6.1%

forcast annual inflation rate for 2022

+9 points

for business Confidence in Luxembourg

1.6%

for financial services prices at the end of March 2022

8th rank
in the European Digital Economy and Society Index (DESI) for Luxembourg

All the news that’s fit to browse - April 2022

Metaverse: Symbol of the Advent of Web 3.0?

Announcements of investments in the Metaverse by large groups such as Facebook have made the concept popular with the masses. Considered as the engine of an ongoing digital revolution, these virtual worlds could shake up our interactions even in the professional world. Here are some explanations.

 

A concept from video games

First, Web 1.0 allowed access to information, then Web 2.0 favored collaboration between users, especially via social networks. Today, the Metaverse is part of the transition to Web 3.0, a technology that will rely on artificial intelligence and machine learning as well as data mining. The Metaverse – a contraction of the Latin meta (beyond) and “universe” – is considered by a large community of experts as the major digital revolution of the past decade. The term refers to a fictional virtual universe, an immersive 3D, parallel world in which users create their virtual double and evolve in a world they compose, thanks to an economy based on the use of cryptocurrencies.

 

Real places of exchange

Metaverses are places of exchange and trade where the principle of supply and demand is applied. Each user can buy or sell virtual objects of all kinds called NFTs; to date, virtual objects have been sold for astronomical sums: A virtual mega yacht has been sold for $650,000 in the United States and virtual real estate has been sold for over $2 million. Thanks to their authentication by the blockchain, these NFTs are like property titles that a user can carry from one universe to another. Interoperability between thousands of worlds will attract more and more big brands from traditional markets.

 

Ready to shake up the professional world

The creation of Metaverses is not reserved for video games: These virtual worlds are also landing in the worlds of tourism, education, culture, and commerce. Users from all over the world are already visiting meta-museums, meta-theaters and classrooms. The company Virbela has already implemented this model at the professional level by creating a meta-company where employees only visit through their avatars. A revolution that Microsoft is also considering for its co-workers. Metaverses are becoming increasingly popular as places to live, consume, entertain, learn and communicate. They are attracting thousands of users every day. According to Bloomberg Intelligence, this market could reach $800 billion by 2024. Products can be sold in larger quantities: Travis Scott, for example, earned $20 million in a 9-minute concert on Fortnite, which equates to the revenue of ten live concerts. The possibilities for innovation remain endless and many new applications are bound to emerge in the coming years. The competition between cryptocurrencies and the Metaverse looks to be fierce.

 

‘Thanks to their authentication by the blockchain, these NFTs are like property titles that a user can carry from one universe to another