The promise, peril, and potential of the metaverse

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    We see the Metaverse as the intersection of immersive experiences across the Augmented Reality (AR) and Virtual Reality (VR) spectrums. Businesses, like many, can use it to enrich their experiences, products, and services with virtual overlays for navigation and context. Others are finding ways to create completely immersive new environments and engage customers.

    Behind these new experiences are not one but multiple technologies. Many of the technologies enabling the metaverse, such as 5G, blockchain, and AI, have matured over time. Chat GPT.

    • There has been a fundamental shift from closed, centralized platforms where users access free information in exchange for data, to a connected, open and immersive world known as Web 3.0 or Web3.example is robloxhas about 50 million active users and a huge economy within the metaverse.
    • There is also a trend that more and more users expect to be rewarded in some way for giving their attention to the platform.

    Who are the business users of the metaverse?

    A typical image of a Metaverse user as a gamer playing with a headset and dual hand controllers fortnite you’re not wrong. But that image overlooks a rapidly expanding wave of business adoption.

    Consumer brands are early and enthusiastic adoptersGucci, for example, is a luxury brand launched in partnership with Roblox. gucci townis Roblox’s digital destination, “dedicated to seeking the unexpected, expressing your own individuality, and connecting with like-minded people around the world.” created an immersive concept store that showcases unique pieces, fosters conversations among contemporary Gucci creators, and offers digital collections for purchase.

    Another top brand, Nike, is gathering a cohort of Metaverse Brand Ambassadors. By allowing users to create virtual products and monetize them on a platform called the Web3 platform, swooshNike can create physical products based on those designs.On last check, Nike has generated $185 million From NFT sales and trading royalties. The bottom line for these brands is that their presence in the metaverse will generate new revenue and increase brand exposure.

    in production, Companies seized opportunities for upskilling and training. Real-time guided build instructions during the assembly process, or “see what I see” expert assistance when someone is troubleshooting equipment. Mercedes-Benz Invested in an AR-based metaverse experience to improve the skills of dealer service technicians by providing virtual overlays on products.

    Other companies are looking at digital twins as a way to increase efficiency, reduce costs, and optimize operations. for example, BMW created a simulation of one of the assembly lines. This potentially allows us to simulate what would happen in a particular environment before pushing the operation to the production floor.

    Financial services also believe that the Metaverse is “profitable.” JP Morgan Chase Being the first company to open a ‘branch’ of the Metaverse in Decentraland, many other financial services brands are finding ways to engage with their customers, employees, partners and other elements of the human ecosystem in the Metaverse. I’m doing it.

    Furthermore, the evolution of the crypto space and digital wallet are increasing their ability to trade in the metaverse, and both traditional and start-up financial institutions are looking to tap into the metaverse economy.

    How should businesses proceed?

    Successful companies remain focused on delivering products and services in any technology context. With this purpose in mind:

    • Determine your organization’s willingness to innovate (compare to risk appetite; it’s too early to talk about metaverse ROI).
    • Align your metaverse business goals: Are you trying to attract a specific customer segment? Are you trying to improve efficiency? Are you looking to open up new markets?
    • Create some use cases and keep in mind current or feasible technical possibilities. (Partnership is optional.)
    • Set up small cross-functional teams with autonomy and guardrails where experimentation, innovation, and play are allowed.

    Protiviti goes deep into the metaverse. Vision by Protiviti. Click here for details

    connect with the author

    Christine Livingston
    Managing Director, Emerging Technologies

    Lata Varghese
    Managing Director, Technology Consulting

    Alex Weishauple
    Managing Director, Digital Transformation


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