Magnus Jones, innovation leader at the accounting firm Ernst & Young’s Big Four (EY), believes that Metaverse will be driven by a younger generation and cannot be built on the same principles as the company’s business model.
Jones’ comments came during an exclusive interview with Cointelegraph managing editor Alex Cohen at the European Blockchain Conference (EBC) 2022.
EY’s innovation leadership has highlighted the company’s investment strategy, explaining why a large portion is directed toward younger generation companies and start-ups. He said that many of these young companies have proven themselves with valuable products and multi-million dollar revenue.
He said that the younger generation is currently leading the industry and explained:
“Obviously we are very focused on understanding the type of younger generations and also on the fact that younger generations build many of the key elements of this landscape.”
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Speaking about innovation, Jones said the company’s old business model won’t work in the Metaverse, and companies and tech giants must think beyond the current mindset.
“It is not necessarily easy to apply the traditional corporate mindset business model structure to this model.”
He talked about the non-fungible token craze (NFT) and whether established brands should try emerging technology. Well-established brands haven’t focused on building community and just took off in the direction, Jones said, which is kind of counterproductive. It is to explain:
“GAP, for example, the British clothing company suddenly launched their NFT collection out of the blue by owning some gold sweaters, while spending no time building any community, as far as I noticed from Twitter, people were thinking, is this just a scam? ”
Jones said the younger generations will set the trend in the Metaverse and the older generations will have to sit back and take notes.