Does the metaverse have a future?

For former Chancellor Angela Merkel, the Internet was still “uncharted territory” in 2013. But it was already clear: Germany is past the digitalization phase. Companies like Apple, Google or Meta (formerly Facebook) all sit on the California coast basking in the silver glow. With the crypto hype, the subject of the metaverse has also reached institutional investors. Now the competition begins.

In order not to miss the bandwagon again, it is important for the Association of German Banks (BdB) to pave the way for European sovereignty. He tells BTC-ECHO why BdB Head of Digitization Tobias Tenner is exploring the metaverse and what influence the technology may have in the future.

BTC-ECHO: At Blockchain@HTW you said that the BdB would organize initial tests in the Metaverse and even team meetings are planned there. Why exactly is an association representing the interests of the private credit industry interested in the Metaverse?

Toby Tenner: We’re not testing yet, we’re taking an exploratory look at the Metaverse
on. We want to know how important it is for our members and the
company may have. We can imagine that the Metaverse/Web3
could be a trend that strongly influences the global competitive structure. Web2a
made it clear that US companies in particular dominate the market
and Europe depends on it. We watch them
developments in this very context. Europe must arrive in time
position to ensure European sovereignty. We have them now
Possibility of setting the course and risk of additional dependencies
reduce, but to do this we must first understand what the metaverse is
And how does it work.

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CTB-ECHO: Macroeconomic developments are weighing heavily on
crypto market. Finally, Metaverse projects suffer a lot from this burden. The number of users is negligible and the gaming experience is anything but exciting. How do you see the future of the metaverse?

tenant: I think Metaverse or Web3 is at the very beginning of the
Development. The stagnation or decline in the number of users and a
reluctant supplier engagement may be due to companies
are grappling with very fundamental problems. This is exactly what we see in
Incidentally, also in the general digital policy debate: finding digital topics
currently little audience. I believe that the time of the metaverse can still come and that
without and with the crypto market. Payment transactions in the Metaverse are also on the rise with stablecoins
FIAT currencies can be settled and when not in individual ecosystems today
are, then they will be in the future. We should now from the
Don’t let macroeconomic developments irritate you.

BTC-ECHO: Have you or BdB employees ever used metaverse applications yourself? How are the returns?

tenant: We were wandering in Decentraland: in virtual galleries in which
could be purchased through NFT’s paints. I was also looking forward to trying it
Liechtenstein Bankers Association. Here the association has been visualized on the web and with
with interactive elements.

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