Magnus Jones, head of innovation at four major accounting firms Ernst & Young (EY), believes the Metaverse will be led by a new generation. and cannot be built on the same principles of an organization’s business model.
Jones’ comments came during an exclusive interview with Alex Cohen, managing editor of Cointelegraph at European Blockchain Convention (EBC) 2022
He said many of these young companies and startups have proven themselves with valuable products and millions of dollars in revenue. And these new generations are driving the industry.
When it comes to innovation, Jones says that legacy companies’ business models won’t succeed in Metaverse, and tech giants need to think beyond their existing mindset.
“It’s not that easy to implement a traditional corporate-minded business model in the Metaverse structure.”
Jones continued: Well-established brands are not focused on building communities. and simply jump into a trend that will reverse it.
“For example, UK clothing company GAP suddenly launched an NFT collection. with a gold sweater While they didn’t take the time to build any community, as far as we’ve noticed on Twitter, people are thinking whether this is just a scam or not.”
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