A checklist for finance execs supporting business in the metaverse

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.