Name: Living la vida metaverse: Are you ready to be immersed?
Uploaded: 2023-10-02T14:48:07.696Z
Duration: 560.84
Description: Tommaso Di Bartolo, Author, Navigating The Metaverse, explains to us why the metaverse is crucial for the next generation of consumers and what can we expect of it in the future.

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FinovateFall 2023

INT.002 Tommaso Di Bartolo.vtt

English

{{00:00:05}}
Hi, I'm William Mills.

{{00:00:06}}
I'm here at FinovateFall in New
York, and I'm pleased to be joined

{{00:00:08}}
by Tommaso Di Bartolo, author of
the book, Navigating the Metaverse.

{{00:00:13}}
How are you doing today?

{{00:00:14}}
I'm doing excellent.

{{00:00:14}}
Thank you for having me.

{{00:00:15}}
Hey, it's great being here.

{{00:00:17}}
Now, one of the things I wanted to ask
you is why do bankers and other financial

{{00:00:20}}
professionals need to pay attention
to what's going on in the metaverse?

{{00:00:25}}
The metaverse is definitely an
innovation cycle that William, every

{{00:00:30}}
innovation cycles, we have huge doubts.

{{00:00:32}}
And then 90s, the internet,
we laughed about it, right?

{{00:00:35}}
And we wanted to stick to tape
recorders and videos, right?

{{00:00:39}}
Then 20 years into it,
we had social media.

{{00:00:42}}
And we were very critical, and we
never thought that actually it's

{{00:00:45}}
changing the way we connect and the way
that advertisement plays out, right?

{{00:00:50}}
And now this new innovation
cycle is called the Metaverse.

{{00:00:53}}
And the Metaverse is bringing this
next generation a more rewarding and

{{00:00:58}}
a more fun way to experience content.

{{00:01:04}}
A lot of the metaverse, a lot of things
that people think about in the metaverse

{{00:01:08}}
comes from the gaming industry, right?

{{00:01:10}}
So how do financial industry innovators
need to think about the metaverse

{{00:01:15}}
into something more that their,
customers will use and interact with?

{{00:01:20}}
That is a very intriguing perspective,
and I like actually to double click

{{00:01:25}}
on gaming because every industry
and every innovation cycle starts

{{00:01:31}}
out somewhere with a specific target
audience and solving specific needs.

{{00:01:36}}
And the metaverse started
definitely out to serve more of the

{{00:01:41}}
attributes and behavior of gamers.

{{00:01:43}}
The question is why?

{{00:01:45}}
Because gamers are used to immersive
environments and rewarding system and

{{00:01:51}}
the metaverse is a more immersive and
has a new reward mechanism underlying,

{{00:01:57}}
but it's actually a misconception.

{{00:01:59}}
The metaverse is not another game.

{{00:02:01}}
As a matter of fact, I believe that if
we continue looking at the metaverse

{{00:02:06}}
as another game where we get rewarded,
we are looking actually at a web

{{00:02:11}}
three opportunity with web two lenses.

{{00:02:14}}
Let me expand upon it if you allow.

{{00:02:16}}
So we don't play in the metaverse.

{{00:02:20}}
We live in the metaverse.

{{00:02:22}}
What do I mean with that?

{{00:02:23}}
The metaverse is to be understood
as an extension of the web.

{{00:02:26}}
Of our real life.

{{00:02:28}}
It's an experience that connects
and merges seamlessly people,

{{00:02:33}}
places and products in a way
that we have not seen today.

{{00:02:38}}
Imagine that we have a layer of
information, a visual layer of

{{00:02:42}}
information on top of every item
and every place, surrounding us.

{{00:02:47}}
And this layer becomes a
new point of experience.

{{00:02:51}}
And this point of experience, we
can meet, we can socialize, we can

{{00:02:55}}
shop what we used to do in Web 2.

{{00:02:57}}
So we don't do this no longer under a www.

{{00:03:03}}
It's not a destination.

{{00:03:05}}
It's surrounding us.

{{00:03:06}}
It's around us.

{{00:03:07}}
The only thing that's happening right
now is that we are maturing technology in

{{00:03:11}}
order to toggle it on and I consciously
said toggle it on because you don't

{{00:03:16}}
access the metaverse but you toggle
on the metaverse so that you can Then

{{00:03:21}}
be part of it and have an immersive
experience where you have a new

{{00:03:26}}
rewarding mechanism that is tokenized.

{{00:03:28}}
You mentioned Web 3.0.

{{00:03:30}}
What's the easiest way to describe
Web 3.0 and how will this impact the

{{00:03:35}}
Metaverse as we know it in the future?

{{00:03:37}}
In the web one we were, and we
meaning the industry, we put up a

{{00:03:43}}
bunch of websites because we were
actually responding to a need.

{{00:03:48}}
And the need was that
users wanted information.

{{00:03:51}}
So you went on a www to seek information.

{{00:03:54}}
This over the years has transformed
into and matured into Why should users

{{00:04:01}}
search for information if we can serve
information to the palm of their hands,

{{00:04:06}}
which means that then social media
with the advancement of the mobile

{{00:04:09}}
phone and the push notification rather
than searching like in Web 1 and Web

{{00:04:13}}
2, we were then serving information.

{{00:04:16}}
And since 2021, the market has
evolved that some of the early

{{00:04:21}}
adopters in the pioneer industry,
of the metaverse, they are now

{{00:04:25}}
having experiences in the metaverse.

{{00:04:28}}
And in this metaverse experiences,
you have gamified environment.

{{00:04:34}}
So it's not gaming
environment, it's gamified.

{{00:04:36}}
So play for me engagement with
the certain topics, right?

{{00:04:39}}
And so we went the William
from follow us on social media.

{{00:04:44}}
Or visit our website.

{{00:04:47}}
Into experiences in the metaverse.

{{00:04:50}}
Does it make sense?

{{00:04:51}}
It does.

{{00:04:52}}
It's, very fascinating and complicated.

{{00:04:55}}
And, so that's why I find it interesting.

{{00:04:58}}
But I'm interested in the
business opportunities.

{{00:05:00}}
What do you think in the future, the
business opportunities will be for,

{{00:05:06}}
all types of organizations, whether
financial or otherwise related to the

{{00:05:11}}
metaverse and a multi I'm not saying this
correctly, but it sounds like it's going

{{00:05:17}}
from one dimension to multi dimension.

{{00:05:20}}
Absolutely.

{{00:05:20}}
And what I love actually is to point
out your word, the future, because as a

{{00:05:24}}
matter of fact, we need to embrace that
whatever innovation cycles that it takes

{{00:05:28}}
always 10 to 15 years to be fully mature.

{{00:05:32}}
So meaning this is not for me and for you.

{{00:05:35}}
And most probably it's not
even for our kids, right?

{{00:05:38}}
But it's their kids already, right?

{{00:05:40}}
And the reason I'm emphasizing that
is because there is a new behavior

{{00:05:44}}
and a new need that is being shaped.

{{00:05:47}}
And the need and behavior has
already traces and attributes

{{00:05:51}}
that we can see along the line
of what they're doing today.

{{00:05:54}}
They're used to those immersive...

{{00:05:56}}
gaming worlds.

{{00:05:57}}
And now they're transporting
those needs into their daily life.

{{00:06:02}}
So what they want is interacting
with finance industry and any

{{00:06:06}}
other industry, almost as if they
were playing in a playful way.

{{00:06:11}}
So meaning what is their main need?

{{00:06:13}}
I want to be immersed.

{{00:06:15}}
So no longer do I want
to swipe through things.

{{00:06:18}}
I want to be part of things.

{{00:06:20}}
And secondly, if I'm part of things,
Something meaning if I'm paying attention

{{00:06:25}}
and you want my attention, it costs
dollars then you cannot advertise

{{00:06:30}}
me no longer, but I wanna co create.

{{00:06:33}}
That's a verb that will shape the
next decade because the co creation

{{00:06:37}}
basically transfers the client and
the user from being just addressed

{{00:06:41}}
or targeted to becoming a partner.

{{00:06:44}}
Because I now, together with the brand,
together with the corporation, I now

{{00:06:49}}
built a new digital asset together.

{{00:06:52}}
Yeah.

{{00:06:52}}
In this immersive world, we are
creating digital assets that you and

{{00:06:56}}
me, and the banks, and the financial
institution, and the industry are owning.

{{00:07:01}}
So I'm no longer just your target
audience, but I'm your partner, and

{{00:07:06}}
my attention, you get it, if only
we do something together, right?

{{00:07:11}}
That makes a lot of sense.

{{00:07:13}}
I'm thinking about, you said it's going
to take about 10-15 years for you to

{{00:07:17}}
see a lot of maturity in that sector.

{{00:07:20}}
How can we best prepare for that?

{{00:07:23}}
The best way to prepare is not to neglect
and just push out what's happening.

{{00:07:30}}
Regardless how critical we are, it is
normal that we need to mitigate risks.

{{00:07:36}}
At the same time we need
to leverage opportunity.

{{00:07:39}}
Now, how do we do it?

{{00:07:41}}
I like to say we need to reverse engineer
as a company the big vision that the

{{00:07:49}}
metaverse is bringing to the table.

{{00:07:51}}
And what is it?

{{00:07:52}}
It's connecting the physical
and the digital world.

{{00:07:54}}
And at the center of this physical and
digital world, our client will have this

{{00:08:00}}
new form of what we call experiences,
immersive experiences, where they

{{00:08:04}}
can tokenize their digital assets.

{{00:08:07}}
That's the big picture.

{{00:08:08}}
That's 10, 15 years out there.

{{00:08:09}}
Now, how do you start?

{{00:08:11}}
As a first step, you need to experiment.

{{00:08:14}}
Experiment means start small.

{{00:08:17}}
And rather than trying to understand
metaverse on paper and PDFs and in books,

{{00:08:21}}
which is great you have a theoretical
understanding, but you start really

{{00:08:25}}
being nuanced, understanding how the user
behaves, how the user thinks, who is the

{{00:08:30}}
target audience, what are the particular
environment that the user is accepting?

{{00:08:38}}
So experimentation
leads you into maturity.

{{00:08:40}}
And the beauty of that is today, if you
experiment you will be more likely to be

{{00:08:48}}
accepted as somebody who is pioneering
and then grow into a new market and

{{00:08:52}}
maybe actually develop a new product or
a new service that doesn't exist rather

{{00:08:57}}
than thinking linear and, believing
that you can 10, 15 years down the road

{{00:09:02}}
still grow your revenue with the same
revenue sources that you have today.

{{00:09:06}}
It looks like it's going to be
fascinating and very interesting,

{{00:09:09}}
and I really appreciate your time.

{{00:09:11}}
This is William Mills here
at FinvoateFall in New York.

I'm here at FinovateFall in New
York, and I'm pleased to be joined

by Tommaso Di Bartolo, author of
the book, Navigating the Metaverse.

Now, one of the things I wanted to ask
you is why do bankers and other financial

professionals need to pay attention
to what's going on in the metaverse?

The metaverse is definitely an
innovation cycle that William, every

And then 90s, the internet,
we laughed about it, right?

And we wanted to stick to tape
recorders and videos, right?

Then 20 years into it,
we had social media.

And we were very critical, and we
never thought that actually it's

changing the way we connect and the way
that advertisement plays out, right?

And now this new innovation
cycle is called the Metaverse.

And the Metaverse is bringing this
next generation a more rewarding and

A lot of the metaverse, a lot of things
that people think about in the metaverse

So how do financial industry innovators
need to think about the metaverse

into something more that their,
customers will use and interact with?

That is a very intriguing perspective,
and I like actually to double click

on gaming because every industry
and every innovation cycle starts

out somewhere with a specific target
audience and solving specific needs.

And the metaverse started
definitely out to serve more of the

Because gamers are used to immersive
environments and rewarding system and

the metaverse is a more immersive and
has a new reward mechanism underlying,

As a matter of fact, I believe that if
we continue looking at the metaverse

as another game where we get rewarded,
we are looking actually at a web

The metaverse is to be understood
as an extension of the web.

It's an experience that connects
and merges seamlessly people,

places and products in a way
that we have not seen today.

Imagine that we have a layer of
information, a visual layer of

information on top of every item
and every place, surrounding us.

And this layer becomes a
new point of experience.

And this point of experience, we
can meet, we can socialize, we can

So we don't do this no longer under a www.

The only thing that's happening right
now is that we are maturing technology in

order to toggle it on and I consciously
said toggle it on because you don't

access the metaverse but you toggle
on the metaverse so that you can Then

be part of it and have an immersive
experience where you have a new

What's the easiest way to describe
Web 3.0 and how will this impact the

In the web one we were, and we
meaning the industry, we put up a

bunch of websites because we were
actually responding to a need.

And the need was that
users wanted information.

So you went on a www to seek information.

This over the years has transformed
into and matured into Why should users

search for information if we can serve
information to the palm of their hands,

which means that then social media
with the advancement of the mobile

phone and the push notification rather
than searching like in Web 1 and Web

And since 2021, the market has
evolved that some of the early

adopters in the pioneer industry,
of the metaverse, they are now

And in this metaverse experiences,
you have gamified environment.

So it's not gaming
environment, it's gamified.

So play for me engagement with
the certain topics, right?

And so we went the William
from follow us on social media.

And, so that's why I find it interesting.

But I'm interested in the
business opportunities.

What do you think in the future, the
business opportunities will be for,

all types of organizations, whether
financial or otherwise related to the

metaverse and a multi I'm not saying this
correctly, but it sounds like it's going

And what I love actually is to point
out your word, the future, because as a

matter of fact, we need to embrace that
whatever innovation cycles that it takes

always 10 to 15 years to be fully mature.

So meaning this is not for me and for you.

And most probably it's not
even for our kids, right?

And the reason I'm emphasizing that
is because there is a new behavior

And the need and behavior has
already traces and attributes

that we can see along the line
of what they're doing today.

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Tommaso Di Bartolo, Author, Navigating The Metaverse, explains to us why the metaverse is crucial for the next generation of consumers and what can we expect of it in the future.