (skins), tokens (tokens), NFT’s, etc. This earned item will be able to be used in other games or environments, in particular as exchange coins. In this wonderful virtual world, everything flows from one game to the next, while building bridges with the real world. We can also soon Attend an event in the metaverse, go shopping there, connect with a gym trainer Which will have you jogging in real life to collect virtual points or rewards.

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Therefore, the first type of insurance that comes to mind is to cover these virtual goods

We have to be clear, we’re still in the beginning, it’s a bit like the mid-90s, after two decades of somewhat clandestine development, the Internet was just beginning to exist. We said to each other “Wow, we’ll be able to email each other, but what fundamentally changes that?”. The questions on the Metaverse are somewhat of the same spring, and it’s hard to anticipate. Currently, it appears that blockchain technology is likely to play a large role. Currently, the data belongs almost exclusively to GAFAM, despite the General Data Protection Regulation (GDPR), and these companies monetize it. thanks to blockchain, we can imagine that in the future we will own our data, the content we produce, our images, etc. Everything will be certified royal This opens up a more decentralized world, where we no longer just pass through major players and/or institutions. All users become responsible for “goods” virtual. As with the Internet in its infancy, there will undoubtedly be a side “West Fare” first, and then regulation, which will include especially the protection of this property, Through insurance in particular.

“Some people are already buying land in the area of ​​​​Metaverse, where there are virtual real estate agents. Imagine that you were building your own universe from this area: intellectual and material property issues would arise. Therefore, the emergence of the insurance principle is necessary.”

Is it possible for data secured by a blockchain to be stolen?

The creation of the metaverse actually creates a market, i.e. a place to exchange cryptocurrency, NFT, etc. All this remains “foldable”. Despite a very secure system, the principle of encryption is based, for example, on the fact that a private key is used. If it is stolen, I will have my data stolen. Likewise for the trading platforms used to exchange cryptocurrency: If there is an error and I lose it, can I be insured? This inversion can extend to groups of NFTs. Some people are already buying land in the Metaverse area, where there are virtual real estate agents. Imagine you are building your universe out of this earth: Physical and intellectual property issues will arise. Therefore, the emergence of the principle of insurance is necessary. Moreover, with almost self-protection, one can imagine real-life insurance applications. I have my (real) car with all the sensors you could have today, and its (virtual) avatar in the metaverse. My way of driving will give me benefits in my insurance contract: applications of the type Driving aids where “Pay how you drive” It will use my data and earn me extra points in the metaverse. We can also imagine many bridges between real and virtual MHI: if I play sports in real life, I’ll unlock rewards for my avatar in the metaverse, etc. Insurance will creep in both directions: to protect value creations in the metaverse, and to build bridges between real and virtual life.

Can one also imagine personal insurance?

Yes, I think we’ll join the kind of guarantees we know in the real world, that apply to the virtual world: reputation damage, malicious intent, etc. Certainly also with layers of cyber security. It will definitely be one group, if for example someone copies my avatar, How do I protect my identity? my ip? All this will necessarily be insurable. The photographer client, for example, makes unique prints: to secure his business and clients, he creates NFTs that are still linked to physical creativity. As a collector, he wishes to secure his collection of NFTs, of which he is the intellectual owner. We are already very interested in this emerging technology and the trends that it will bring about. We have also secured the largest French esports team called Carmine CompanyThis symbolizes our desire to be pioneers in this universe. The idea is to be able to secure the players: if Cristiano Ronaldo breaks his hand, how can his team make up for it? We need to convince the risk bearers that although there is a default app, it really matters.

Do Insurance NFTs Really Exist?

It’s still very early days, and then we’ll see what the final model will be. On platforms, when you have encryption and an account, you can do this mask, i.e. keep it in a wallet and then wager up or down. Here, too, we can think of insurance from a financial technology perspective, such as what already exists in the financial world of financial property insurance.

What is the horizon for seeing the emergence of the metaverse you describe?

I will say in five years. We are currently seeing a very strong acceleration, but there are still some technological hurdles. Interoperability is in the way, and it is necessary to have only one metaverse, to change the virtual space without having to disconnect, which is what the current Internet looks like.

What place do you want to occupy in this new market?

At Easyblue, we want to be a player in innovation for our commercial customers, and Be leaders in these issues. For example, I participated in one of the first international exhibitions in Dubai, which evaluated the progress we mentioned. With fundraising, we have developed our own bot advisor, and we want to digitize the entire insurance environment for managers: social protection, mutual health insurance, savings insurance, etc. But we also have the ambition to switch to new professions, particularly employees, freelance entrepreneurs or craftspeople, particularly with Ten-year digital warranty formula.

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