Orient Magazine Issue 87 - June 2022 - Page 42


Recent In-person events

Event Partner :
29 Apr 2022 Member Dialogue with Dr . Tan See Leng , Minister for Manpower , followed by the Annual General Meeting 2022
On 28 April , the British Chamber of Commerce Singapore ( BritCham ) held our AGM where we presented the initiatives to support business and the community covering commerce , trade , people & talent , diversity & inclusion , education & future skills and sustainability . We also recognised a solid financial performance over a challenging year , our output to support member companies , and welcomed our new Board .
Thank you to our out-going Board for FY21 / 22 who have been an incredible support and champions of the Chamber . Damian Adams , Haslam Preeston , Fiona Carney , Angel Cheung- Horenfeldt , Christina Mason , Joe Tofield , Nick Magnus , Simon Bennett , Luciana Vichino , Steve Firstbrook , Lucy Watkins , James Nesbitt , Shivkumar Seerapu - your guidance , support , advice and direction has been simply incredible .
A special mention to Richard Warburton , who has been the President of the Chamber from 2019-2022 - his stewardship , commitment , dedication and direction has steered the Chamber , and our members , through two challenging but successful years . It has been an absolute pleasure working with you , Richard , and we look forward to engaging with you in a slightly different capacity going forward .
Thank you to Kara Owen , Patron of the Chamber , for addressing our members and for your continued support and to DFI Retail Group for sponsoring the event which was preceded by a Ministerial dialogue with Minister for Manpower , Dr Tan See Leng from the Ministry of Manpower .
THIS IS HOW THE METAVERSE MIGHT BE MONETIZED 41 marketplaces. Creators of metaverses could charge commission fees on transactions, like how app stores function today. This model provides developers with a global audience, and consumers with a common experience. However, it is subject to intense debate across the technology ecosystem. App store “transaction taxes” are a contrast to the future envisaged by “web3” advocates, who see the metaverse as one of several counterweights against the power held by large technology companies, and an opportunity to decentralize the experience, control and monetization of the internet in favour of users, content creators and asset owners. metaverse is to bridge our physical and virtual lives to the same, or greater, extent that smartphones and the mobile web do today. Unlike the web, however, which nobody owns and is paid for by everyone who uses it, the basic infrastructure for accessing the metaverse is largely being developed by private enterprise. As recently as 2019, more than 80% of the VR headset market was controlled by four companies, each of which used proprietary software. Even if – as some argue – the route to the metaverse is via AR, it is unlikely to be financed by the free and open-source model that gave us the internet. Either way, without reasons to accelerate adoption, sceptics say the metaverse will never be anything more than a subset of gaming. This may be why alternative framings, that imply that the metaverse is a point in time, are being popularized. Specifically, the metaverse represents the moment at which our digital lives – our online identities, social and professional relationships, and assets – become more important than their physical counterparts. Experiences, not technology, will be the bedrock of the metaverse If the metaverse is less of a product and more of a framework for human interaction, it is practical to look at metaverse monetization through the lens of experiences, rather than technology. This widens the range of business models that support individuals and companies in creating, marketing and selling new products, goods and services. Some are already experimenting with the most obvious of these – advertising. Reports of brands using video games, AR features and digital replicas provide early use cases of how they could build recognition and engagement among consumers on metaverse- like platforms. Patents filed by Meta indicate that advertising and sponsored content will form a significant part of its metaverse strategy. Although advertising is anathema to many technologists, it funds the internet as we know it. It produces high margins and allows content creators to drive discovery and engagement with their work, making it attractive – and, importantly, feasible – to anyone exploring the metaverse as a business opportunity. But advertising today is dominated by the private sector and tied to products that predominantly hold real-world value. This doesn’t really support the argument that the metaverse will create a new digital economy, different from the one we know today. Perhaps paradoxically, the push toward decentralization may end up producing more gatekeepers. Critics argue that if the metaverse is to have real products with real users, it must favour uniform, centralized experiences. These can never be truly open, and there’s a certain irony in seeing large companies declare their intentions for defining and building the metaverse in this way, considering the history of how platforms, experiences and products have developed in the technology industry in recent decades. The power dynamics that aggregators exert on the internet today may be hard to avoid replicating. Regulating the metaverse Regulation will also play a role in the development of the metaverse. Many web3 start-ups are still flying under the regulatory radar, and the list of hacks, scams and simple errors they are subject to is growing. Questions of how to prevent fraud, eliminate copyright infringement and guarantee the integrity of digital environments are yet to be answered in detail, just as there will be debates over how to make the metaverse a safe place that accounts for the human rights that have been developed and enforced, to varying extents, in the real world. Given that all these issues that exist in the real world today, it only emphasises their complexity and the trade-offs required to resolve them. Doing business in the metaverse won’t be simple – but then again, what is? This is why non-fungible tokens (NFTs) are being watched with interest. Fashion houses, auctioneers and sports properties are among the businesses selling NFTs, which enable individuals to own digital assets. People have long built communities based on things they own, and the technology behind NFTs – blockchain – theoretically can create incentives for these communities to form and strengthen. For example, a feature where the creator of an NFT is paid a percentage each time their NFT is traded could be used to support artists financially. The important role that the creative industries play in shaping culture and identities could normalise NFTs among a wider audience. The two sides of the NFT coin NFTs could also boost development of the metaverse by encouraging the development of digital THIS IS HOW THE METAVERSE MIGHT BE MONETIZED