Chen Duan, Central University of Finance and Economics: metaverse leads the reconstruction of financial scene and ecology from the perspective of concept

China Times (www.chinatimes. Net. CN) reporter Lu Mengxue ran Xuedong reports from Beijing

With the rise of metaverse, digital aborigines represented by post-95 and Post-00 began to enter the mainstream consumption stage, which also promoted another revolution in the financial field.

On March 26, the “data intelligence reshaping entity: 2022 smart data forum” hosted by Huaxia times was successfully held. Chen Duan, director of the digital economy integration and innovation development center of the Central University of Finance and economics, delivered a keynote speech on “new ecology, new scene, new finance – challenges and opportunities brought by metaverse to the financial industry”. She said that metaverse will lead the reshaping of financial scene and ecological reconstruction in concept.

In recent years, the concept of metaverse has received continuous attention from the market, and has also brought new development to digital twins, artificial intelligence, Internet of things, virtual reality and other technologies. In the financial field, with the development of online business, metaverse has also become an emerging means to attract customers, increase customer experience and enrich customer service.

Chen Duan believes that metaverse has brought opportunities and challenges to the financial industry. Digital aborigines represented by post-95 and Post-00 may have a stronger voice in the flow and distribution of social resources in the future. Since such groups do not attach much importance to the ownership of physical space, but are more interested in online shopping, online social networking and virtual fashion, the value preference system and consumption behavior choice of these new generation mainstream consumers will have an impact on the pricing anchor and relative value of various assets, and redefine the value object and its creation, distribution and transaction flow mode.

In her opinion, in the future world of virtual reality symbiosis and ubiquitous interconnection, from the integration and innovation of multiple exponential technologies to the integration and resonance of multiple scenes, it will promote more consumer demand and related product service carriers based on new scenes, including the emergence of digital collections represented by NFT, which will give birth to new incremental space of exponential commerce.

Last November, a domestic direct selling Bank launched a virtual digital employee as a virtual brand officer, while abroad, some banks opened branches in metaverse to establish a virtual financial town, and some banks launched financial services that can be experienced in the virtual financial scene.

“In the future, there may be more and more virtual digital employees who can play their role in the field of large-scale, batch and standardized processing of business in the field of banking and finance.” Chen Duan pointed out that in the past, the innovation in the field of financial technology focused on the digital transformation of financial institutions’ own operation and management, constantly enriching means, refining granularity and optimizing experience in credit investigation and risk control. In the future, with the improvement of virtualization and online trend, including bank service channels, service products and service modes, a new era based on Immersive finance will be opened, and scene finance and financial marketing will usher in an Innovation window period.

According to the statistics of zero one think tank, from 2020 to 2021, 331 financing events occurred at the investment and financing end of the global digital collection market, and the disclosed financing amount amounted to US $5.256 billion. On the trading side, the annual total transaction volume of NFT in the encryption market exceeded 6.64 million, with a total transaction volume of nearly 3.4 million (ETH).

Chen Duan believes that digital collections, as an alternative asset form quite different from the previous legal currency assets, may lead to a great expansion of the total scale of social assets in the future.

She said that for a single NFT collection, it shows the characteristics of scarcity due to its uniqueness and non replicability, but in the future, institutions, individuals and social organizations can issue their own NFT. From the perspective of the total scale of digital assets, the scarcity is increasingly diluted, while digital assets have the inherent attribute characteristics of “social currency”, and the circulation and transaction on the Internet depends on circle communication and consensus pricing, The value is easy to fluctuate with the change of time and various circle preference factors, and some financial innovations are also derived. The ternary balance relationship of security, liquidity and risk of traditional financial products will be reflected in the new form of digital assets.

With the development of NFT market, there is also a loan demand. Some exclusive NFT users can get a certain loan interest discount or higher credit line when borrowing, and can rent these lines to others in a paid form.

Chen Duan believes that from the perspective of the digital financial system, how to orderly supervise and guide this new form of digital assets derived from sovereign legal currency in the future is also an urgent problem to be considered.

“Although at present, most platforms are in regulatory security consideration, focusing on the alliance chain, mainly due to the prevention of the financialization of digital collections, and some platforms have temporarily closed the secondary trading function to prevent speculation, it is not difficult to ‘Exchange’ with offline consideration exchange for ‘mutual gifts’ between customers.” Chen Duan pointed out.

Generally speaking, in the metaverse scenario, many things become pan gold melting, while finance will show the characteristics of game and scene. Through asset digitization and socialization, some new digital assets are closely linked with the issuance platform, target circle, flow effect and release time node in terms of pricing mechanism based on their internal social currency attributes, which will become a trend, Chen Duan concluded.

However, it is worth noting that Chen Duan also reminded that under the background of the country’s repeated emphasis on financial services for the real economy, in the face of such a round of new changes of digital real symbiosis, how to face new targets, create new models and provide new services under the new scene, and how to effectively understand technical risks and prevent policy risks is still a topic worth pondering.