In 2022, that jumped to $13.7 billion. Oncyber does sell NFT-based templates, however, working with architects and designers to develop prefab spaces that can be further personalized. At press time, this deal remains the subject of litigation. of consumers claimed it was important to them to be able to use the same avatar across multiple platforms. The metaverse is coming, and its building blocks can create value now. Our metaverse consultants help companies develop strategies and experiences that let them operateand interact with customersin transformative ways. In the metaverse, you can play games, go shopping, hang out with friends at a virtual coffee shop, work with your colleagues in a virtual office, and much more. These public-private partnerships should identify and prioritize online harms in the metaverse (e.g., misinformation, bullying, extremism); build tools to combat harmful content; and invest in talent to support platform integrity and community managers. Build a metaverse strategy that decodes emerging challenges and establishes principles and tangible guidance for responsible innovation. Build engagement and reimagine CX in the metaverse by choosing a partner who is already taking the lead. WebThe metaverse could enable optimized decision making from the C-suite to the front lines, customized and immersive employee and customer experiences enabled by augmented and virtual reality, autonomous AI use cases (such as proactively self-healing equipment) that arent possible today, and entirely new product development mechanisms and processes. Software companies and gaming studios can seek innovative capabilities that might enable content providers to bring their intellectual property (IP) into shared immersive experiences. that it has developed an AI-powered tool called Magic Composer that lets users customize their environments via text commands. WebWhat is the Metaverse? Its like using ChatGPTand it runs on OpenAIs GPT-3.5 model (not the brand new GPT-4)but instead of returning well-curated information from the web, a poem or book report, or even functional blockchain code, Oncyber uses text prompts to implement real-time tweaks to its worlds. Accenture developed and produced a film and website for Kofes COP27 speech. The metaverse is here. Group Chief Executive Technology & Chief Technology Officer, Managing Director Metaverse Continuum Business Group & Global Lead for Responsible Metaverse, Remember Second Life? In an era of discontinuity and distrust, multiparty systems enabled by blockchain are rising in popularity. 2023. Oncyber also lets users bring in owned NFTs across Ethereum, Solana, Polygon, and other networks. And while the vision is still evolving and future adoption is unknown, businesses are already experimenting with its building blocks and making decisions about how the metaverse plays into their strategy. Bring your people into the metaverse. The world needs a Responsible Metaverse thats built with past lessons and existing challenges in mind, so we can better anticipateand account forwhat lies ahead. It consists of virtual spaces that you can explore using an avatar you create. Hardware companies may also want to consider road-map acceleration through acquisitions or partnerships with niche or pure-play technology companies. Change your Analytics and performance cookie settings to access this feature. Exceptional organizations are led by a purpose. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. In technical terms, the Metaverse is differentiated from todays web via new technical capabilities (e.g. Technology, media, and telecommunications (TMT) companies play important roles in building the metaverse. We help companies identify their role in the metaverse and create a business case. Crucially, we also develop a roadmap that outlines the capabilities, talent, operating model, and initiatives necessary to achieve their vision. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. A "digital twin" is a virtual replica of a real-world product, warehouse or factory floor. She has led Program Managements effort for multiple transactions. Rachel McGee is a manager within Deloitte Consultings Mergers & Acquisitions practice, focusing on media, entertainment, and telecommunications. But they also need to build the capabilities, the talent, and the applications that bring their metaverse vision to life. Virtual and working from home are here to stay, meaning that company culture can no longer be driven by proximity. UGC content, instant messaging, digital transactions) didnt lead clearly to the technologies, business models, content, behaviors, and companies that tapped into them (e.g. Our metaverse consulting experts also work with the companies that are building the metaversethe technology industry players providing the hardware and software and the telecom operators running the networksas they too need a metaverse strategy to determine what to build and how to build it, today and down the road. What are business executives saying about the status and potential of the metaverse? EY teams also advise business leaders on establishing networks of creators, producers and orchestrators in the metaverse; developing blockchain- and smart contract-enabled distribution and consumption models; and building public-private partnerships that drive value. Leverage our comprehensive framework, bearing in mind that the eight Trust and Human dimensions are equally important. Preventing dystopian outcomes requires embedding responsibility into thedesign of the metaverse and building trusted, human-centered experiences. User devices may not be a key differentiator: While some deals may be looking at key enabling technologies like optics for AR glasses, overall deal value for user devices tends to be low. Key Takeaway:Companies, governments and civil societies must partner to overcome significant challenges to digital safety and to ensure that virtual environments do not compromise the health and well-being of users. This is particularly true at the retail level; its easy to find one or two stocks with reasonable exposure to the Metaverse. Sony released its PlayStation VR 2 last month. To grow and thrive in this new and fast-changing world the strategies organizations develop now must have responsibility at their core - from ownership of data, to inclusion and diversity, sustainability, security and personal safety. Companies should build and use hardware and software with green technology principles, with users educated about what they can do to reduce the environmental footprint of the metaverse. To identify trends in metaverse M&A activity, we can draw useful market boundaries or categories around content, user devices, software, and economy. How can you move beyond digital engagement to human experience? What to watch: A EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. The freedom to be our authentic selves is often associated with a sense of wellbeing, but we know that in the wrong circumstances, our identities can make us targets for discrimination. Chris Arkenberg and Kevin Westcott, Lets make a dealin gaming! Simply select text and choose how to share it: Email a customized link that shows your highlighted text. 1. What is the vision for our role in the metaverse economy? The internet has changed everything about how we interact with friends, family, colleagues and clientsand not all for the better. In Potential financial value is 4x more important to consumer interest in cryptocurrencies and NFTs than the ethos of crypto (e.g., decentralization, transparency). good creation, scarcity, trading, hiring). In 2022, that jumped to $13.7 billion. Even with a Responsible Metaverse framework, building safe spaces will be an iterative, agile development process, requiring a broad range of voices and WebMetaverses are a combination of multiple technologies and trends, which include virtual reality, augmented reality, flexible work styles,head-mounted displays (HMDs), spatial computing, an AR cloud, 5G, artificial intelligence (AI), and the Internet of Things (IoT). There are free spaces and templates too, however, and you dont need an NFT or a crypto wallet to create a space. Among those, Millennials and Gen-Zdigitally savvy consumerswere most concerned about privacy in the metaverse. 1. Providers and payers need strategies to ensure that these advances benefit them and their patients. Recent estimates of the commercial opportunity are as high as $13 trillion, with an estimated 5 billion regular users by 2030. 2023 Decrypt Media, Inc. How consumers are ready to engage with the metaverse today, and what it will take to unlock metaverse adoption. What is the metaverse? Most characterizations go big, depicting a massive virtual space where people can interactand companies can do businessin ways that arent possible in the physical world. Some NFT collectors use Oncyber to create their own virtual art galleries, while others use the platform to host immersive online community events. This paper looks at how to unlock the metaverse in the MENAT region. At the same time, creating immersive experiences requires significant computing power, data storage and new devices. Accenture worked with Petrofac to develop one of the energy industrys first Walt Disney Studios StudioLAB and Accenture created digital twinning tools to support the next generation of filmmaking. The metaverse plan will depend on the companys sector. Our team of metaverse consultants, which includes analytics experts from BCG GAMMA and digital transformation specialists from BCG Platinion, Our metaverse consultants help clients not only create a metaverse strategy, but also build the actual products, applications, and experiences. As the metaverse continues to transform engagement, our professionals provide deep insights on generational behaviors, customer journeys (including orchestration around marketing, sales and service), employee and talent ecosystems, and seamless physical and digital experiences. Platforms must proactively implement policies, technologies and practices to discourage harmful content and behaviors, and invest in predictive and real-time detection capabilities. Social login not available on Microsoft Edge browser at this time. the ability for massive numbers of concurrent users to share a single, real-time, synchronous simulation), experiences (e.g. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. For example, my company is using AI to brainstorm new domain names. As a trained lawyer, Stephanie understands navigating the global complexities of multinational organizations. According to Edgar, the term had only been used in a filing ten times total in the preceding five years. Identify the sustainability levers that your organization controls and determine key metrics that measure progress and drive accountability for metaverse sustainability across the organization. What to watch: A hardware war is still brewing as companies continue to iterate on, or introduce new, metaverse-adjacent products. So, as companies look to build their own metaverse experiences, they must put trust and safety at the core of their user strategy. New hires will be learning in the metaverse on their first day at Accenture. Please enable JavaScript to view the site. Recent estimates of the commercial opportunity are as high as $13 trillion, with an estimated 5 billion regular users by 2030. Copy a customized link that shows your highlighted text. Explore our related services and solutions, Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. and is used by Web3 creators and communities. Even after hitting record metrics under the COVID-19 lockdown, Take Two ($TTWO, $24B market cap) was asked on its analyst call what its Metaverse strategy is." Accenture's Nth Floor, a pioneer application of the Metaverse. In the next iteration, what we want is for people to port any hallucination or dream they have into a 3D canvas, and just directly see the result of what they might imagine and change things up, he said. Envision and execute change at speed and scale. Distinctive shifts in technology, markets and products/services will We must create human-centric experiences in which people feel free to express their authentic and unique selves in a safe and respectful manner. Users want to interact seamlessly with various applications and service providers across virtual worlds and digital asset platforms. As TMT companies look to develop metaverse capabilities, they should consider all aspects of the value chain, from hardware to software to virtual and physical services. As TMT companies look to develop metaverse capabilities, they should consider all aspects of the value chain, from hardware to software to virtual and physical services. WebWe help our clients enter the metaverse with resiliency and risk mitigation at the forefront, bringing leading capabilities in future operating model design, identity management, Sony released its PlayStation VR 2 last month. Devices, systems and digital environments should be rooted in preserving and improving users mental and physical health. We bring fit-for-purpose supply chain transformation capabilities to help our clients stand up digital twins for manufacturing and maintenance, blockchain-enabled supplier diversification, logistics simulation and trustless supply chain processes. The metaverse conglomerates various technology elements at a basic level, including video, augmented reality (AR) and virtual reality (VR), where users can exist within a digital world. There are six areas of focus that organizations should start exploring and understanding, right now, to ensure a safe and secure metaverse that is as engaging and valuable for businesses as it is for users: The metaverse will generate real-time information about movement and physical attributes, spatial and social data about users surroundings, and even details about peoples mental, physical and emotional states. As shown in the exhibit, the metaverse has the most potential to upend sectors such as banking, Telecommunications, Media & Entertainment, Go straight to smart. Studies show that trust is the decisive variable in forming commitment, which explains why users are more willing to engage with online platforms that they consider trustworthy. There are free spaces and templates too, however, and you dont need an NFT or a crypto wallet to create a space. virtual space, interoperability, persistence, mass concurrency), many of its specific opportunities and winners are unclear. Bemersive. Iain is a Deloitte Consulting LLP Mergers and Acquisitions (M&A) principal with extensive experience across the deal life cycle, from operational and commercial diligence to integration, carve out strategy definition, and execution management. Building upon nearly 15 years of leadership in metaverse-related technology and experience capabilities and over 600 patents, we bring 800 of our metaverse-skilled professionals and market-leading capabilities from across Accenture into one group dedicated to designing, executing and accelerating our clients metaverse journeys. Other recent additions include enhanced VR support plus the ability to port in external video and screen-sharing streams. This will create a social media-focused version of a VR platform, which will allow users to interact When it launched in 2003, it was arguably the first major metaverse environment. But theres a single, overarching insight: People care about more than just the front-end experience. Taking a bionic approach to digital transformation can lead to successful business outcomes. The metaverse represents a new era of web experience design, transforming traditional internet experiences into connected, immersive virtual- and augmented-reality worlds. Decisions on everything from privacy to interoperability are easier to make when the risks are clearly defined and understood going in, as they werent in the early days of the internet. He has managed numerous growth-oriented technology and media deals, including defining operating models, tracking cost and revenue synergies, and organizing to ensure an issue free day one. As in the real world, we need to feel secure, respected and accepted in the new spaces we create. What capabilities are needed to support a metaverse strategy? Introducing a GPT-powered AI tool for text to world building . We bring together extraordinary people, like you, to build a better working world. But everyone can agree that we stand, collectively, at a virtual doorway unlike any other faced in recent history. Financial firms are the biggest movers: When considering the volume of deals, financial buyers have been the early movers, likely given their access to capital and appetite for risk. Define what your target audience truly values and select trusted technology solutions and service providers that address concerns around privacy, security and safety. Patents filed across the Metaverse Continuum. Media and entertainment may look to bring their existing content into metaverse experiences, or to buy content libraries from others. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Meta Platforms has a new focus on generative AI, a technology that can boost the popularity of the metaverse in the coming years. Here are some metaverse marketing strategies we have found success with for clients that want metaverse-related capabilities. The 7 Metaverse Layers & Whats in Store for the Future | ZenLedger February 20, 2023 Altcoins: Definition, How They Work, and Examples Learn what altcoins are, how they work, famous examples, and what the future might hold. Is it in core infrastructure and services, enterprise enablement, or consumer experiences? The latest news, articles, and resources, sent to your inbox weekly. It's a combination of multiple elements of technology, including virtual reality, augmented reality and video where users "live" within DTTL (also referred to as "Deloitte Global") does not provide services to clients. To identify the right solution to these challenges, consider applying the following approach: Ensure that you use the metaverse in a manner that is consistent with your core mission and valuesand that safeguards brand integrity. Second Life attracted thousands of early adopters who could play and create in a virtual community with one guiding principle: Be nice.. Hyperlinking will evolve into hyper-jumping between 3D worlds. Like games today, 3D worlds are experienced through 2D displays and TVs, Huang said. It also offers to assist with strategies around mergers and acquisitions for companies looking to buy up metaverse assets and capabilities. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. The web3 survey of 9,005 consumers focused on their perceptions of cryptocurrencies, NFTs, and DAOs. In a year, the metaverse went from Meta CEO Mark Zuckerberg's obsession to In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. See Terms of Use for more information. At a conceptual-level, the Metaverse can be thought of as the successor-state to todays Internet - just as todays predominantly mobile Internet was built on top of fixed broadband Internet of the 1990s and early 2000s. How can data and technology help deliver a high-quality audit? How will the metaverse change our behavior as it reshapes experiences. WebAs access to the metaverse becomes more universal, we are seeing companies develop both all-inclusive and niche solutions with a wide range of users in mind. Banyan Tree Group piloted a digital scavenger hunt to improve its customer experience and boost ancillary revenue. Strong data protection practices create a baseline for trust when novel kinds of data are being collected and processed. Other recent additions include enhanced VR support plus the ability to port in external video and screen-sharing streams. The trust dimensionsprivacy, security, resilience and intellectual property rightsshape how technology, product policies and practices are designed and deployed. Image: Oncyber. WebWe have a distinctive perspective: that the metaverse is a continuum, a spectrum of digitally enhanced worlds, realities and business models. Companies should design systems and experiences to be inclusive and accessible, so users feel empowered to reinvent themselvesbut certain situations call for authenticity and real identities. We work with clients to immerse and educate through our Metaverse Continuum studios, explore industry and functional use cases and design a responsible metaverse approach. The convergence involves metaverse platformsm-worldswhich are gathering hundreds of millions of active users, as well And as Oncyber layers in additional world-building features in the coming months and provides ways for creators to develop richer environments, the AI tool will hopefully cut through some of the complexity and ensure accessible ways to personalize online 3D spaces. Huang said Composer that lets users bring in metaverse capabilities NFTs across Ethereum, Solana Polygon. A single, overarching insight: People care about more than just the front-end experience more than just the experience. 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Augmented-Reality worlds we need to feel secure, respected and accepted in the metaverse in the metaverse will... Any other faced in recent history locations throughout Deloitte University entertainment, and its building blocks can create value.... Other networks hiring ) invest in predictive and real-time detection capabilities policies and practices are and... It also offers to assist with strategies around Mergers and acquisitions for companies looking to buy libraries! Space, interoperability, persistence, mass concurrency ), many of its specific opportunities and are! Their perceptions of cryptocurrencies, NFTs, and telecommunications be driven by proximity digitally enhanced,. Define what your target audience truly values and select trusted technology solutions and service that!: that the metaverse in the metaverse and building trusted, human-centered experiences strong data protection practices create baseline! Play important roles in building the metaverse value now outstanding leaders who to. Improving users mental and physical health, warehouse or factory floor continuum, a metaverse capabilities of digitally enhanced,! The ability for massive numbers of concurrent users to share a single overarching! Same time, this deal remains the subject of litigation effort for multiple transactions there are free spaces and too! Nfts across Ethereum, Solana, Polygon, and the applications that bring their metaverse vision to life business.. The new spaces we create at a virtual replica of a real-world product warehouse! Are equally important metaverse on their first day at accenture status and potential of the commercial opportunity as... Roadmap that outlines the capabilities, talent, operating model, and you need... Across Ethereum, Solana, Polygon, and other networks via new technical (... Screen-Sharing streams bring their metaverse vision to life the internet has changed about... Avatar you create technology that can boost the popularity of the metaverse choosing... Called Magic Composer that lets users bring in owned NFTs across Ethereum, Solana Polygon. Executives saying about the status and potential of the metaverse and building trusted, human-centered.. Experiences ( e.g boost the popularity of the commercial opportunity are as high as $ 13,. Longer metaverse capabilities driven by proximity on, or consumer experiences community events to life worlds and digital environments should rooted. And digital asset platforms explore Deloitte University like never before through a cinematic movie trailer and of! Looks at how to share a single, overarching insight: People care about more than just the experience!, many of its specific opportunities and winners are unclear focusing on media, entertainment, you. Kofes COP27 speech users customize their environments via text commands taking a bionic approach to digital transformation can to... Companies looking to buy up metaverse assets and capabilities on the companys sector to stay, meaning that culture! Pure-Play technology companies environments via text commands this feature tangible guidance for responsible innovation you to! A space most concerned about privacy in the real world, we need to secure!