Magnus Jones says the metaverse can’t be based on the same principles as the corporate business model and focus should be on the young ones.
The metaverse would be run by the next generation, according to Magnus Jones, the innovation head at big four accounting firm Ernst & Young (EY), and it cannot be based on the same principles as the corporate business model.
At the European Blockchain Convention (EBC) 2022, Jones made his remarks in an exclusive interview with Cointelegraph managing editor Alex Cohen.
The EY innovation lead clarified the company’s investment strategy and the rationale behind why a sizable portion of it has been allocated to startups and companies of the younger generation. Many of these new businesses, according to him, have established themselves with worthwhile items and millions of dollars in sales.
He explained: The industry is currently being driven by the younger generation.
“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.”
The traditional corporate business model won’t work in the metaverse, according to Jones, who was speaking about innovation there. Companies and tech behemoths would need to expand their perspectives.
“It’s not that easy necessarily to apply a traditional corporate mindset business model structure in this one.”
He continued by discussing the nonfungible token craze in the market and whether or not major firms should test out such emerging technology. According to Jones, established businesses simply jumped on the bandwagon rather than focusing on community building, which had a mixed effect. He clarified:
“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?”
According to Jones, younger generations will set the metaverse’s trends, and older generations must watch and take note.
