New Jersey Business Beat with Raven Santana
Into The Metaverse: How businesses can benefit
1/29/2022 | 26m 46sVideo has Closed Captions
Rhonda Schaffler analyzes the benefits for businesses entering the Metaverse.
What can businesses gain by embracing and entering the Metaverse? Rhonda Schaffler speaks with Metaverse experts to learn about the benefits for businesses, the best opportunities to invest and how the metaverse will disrupt industries in the future. Rhonda also breaks down the major headlines of the week, including a new mortgage assistance program.
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New Jersey Business Beat with Raven Santana is a local public television program presented by NJ PBS
New Jersey Business Beat with Raven Santana
Into The Metaverse: How businesses can benefit
1/29/2022 | 26m 46sVideo has Closed Captions
What can businesses gain by embracing and entering the Metaverse? Rhonda Schaffler speaks with Metaverse experts to learn about the benefits for businesses, the best opportunities to invest and how the metaverse will disrupt industries in the future. Rhonda also breaks down the major headlines of the week, including a new mortgage assistance program.
Problems playing video? | Closed Captioning Feedback
How to Watch New Jersey Business Beat with Raven Santana
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Learn Moreabout PBS online sponsorshipREPRESENT OUR INDUSTRIES WORKING TOGETHER TO HELP BUILD A MORE PROSPEROUS NEW JERSEY THROUGH ADVOCACY, SUPPORT, NETWORKING AND BENEFITS.
NJC SCHOOL OF BUSINESS, A GAME CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL IS TECHNOLOGY WHERE BUSINESS ANALYTICS AND DATA SCIENCE.
AWAY FROM THE, CHANGE PLACE IN NEW JERSEY CITY AND MINUTE TRS WALL STREET.
NJCU, AND LOCAL, PROUDLY SERVING THE BUSINESS COMMUNITY SINCE 1900.
LOCAL 102, LIGHTING THE PATH, LEADING THE WAY.
>> THIS WEEK ON "NJ BUSINESS BEAT" WHEN YOU CAN APPLY FOR EMERGENCY MORTGAGE ASSISTANCE.
>>> PLUS GAME ON, NEW JERSEY PRESSES START ON E-SPORTS BETTING IN THE STATE.
>>> AND WE'RE TAKING YOU INTO THE METAVERSE AND PUTTING ITS FINANCIAL FUTURE IN FOCUS.
HEAR FROM THE NEW JERSEY BUSINESSES THAT HAVE ALREADY SET UP SHOP AND LEARN HOW OTHER BUSINESSES CAN BENEFIT FROM THE VIRTUAL WORLD.
THAT'S STRAIGHT AHEAD ON "NJ BUSINESS BEAT."
>>> THIS IS "NJ BUSINESS BEAT."
.
>> HELLO, THANK YOU FOR JOINING ON "NJ BUSINESS BEAT."
IF YOU'RE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.
THROUGHOUT THE PANDEMIC, THE STATE HAS BEEN ROLLING OUT FINANCIAL ASSISTANCE PROGRAMS TO BUSINESS OWNERS AND RENTERS AND NOW FINALLY HOMEOWNERS ARE GETTING MUCH-NEEDED LEAF TOO.
THE STATE IS LAUNCHING THE EMERGENCY RESCUE MORTGAGE ASSISTANCE PROGRAM, RESIDENT WHO IS ARE LATE ON THEIR MORTGAGE OR PROPERTY TAX PAYMENTS CAN APPLY STARTING EARLY NEXT MONTH.
GOVE GOVERNOR MURPHY SAYS ELIGIBLE HOMEOWNERS COULD RECEIVE UP TO $35,000.
>> THIS CAN HELP PROTECT THOUSANDS OF HOMEOWNERS FROM FORECLOSURES AND NEIGHBORHOODS BEING IMPACTED.
THROUGH THE IRMA PACKAGE, FREE HOUSING COUNSELLING WILL ALSO BE AVAILABLE TO ASSIST HOMEOWNERS IN APPLYING FOR ASSISTANCE AS WELL AS GUIDING THEM THROUGH ALL AVAILABLE OPTIONS AND EVEN WORK ING WITH THEIR MORTGAGE COMPANIES TO GET THE BEST POSSIBLE OUTCOME.
>> NEW JERSEY PROPERTY TAXES HIT A RECORD LAST YEAR AND NOW THE STATE HAS RELEASE D A COUNTY BY COUNTY BREAKDOWN OF WHO PAID THE MOST AND LEAST.
WHILE THE AVERAGE PROPERTY TAX BILL FOR 2021 WAS JUST UNDER $9,300, HOMEOWNERS INBERGEN, ESSEX AND UNION COUNTIES PAID MORE THAN $12,000 A YEAR.
HOSPI HOMEOWNERS IN SOUTH JERSEY PAID LESS THAN AVERAGE.
PROPERTY TAXES STILL TAKE A BIG BITE OUT OF HOUSEHOLD INCOME.
>> WHEN YOU LOOK AT IT IN THE CONTEXT OF MEDIAN INCOMES, IT'S OVER 10% OF WHAT THE MEDIAN HOUSEHOLD INCOME IS IN NEW JERSEY.
SO A SHARE OF WHAT RESIDENTS BRING IN IS GOING TO THE PROPERTY TAX.
IT'S BEEN THAT WAY FOR DECADES REALLY.
THERE'S NO SIGN OF RELIEF, ALTHOUGH MAYBE PROPERTY OWNERS WOULD FIND SOME SOLACE IN THE FACT THAT THE RATE OF GROWTH IS SLOWING.
>> WHETHER IT'S FINDING THAT FIRST JOB OR FINDING THAT FIRST BIG BUSINESS CONTRACT, CONNECTIONS, MENTORSHIP, IT'S ALL IMPORTANT.
AND ONE NEW JERSEY CHAMBER OF COMMERCE HAS REBRANDED IN ORDER TO BETTER REPRESENT AND SERVE ITS MEMBER BUSINESSES.
THE LGBTQ CHAMBER IS NOW THE NEW JERSEY PRIDE CHAMBER.
I SPOKE WITH THE PRESIDENT ABOUT THE REFOCUSED VISION AND THE CHALLENGES FACING ITS MEMBERS.
>> STEVEN, WELCOME, IT'S GREAT TO HAVE YOU ON THE PROGRAM.
YOU WERE BEHIND SOME REBRANDING RECENTLY OF YOUR ORGANIZATION.
WHAT PROMPTED THAT?
>> WHAT PROMPTED THE REBRANDING OF THE BRAND TRANSFORMATION THAT YOU SEE TODAY WAS INSPIRE D BY COVID.
I THINK EVERYONE HAD THE OPPORTUNITY TO TAKE A STEP BACK AND REEVALUATE THEMSELVES MAYBE THE ORGANIZATIONS THEY WERE A PART OF, SO FOR OUR INSTANCE, WE SAID THIS JUST ISN'T SERVING OUR CONSTITUENCY THE WAY THAT WE WANT IT TO.
OUR BRAND CURRENTLY DOESN'T MATCH THAT.
SO WE REALLY WANTED TO TAKE A STEP BACK AND SAY, OKAY, LET'S MAKE SURE THAT OUR BRAND IS REFLECTIVE OF OUR COMMUNITY.
>> WE HAVE THE CHAMBERS OF COMMERCE ACROSS NEW JERSEY.
WHY IS IT IMPORTANT IN YOUR VIEW TO HAVE A CHAMBER THAT IS ADVOCATING FOR BUSINESS LEADERS WHO ARE LGBTQ PLUS?
>> SO THAT IS A GREAT QUESTION.
HISTORICALLY, THE LGBTQ COMMUNITY IN GENERAL IS DISCRIMINATED AGAINST.
AS WELL AS ECONOMICALLY.
SO IT'S MUCH HARDER FOR AN L LGBTQ-OWNED BUSINESS TO GET UP AND RUNNING AND HAVE ACCESS TO THE SAME RESOURCES AND CONTRACTING OPPORTUNITIES THAT A TRADITIONAL, LET'S JUST SAY A STRAIGHT WHITE MALE OWNED BUSINESS MIGHT HAVE.
SO IT'S IMPORTANT TO HAVE AN ORGANIZATION LIKE OURS UPLIFTING OUR COMMUNITY MEMBERS.
WE'RE LOOKING TO START THEIR OWN BUSINESS AND TO THRIVE WITHIN THE STATE OF NEW JERSEY.
>> WHEN IT COMES TO FUNDING, IS THAT THE BIGGEST HURDLE THAT SOME OF THESE ENTREPRENEURS FACE OR ARE THERE OTHERS?
>> FUND ING IS PROBABLY THE NUMBER ONE HURDLE THAT IS BASED ON OUR COMMUNITY.
FOR EXAMPLE, ONE OF OUR PRIMARY MISSIONS OF OUR ORGANIZATIONS IS TO CERTIFY LGBTQ-OWNED BUSINESSS THE SAME WAY YOU'D MINORITY OWNED BUSINESSES.
THAT HELPS GET ACCESS TO CONTRACTS FROM FORTUNE 500 COMPANIES OR STATE AND LOCAL GOVERNMENT AGENCIES THAT ARE LOOKING TO ACTUALLY SPEND MONEY WITHIN THESE DIVERSE COMMUNITIES ASK RIGHT NOW, THE STATE OF NEW JERSEY DOES NOT RECOGNIZE LGBTQ OWNED BUSINESS AS A MINORITY BUSINESS CLASS.
SO THAT'S SOMETHING THAT WE'RE WORKING ON ADVOCATING LEGISLATIVELY AND WITH THE GOVERNOR'S OFFICE CURRENTLY TO TRY TO ADJUST.
>> HOW MANY MEMBERS ARE IN YOUR ORGANIZATION RIGHT NOW AND WOULD YOU LIKE TO SEE IT GROW?
>> WE WERE VERY LUCKY DURING COVID.
A LOT OF CHAMBERS, THERE'S 140 OF THEM IN THE STATE, A LOT OF THEM HAD A DIFFICULT TIME OBTAINING MEMBERS WE WERE FORTUNATE WE WERE ABLE TO GROW OUR MEMBERSHIP DURING COVID.
WE ARE AT 150 MEMBERS, SO WE ARE GROWING EVERY DAY.
AND WITH THE NEW BRAND TRANSFORMATION, WE'RE SEEING NEW MEMBERSHIPS AND CORPORATE PARTNERSHIPS ROLL IN EVERY SINGLE DAY.
>> GOOD LUCK TO YOU WITH THE CHANGES.
IT WAS GREAT SPEAKING WITH YOU.
>> THANK YOU SO MUCH.
>>> E-SPORTS IS IS HAVING A MOMENT.
NEW JERSEY HAS NOW APPROVED THE FIRST COMPANY TO TAKE BETS ON E-SPORTS, WHICH IS COMPETITIVE VIDEO GAMING.
THE COMPANY HAS AN OFFICE IN HOBOKEN.
UNDER THE APPROVAL GRANTED BY THE STATE DIVISION OF GANL ENFORCEMENT, IT WILL BE AFILLUATED WITH THE CASINO LICENSE BUT ONLY TAKE BETS ON E-SPORTS AS SOON AS IT'S GITS GAMING PLATFORM IS UP AND RUNNING.
CUSTOMERS ON THE PLT FORM WILL BE ABLE TO BET ON OTHER PEOPLE PLAYING GAMES, INCLUDING CALL OF DUTY AND LEAGUE OF LEGENDS.
E-SPORTS ENYISS PLAY IN AN ONLINE WORLD.
A LOT OF PEOPLE WERE TALKING ABOUT THE NEXT IT RATION OF THE INTERNET KNOWN AS THE METAVERSE.
SO WHAT IS IT EXACTLY?
THINK OF A MORE ADVANCED DIGITAL EXPERIENCE WITH VIRTUAL REALITY, AUGMENTED REALITY AND AVATARS.
THE METAVERSE GOT A LOT OF ATTENTION AFTER FACEBOOK CHANGED ITS NAME TO META AND SAID IT WOULD WORK TO BRING THE METAVERSE TO LIFE.
COMPANIES ARE STAKING THEIR CLAIMS IN THE NEW DIGITAL UNIVERSE, INCLUDING COMPANIES RIGHT HERE IN NEW JERSEY.
THAT'S WHY WE'RE PUTTING THE BUSINESS OF THE METAVERSE IN TOEX THIS WEEK.
FIRST, THERE'S MONEY TO BE MADE IN THE METAVERSE.
THE MARKET IS VALUED AT $478 BILLION AS OF 2020 COULD REACH $783 BILLION JUST A FEW YEARS FROM NOW.
A 13% COMPOUND ANNUAL GROWTH RATE.
A RECENT SURVEY ASKED PEOPLE ABOUT REASONS WHY THEY WANT TO JOIN THE METAVERSE.
52% SAID FOR WORK.
48% SAID FOR ENTERTAINMENT.
44% SAID IT'S AN INVESTMENT.
INTERESTINGLY, A MAJORITY OF THE RESPONDENTS THOUGHT THE METAVERSE COULD SERIOUSLY HARM SOCIETY.
IT IS A LOT TO TAKE IN.
LUCKY FOR US, WE FOUND THE FUTURIST WHO COULD EXPLAIN HOW THE META IS VERSE WILL IMPACT YOU.
M MELANIE IS TRERKT OF CONSULTING AT THE FUTURE TODAY INSTITUTE.
IT SOUNDS LIKE A LITTLE BIT AHEAD, SCI-FI, THINGS WE'RE NOT USED TO.
BUT YOU HAVE PREDICTED BY 2030 A LARGE PORTION OF US WILL BE IN THE METAVERSE IN SOME WAY.
SO WHY DO YOU THINK THAT?
HOW ARE WE GOING TO GET THERE?
>> I HAVE.
SO I THINK IF WE IMAGINE THAT A LARGE PROPORTION OF PEOPLE ARE GOING TO BE LIVEING THEIR DAILY LIVES THROUGH VIRTUAL REALITY IN 2030, THAT'S PROBABLY NOT LIKELY.
INSTEAD, WHAT I SEE IS PEOPLE LIVING IN AN EVEN MORE CONNECTED WAY THAN THAN THEY DO TODAY.
I HEARD SOMEBODY RECENTLY REFER TO THE METAVERSE AS BEING SORT OF THE NEW VERSION OF OUR SMART PHONE.
IF WE THINK OF OUR SMART PHONE A AS A BETA VERSION OF THE META METAVERSE, THAT THE METAVERSE IS US EXPERIENCING THOSE VIRTUAL CAPABILITIES.
SO I THINK IN 2030, WE'RE GOING TO BE MUCH MORE CONNECTED IN A MUCH MORE SEAMLESS WAY THAN WE ARE TODAY.
RIGHT NOW, IF WE NEED TO COMMUNICATE WITH SOMEBODY, WE EITHER NEED TO MAKE A PHONE CALL BY DIALING IN THE NUMBER OR SELECTING THAT CONTACT.
IF WE SENT AN E-MAIL OR TEXT MESSAGE, WE HAVE TO PICK UP OUR PHONE AND WE HAVE TO TYPE IN A AL OF THAT INFORMATION.
AND IN THE METAVERSE, IT'S A LOT MORE SEAMLESS.
THAT'S ENABLED BY A COUPLE DIFFERENT THINGS.
ONE IS GOING TO BE OUR BIOMETRIC FEED THAT WE'RE PROVIDING TO DIFFERENT DEVICES.
ANOTHER IS THE NEW TYPES OF DEVICES THAT WILL BE AVAILABLE.
RINGS OR BRACELETS THAT CAN DETECT JUST YOUR RECOGNITION, SO WE CAN WRITE A MESSAGE IN THE AIR AND IT TRANSLATES INTO A TEXT MESSAGE.
>> DID THE ONSET OF THE PANDEMIC HELP PUSH THE ACCELERATE RATION INTO THE METAVERSE?
PEOPLE WHO MIGHT HAVE NEVER USED TECHNOLOGY, WE ARE TALKING ON ZOOM, THAT'S STANDARD PRACTICE NOW FOR A LOT OF PEOPLE.
DID IT HELP ACCELERATE THIS?
>> ABSOLUTELY.
I THINK PEOPLE FOUND THEMSELVES A AT HOME MUCH MORE OFTEN AND LOOKING FOR WAYS TO CONNECT.
AND VIDEO CONFERENCING IS CAPABLE OF CONNECTING US IN CERTAIN WAYS, BUT PEOPLE ARE LOOKING FOR SOMETHING THAT FEELS MORE REAL.
THEY WANT TO BE ABLE TO LOOK AROUND THE ROOM AT THEIR CO-WORKERS WHEN THEY ARE ON A VIDEO CONFERENCE CALL.
SO TECHNOLOGY COMPANIES WERE ALREADY EXPLORING THESE CAPABILITIES EARLY ON.
META RELEASED A NUMBER OF TECHNOLOGIES THAT THEY HAD BEEN RESEARCHING FOR YEARS.
THE DIFFERENCE IS NOW THERE'S ACTUALLY CONSUMER APPETITE FOR THESE TECHNOLOGIES.
>> HOW DOES IT IMPROVE OUR SOCIETY?
>> I THINK IT CAN IMPROVE OUR SOCIETY BY INCREASING UNDERSTANDING OF EACH OTHER AND OF DIFFERENT ENVIRONMENTS AND SITUATIONS.
SO ONE EXAMPLE THAT I LOVE TO USE IS FOR STUDENTS IN A AN EDUCATIONAL APPLICATION.
TODAY STUDENTS LEARN FROM TEXTBOOKS.
PERHAPS THEY WATCH VIDEOS.
IN THE FUTURE, MAYBE IN TEN YEARS, WE COULD SEE STUDENTS ACTUALLY WALKING DOWN THE STREET IN A VIRTUAL REALITY SETTING IN GREECE AND IMMERSE ING THEMSELV IN THAT ENVIRONMENT.
ADULTS, LIKE WISE, CAN COMMUNICATE MORE EASILY WITH OTHER SOCIETIES AND OTHER INDIVIDUALS BECAUSE THINGS LIKE SIMULTANEOUS TRANSLATION, USING SYNTHETIC MEDIA, WILL BE IN PLACE.
WE COULD BE SPEAKING IN TWO DIFFERENT LANGUAGES RIGHT NOW, BUT UNDERSTANDING EACH OTHER PERFECTLY BECAUSE THAT TRANSLATION WOULD BE BUILT IN.
>> I WOULD LOVE TO TALK TO YOU FOR ANOTHER FOUR HOURS, BUT UNFORTUNATELY, WE'RE OUT OF TIME.
REALLY NAT ING.
THANK YOU SO MUCH.
>>> WELL-KNOWN ORP CORPORATIONS ARE INVOLVED IN THE METAVERSE, BUT IT'S NOT JUST TECH COMPANIES.
ARE TAILERS LIKE WALMART AND NIKE ARE INTERESTED IN PARTICIPATING IN THE VIRTUAL WORLD.
SOME NEW JERSEY COMPANIES ARE ALSO GETTING IN EARLY.
I KNOW WHAT YOU'RE THINKING.
THEY ARE PROBABLY TECH COMPANIES.
NOPE, WE HAVE A LAW FIRM AND AN ACCOUNTING FIRM THERE.
THEY CLAIM TO BE THE FIST PERSONAL INJURY LAW FIRM WITH A VIRTUAL OFFICE IN ONE PART OF THE METAVERSE KNOWN AS DECENTRALLAND.
I SPOKE WITH THE CO-FOUNDER AND PARTNER RICHARD GRUNGO ABOUT THE POTENTIAL BUSINESS OPPORTUNITIES HE SEES IN THIS DIGITAL WORLD.
>> THANK YOU FOR YOUR TIME TODAY.
>> THANK YOU FOR HAVING ME.
>> SO LET'S TALK ABOUT YOUR PERSONAL JOURNEY FIRST ALL THE WAY TO THE METAVERSE.
YOU WERE ALWAYS A GUY INTO TECH, RIGHT?
>> ABSOLUTELY.
I HAVE ALWAYS BEEN PAYING ATTENTION TO THE FUTURE FOR SURE.
ESPECIALLY AFTER I STARTED MY OWN LAW FIRM.
CERTAINLY LOOKING AT WHAT THE FUTURE HOLDS.
>> SO HOW DID THAT GET YOU TO THINKING ABOUT THE METAVERSE IN YOUR OWN LAW FIRM AND WHY IT MAKES SENSE?
>> THE TRIGGER FOR ME TO DO SOMETHING INVOLVING MY LAW FIRM WAS WHEN I SAW THAT A ABOUT A YEAR AGO THERE WAS A AN ONLINE AUCTION IN ONE OF THE METAVERSES.
THEY AUCTIONED OFF AN A PAINTING, IS WHICH I THINK WAS $HAD 1.9 MILLION.
SO WHEN I SAW THAT THEY WERE DOING ONLINE 2I69 ACTIVITY, I STARTED TO THINK HOW COULD WE APPLY THAT TO WITHIN THE LAW.
>> SO HOW DOES IT WORK AT YOUR FIRM?
DO YOU MEET CLIENTS IN THE METAVERSE?
>> WE'RE WORKING ON THAT.
NOT YET.
RIGHT NOW, WE HAVE ESTABLISHED A PRESENCE, BUT WE ARE THE FIRST PERSONAL INJURY LAW FIRM IN THE METAVERSE.
WE HAVE A STAND ALONE STRUCTURE IN DECENTRALLAND.
THERE WE HAVE LINKS TO VARIOUS INFORMATION WHETHER IT BE BE A WEBSITE OR SOCIAL MEDIA.
WE HAVE NOT MET CLIENTS THERE.
WE HOPEFULLY IN THE FUTURE WILL HAVE THE CAPACITY TO DO THAT.
BUT MORE NOW, IT'S A PLACE TO EXPLORE AND MAYBE GET SOME MORE INFORMATION ABOUT A QUESTION IN THE LU THAT YOU HAVE.
>> I GUESS WE SHOULD EXPLAIN WHAT DECENTRALLAND IS.
>> DECENTRALLAND IS A METAVERSE.
IT'S A PARTICULAR DIGITAL WORLD UNTO ITSELF WITH ITS OWN TERMINOLOGY, WITH ITS OWN CURRENCY, TOKENS.
AND THERE ARE A NUMBER OF METAVERSES.
IT'S IMPORTANT FOR THE VIEWERS TO UNDERSTAND.
DECENTRALLAND IS ONE.
THERE'S ANOTHER ONE CALLED SAND B BOX.
BUT OTHER EXAMPLES OF METAVERSE IS THE GAMES OUR KIDS PLAY WHETHER IT BE FORTNIGHT, THESE ARE ALSO EXAMPLES OF METAVERSE.
>> ARE YOU LONELY THERE OR THERE A LOT OF OTHER PEOPLE IN THERE WITH YOU?
>> WHEN MY 11-YEAR-OLD DAUGHTER HELP ED ME CONSTRUCT THE LINK BECAUSE OF HER EXPERIENCE IN THE GAMING WORLD, THERE WAS NOTHING AROUND US.
IT WAS EMPTY LOTS.
NOW SOMEBODY HAS PARKED A SPACESHIP, A POLICE CAR IS AND A JET IN THE VACANT LOT NEXT TO US.
SO IT CHANGES CONSTANTLY.
>> PICTURE SOMEBODY GETTING IN ON THE GROUND FLOOR.
WHAT ARE SOME OF THE LEGAL ISSUES THAT YOU THINK ABOUT WITH THE METAVERSE?
USUALLY WE GET TECHNOLOGY AND MAKE ADVANCES AND THE LAWS CATCH UP AFTERWARDS.
>> WHAT I THINK ABOUT THE LAW, THERE WILL BE NUMEROUS ISSUES REGARDING JURISDICTION.
WHAT COUNTRY'S LAW APPLIES, WHAT RELATELATIONS APPLY.
EVERY SINGLE ONE OF THESE WORLDS IS A WORLD UNTO ITSELF.
SO THEY HAVE DIFFERENT RULES.
SO JURISDICTION, THOSE ISSUES WILL, I THINK, WILL BE THOSE TYPES OF ISSUES.
I THINK WHAT YOU'RE SEEING NOW, THE MUSIC INDUSTRY, ARTISTS ARE REALLY TAKING ADVANTAGE OF THIS SPACE.
WHERE YOU'RE SEEING SOME OF THE HOT TOPICS IN THE LAW IS INTELLECTUAL PROPERTY, CONTENT LICENSING, REPUTATIONAL ISSUES.
>> IT'S BEEN REALLY GOOD SPEAKING WITH YOU.
THANK YOU SO MUCH.
>> I APPRECIATE IT.
I'M EXCITED FOR THE FUTURE.
THANK YOU FOR HAVING ME.
>>> INTERNATIONAL ACCOUNTING FIRM PREYINGER METAS HAS FOUND A HOME IN THE METAVERSE.
WE SPOKE WITH THE PARTNER OF THE FIRM'S METAVERSE HEADQUARTERS IN DECENTRALLAND.
FIRST OF ALL, WELCOME.
IT'S GOOD TO TALK TO YOU.
>> SAME HERE.
>> SO YOUR FIRM IS ONE OF THE EARLY FIRMS TO EMBRACE THE METAVERSE.
WHY WAS DOING THAT IMPORTANT FOR THE FIRM FROM A BUSINESS PERSPECTIVE?
>> WE HAVE A LOT OF CLIENTS IN THE ENTERTAINMENT SPACE.
MUSIC ESPECIALLY.
AND THERE THEY WERE GETTING INTO THE SPACE THEMSELVES.
AND WE ACTUALLY FORMED ANOTHER COMPANY CALLED BANQUET TO HELP THEM GET INTO THIS SPACE.
SO WE'RE ACTUALLY IN THE BUSINESS OF NFTs AND DEVELOPING AND BRANDING.
>> LET'S TALK ABOUT RULES AND REGULATIONS.
HAVE YOU KIND OF GUIDE D THE BUSINESS PRACTICES IN THIS SPACE?
>> THAT'S A GREAT QUESTION.
THE MAIN THING HAD JUST SAID WAS IT'S A BUSINESS.
IT IS A BUSINESS.
AND YOU HAVE TO FOLLOW EVERY RULE AND EVERY OTHER BUSINESS WOULD FOLLOW.
AND THAT'S SOMETHING WE BRING TO THE METAVERSE.
A LOT OF -- IT'S THE WILD WEST, BUT YOU NEED ACCOUNTING IF YOU REMEMBERS AND LAW FIRMS AND OTHER COMPLIANCE TYPE PROFESSIONALS TO HELP GUIDE INDIVIDUALS AND BUSINESSES NOT TO DO THE WRONG THING.
AND THAT'S ANOTHER REASON WE GOT INTO THIS SPACE.
YOU CAN PAY SOMEONE IN CRYPTO, BUT THEY STILL NEED TO GET THAT PERSON A 1099.
THEY ARE STILL WITHHOLDING OBLIGATIONS.
>> YOU MENTIONED YOU GOT INTO THIS PARTLY BECAUSE OF YOUR CLIENTS.
THEY WERE IN THE CREATIVE ARTS.
HOW DID THIS FLY WITH OTHER PEOPLE AT THE FIRM?
DID EVERYONE JUCH ON RIGHT AWAY OR WERE SOME PEOPLE SAY WHAT ARE WE DOING?
>> I THINK MOST OF THE FIRM IS PRETTY EXCITE D A ABOUT THIS.
WE HAVE GOT A LOT OF PHONE CALLS.
PEOPLE MAYBE THOUGHT IT WAS GIMMICKY, BUT IT TURNED OUT IT'S NOT.
WE ARE GET ITING A TREMENDOUS AMOUNT OF INFLUENCE ABOUT THIS.
>> DO YOU HAVE AN ACTUAL PHYSICAL SPACE WHERE A LOT OF THE METAVERSE WORK IS BEING DONE?
>> IT WILL BE LIKE ANY OTHER VIRTUAL SPACE.
POSSIBLY ASKING TAX QUESTIONS, BUT LEAD BY AN AVATAR.
WE'RE GOING TO HAVE AN OPENING.
THIS IS EVOLVING.
>> IT IS VERY INTERESTING.
AND I JUST LOVE LISTENING TO YOUR STORY.
YOU DEFINITELY WORK DIFFERENTLY THAN MY ACCOUNTANT.
SO I GIVE YOU A CREDIT FOR THAT.
GREAT TALKING TO YOU AND HEARING WHAT'S GOING ON WITH THE FIRM.
>> FANTASTIC.
ANY TIME.
>> IT MIGHT BE EASY TO DISMISS THE METAVERSE A AS FAD OR SAY IT'S NOT FOR THE MAINSTREAM, BUT IT HAS CAUGHT THE ATTENTION OF WALL STREET.
SOME ANALYSTS AT MAJOR FINANCIAL FIRMS ARE SAYING IT'S THE NEXT BIG THING IN INVESTING.
WE CAUGHT UP WITH STRATEGIST SIMON POWELL, THE GLOBAL HEAD OF RESEARCH AT THE INVESTMENT BANK JEFFREYS.
HE'S MADE PREDICTIONS ABOUT THE METAVERSE AND HAS IDEAS FOR INV INVESTORS WHO WANT TO GET IN.
HE JOINS ME FROM HONG KONG.
SIMON, YOU BELIEVE THAT THE METAVERSE WILL BE ONE OF THE BIGGEST DISRUPTIONS EVER TO HOW WE LIVE.
WHERE DO YOU SEE THAT HAPPENING?
AND WHY DO YOU THINK THAT?
>> WE HAVE ALREADY SEEN THE DIGITIZATION OF SOME ASPECTS OF HUMAN LIFE.
ENTERTAINMENT, FOR EXAMPLE, IS HIGHLY DIGITIZED.
THE METAVERSE REPRESENTS THE DIGITIZATION OF EVERYTHING WE HAVE.
BY THAT I MEAN WORK, RELATIONSHIPS, TRAVEL, ALL KINDS, ALL THE OTHER ASPECTS.
SO THAT'S THE REASON WE'RE GOING TO SEE SO MUCH DISRUPTION.
AND THEN THAT'S REALLY UP IN THE AIR.
I THINK WE'RE A LONG WAY WITH FROM A SINGLE METAVERSE, BUT I THINK WE'RE GOING TO HAVE MULTIPLE DIFFERENT METAVERSES COME UP ON US REALLY QUICKLY IN THE NEXT FIVE TO TEN YEARS.
>> CAN WE COMPARE THIS TO SAY THE EARLY STAGES OF THE IN INTERNET?
>> ABSOLUTELY.
IF YOU AND I WERE HAVING THIS DISCUSSION IN 1989 AND YOU WERE ASKING ME WHAT DOES THE INTERNET GOING TO DO, WE WOULDN'T HAVE BEEN ABLE TO ANSWER IT.
ALL WE KNEW BACK THEN WAS THAT IT WAS GOING TO BE EMBRACED WHOLESALE.
IT WAS GOING TO CHANGE ALMOST EVERYTHING THAT WE DID.
AND I THINK THIS IS EXACTLY A RERUN OF THAT.
>> BUT WHAT SORT OF IN VERY BROAD TERMS INVESTMENT OPPORTUNITIES ARE THERE IN THE METAVERSE RIGHT NOW?
WE HAVE HEARD A LOT OF COMPANIES SPEAK ABOUT INTEREST IN THE METAVERSE.
SO IT'S VERY INTERESTING TIME, PERHAPS ONE OF BIG OPPORTUNITY.
>> WHAT PEOPLE NEED TO THINK ABOUT IS NUMBER ONE, WE NEED THE INFRASTRUCTURE SO THE METAVERSE ACTS AS A SIGNIFICANT TAIL WIND TO THE CONTINUES MOVEMENT OF THE CHIPS.
THE META -- IS GOING TO REQUIRE A HUGE AMOUNT OF 3-D RENDERING.
THAT'S GOING TO NEED AN AWFUL LOT OF COMPUTING POWER.
WHEN YOU THINK ABOUT THE METAVERSE SHOWING UP IN A TIME WHEN WE'RE TRYING TO DRIVE AUTONOMOUS DRIVING, WHICH REQUIRES A LOT OF COMPUTER PROCESSING, AND BLOCK CHAIN AND CRYPTO CURRENCIES, THIS IS A HUGE TAIL WIND FOR THE SEMICONDUCTOR MANUFACTURERS.
THE NEXT THING TO THINK ABOUT IS JUST GENERAL INFRASTRUCTURE IN TERMS OF BANDWIDTH.
SO THIS IS A HUGE TAIL WIND FOR THE PUSH TO 5G IN TERMS OF MOBILE WIFI AND BROADBAND.
BROADBAND IN GENERAL IS GOING TO HAVE TO GET WAY MORE POWERFUL.
AND THEN THINK ABOUT THE DEVICES THAT ARE GOING TO BE REQUIRED.
TAKE A LOOK AT APPLE'S 2021 RESULTS.
THERE WAS A STRONG COMPONENT AROUND WEARABLES.
AND WEARABLES IS GOING TO BE A BIG COMPONENT OF THE METAVERSE.
>> HAVEN'T WE SEEN SOME TECHNOLOGIES FAIL IN THE PAST?
HOW DO WE KNOW THIS IS DIFFERENT?
>> I THINK THE REASON WE CAN BE CERTAIN THAT THE METAVERSE IS GOING TO COME IS WE'RE ALREADY SEEING THE BUILDING BLOCKS DO REALLY WELL.
ONE OF THE KEY BUILDING BLOCKS, I THINK, IN THE METAVERSE IS THIS CONCEPT OF DECENTRALIZED INTERNET.
WE'RE ALREADY SEEING THAT WITH ALL OF THE BLOCK CHAIN ACTIVITY AS A SIGNIFICANT COMPONENT OF DECENTRALIZED INSTRA TRUR HERE IN TERMS OF THE DECENTRALIZED LEDGERS OTHERWISE KNOWN AS BLOCK CHAINS.
AND IN MANY WAYS, WHAT WE'RE ARGUING HERE IS THAT THE NFT, THE DEVELOPMENT OF NONFUNDABLE TOKEN, THE DEVELOPMENT OF BLOCK CHAINS IS A KEY BUILDING BLOCK OF THIS DECENTRALIZED WEB 3.0.
SO I TAKE THE POINT THAT THIS COULD BE A FLASH IN THE PAN, BUT I DON'T THINK THAT'S THE CASE.
>> VERY FASCINATING.
I'M SO HAPPY YOU SPENT SOME TIME WITH ME.
AND REALLY APPRECIATED TALKING TO YOU.
THANK YOU.
>> THANK YOU.
>>> THAT WRAPS UP OUR SHOW FOR THIS WEEK.
THANK YOU FOR WATCHING "NJ BUSINESS BEAT."
WE'LL SEE YOU BECOME HERE NEXT WEEK.
>>> FUNDING PROVIDED BY -- 110 YEARS, HAS BEEN FOCUSED ON THE ADVANCEMENT AND SUCCESS OF OUR MEMBERS.
EPT ARING ALL INDUSTRIES WORKING TOGETHER TO HELP BUILD A MORE PROSPEROUS NEW JERSEY THROUGH ADV ADVOCACY, SUPPORT AND BENEFITS.
NJC SCHOOL OF BUSINESS, A GAME CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY OR BUSINESS ANALYTICS AND DATA SCIENCE.
WE STEPPED AWAY FROM THE PATH TRAINING AND MINUTES FROM WALL STREET.
LEARN MORE ON OURS WEBSITE.
AND LOCAL 102, PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 190 0.
LOCAL 10 2RKS LIGHTING THE PATH, LEADING THE WAY.

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