Dr. Mohammad Javad Abbasi, a member of faculty, gave a lecture on Metavarse in the field of finance on 7^th of March, 2022.

Dr. Abbasi said Metavarse is a new issue and it goes back to October when the Facebook manager announced that from now on the company is not considered as a social media platform and it will be a Metavarse platform; therefore, the company’s name will be Meta changed.

He added there is a definition of Metaverse saying human’s life is in three-dimensional digital world is.

Dr. Abbasi stated what will the Metavarse industry look like from a financial point of view? When we talk about the Internet in the past, in the late 1990s and the first decade of the third millennium, we see how much the Internet has been able to influence even financial markets. In the near future, we will see Metaverse companies at the forefront of financial markets. It means that companies that emerge in the Metaverse world will be valuable companies.

Abbasi added one issue that needs to be addressed is whether we are talking about Web 2 Metaware or Web 3 because these are different. Metavarse Web 2 is like Facebook, Google, Microsoft and Apple or gaming platforms like Rolex, Fortnite, PlayStation and these are Web 2 platforms, but Disentraland, Sandbox, etc. are platforms of Metaverse Web 3.

Abbasi said the revolution that Metaverse Web 3 has created in the field of finance is a revolution that it has created in the field of digital property. We do not have something called digital property in Metavarse Web 2, but it is possible in Web 3, and blockchain technology makes it possible and here it is no longer possible for anyone to take away our access and ownership in Web 3 is certain, so it will be very welcomed. These assets are called NFTs or non-exchangeable tokens.

Every NFT is not valuable, but must be published by a specific creator of this NFT and this is one of the NFT valuation factors. For example, in the sandbox there are only 166,646 plots of land in this Metaverse. Therefore, this scarcity increases the price.

He went on to say that Metaverse will transform the insurance industry, whose mission is to transfer risk. The next market is the credit market which will be affected by the banking, micro-banking, corporate banking and private banking industries.

Dr. Abbasi touched upon that the Forex market will completely change in the future. Because we will not have credit money in the next 10 years and it will be turned into the central bank digital currency (CBDC). In the future, the world of Forex will be integrated with the world of Metavares and we will say goodbye to physical money.

He concluded that in the world of financial services we will have a free, decentralized and intelligent world which is different from the current world and the winners of this arena are those who are planning for the Metavarse from now seriously.