Local businesses should look for ways to venture into the metaverse – Tech Pros

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Macao citizens are encouraged to follow the development trends of the metaverse and take the first step to try it, while local businesses are expected to attract a wider audience to this new field, said the founder of a start-up. technological upgrade.

Mr. Charles Fauchet, co-founder of HighCo Metaland, made the remarks today (Tuesday) during the seminar entitled “How can brands take advantage of the metaverse TODAY?” which discussed the relationship between Metaverse, Cryptocurrency, and NFT, and how businesses and brands can participate in development in this area.

A metaverse is a virtual representation of reality where users can use a virtual self to visit places or attend events in these virtual worlds, while cryptocurrencies are used as a medium of exchange and a store of value in these virtual worlds.

Metaverse users can have full control over their digital assets through the use of NFTs – digital items that can be bought and sold using blockchain technology – as the blockchain provides immutable confirmation of ownership. that underlies these virtual worlds.

The co-founder of the technology company indicated that although banks and financial institutions in Macau are not allowed to provide cryptocurrencies as an official financial instrument, people in Macau are still allowed to create a wallet. crypto online, and they are suggested to take the first step to try out a metaverse platform.

“What I would advise is to create a crypto wallet and connect to a metaverse platform, and you can even get free NFTs on these platforms. By simply doing this, you’ll realize what 99% of people don’t. You will be way ahead of others by just doing this. said M. Fauchet.

From a business perspective, it is important to capture a larger audience share at an early stage and start the marketing process once the platform becomes more mature, the speaker added.

“The Metaverse helps you make your brand playable. If you create a playable experience, you can easily retain users for 10, 15, 20 minutes or more. And it gives you a lot more time to tell them about your product, your story, or anything that matters to your organization. ” he said.

Another seminar speaker, Mr. Roy Lee, co-founder of T-Rex Technology, said that the biggest challenge for Macau companies in terms of developing the metaverse is that there are no business models. that they can follow.

“You don’t know how to make money in the metaverse. Most local businesses are running traditional businesses, and they won’t take the risk of trying new technology,” Roy pointed out.

Meanwhile, MCI Hong Kong and Macau General Manager Mr. Olinto Oliveira, who is also a speaker at the event, suggested that brands shouldn’t just replicate what they do in real life when they make the first leap from purely physical events to hybrid events. events and virtual events.

“Things that would never be possible in real life are what you really have to do,” Mr. Oliveira added.

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