A lot of hopes are placed on the metaverse.
The metaverse?
According to the Toronto law firm Grinhaus, which is taking an interest in it to the point of becoming the first Canadian firm to “locate” an office there, the metaverse is an Internet-based environment where people can interact and conclude transactions. Lawyer Aaron Grinhaus thinks it’s quite similar to Facebook or Instagram. According to him, the metaverse sits on a spectrum from social media on one side to virtual reality on the other.
“Many people have known about the metaverse for years, but they don’t know it,” he says.
And it may be a new Eldorado.
Citigroup says it could represent an $8-13 trillion market by 2030. Goldman Sachs believes a third of the global digital market could shift to the metaverse as more people transact there.
But nothing is decided yet. Facebook has made a big bet on the metaverse by evoking this concept by adopting its new name, Meta, in 2021. If Citigroup’s prediction is correct, the company could profit, but in the meantime, its metaverse division has lost. 13.72 billion in 2022.
The metaverse is a land of opportunity, says Brian Peterson of EY Canada.
“We are comfortable holding virtual meetings and conducting virtual conversations. Bringing more humans into our virtual experiences is a natural extension,” he says.
However, Peterson says organizations need to carefully consider how they will approach various topics in this new environment, such as accessibility and identity. These are things that the EY lab in the metaverse is currently studying.
“If organizations create an office in the metaverse without designing anything there, employees may feel very isolated,” he warns.
The Metaverse may still seem contrived to some, but Me Grinhaus believes it could become an important tool for several professions. It might even increase accessibility if done correctly.
“People think it’s very complicated, but it’s not. It’s just another point of contact,” he says.
However, there are still several things his law firm can’t do in the metaverse, at least not yet.
Lawyers must follow strict rules. For example, they must verify the identity of potential clients before establishing a contract that will allow them to give legal advice. Some digital platforms allow this, but it is up to the lawyer to determine whether he has actually confirmed the identity of the client, explains Ms.e Grinhaus, who recommends the greatest caution.
“I don’t cut corners. What we are doing is adding a means of communication to improve communication. »
Similar rules have been put in place for accepting fees, adds Me Grinhaus. His firm has been accepting cryptocurrency since 2016. Verifying an identity is important in any financial transaction, regardless of the currency used.
The usefulness of the metaverse will depend on the business of the company, says Peterson. As technology advances, the uses of the metaverse will become more apparent. Businesses need to think about what they want to accomplish.
“For it to grow, it has to be worth it to come together in a virtual environment to solve a problem,” he says.
Some firms are trying a more hands-on approach.
In June, KPMG launched in the United States and Canada “a first collaboration center” in the metaverse for its employees and clients. Unlike the Grinhaus office, it’s not located on a decentralized platform, but on a licensed private platform, much like a company can license Zoom or Microsoft Teams, says Kareem Sadek, co-leader of the Metavers group and Services related to crypto-assets and the blockchain. It therefore requires an invitation to enter, which allows for better control and greater discretion.
Over the past seven months, the center has hosted workshops, meetings, trainings, roundtables and other types of interaction, says Katie Bolla, who co-leads Metaverse Services. Some use headsets while others prefer their computer or a cell phone.
When people enter this universe, the first thing they see is a large open area containing waterfalls, tropical plants. All in a soothing soundscape.
“You can expand the boundaries of physical reality to create something more immersive,” says Ms.me Bola.
And the metaverse can be a more interactive tool than a video conference and cheaper than transporting people around the globe, she adds.