FEI invited Colin Cardwell, CEO of gaming and app developer 3rd Sense, to share his views on where the metaverse may take conventional business, and what future-focused finance execs need to be considering. His perspective: given it took TV 22 years, the internet 7 years and Pokemon Go just 19 days to reach 50 million users, it is possible (but not a given) for the right metaverse formula to result in rapid and radical disruption. Colin’s checklist for finance execs to be prepared:
- You’ll need to track Crypto based transactions – how is your accounting software placed?
- You may need to securely store multiple Crypto Currencies – it won’t be up to your bank to keep this money safe.
- You may need to keep a record of all Smart Contracts – where do you keep this private data securely and out of reach of hackers?
- You may need to build an Asset Register of NFTs – the value of these assets could be fluctuating daily.
- You will require secure and private communication tools – it may be virtual, but it is also highly sensitive data.
- You will need to understand evolving taxation laws – governments are still wresting with how to deal with this, so expect a lot of change.
For access to Colin’s full presentation and resource list, or to watch the event recording, join FEI today and access the FEI Learning Library.