The promise, risk and potential of the metaverse

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

    Behind these new experiences there is not one but many technologies. Many of the metaverse-enabled technologies such as 5G, blockchain, and AI have matured over time, and what was once technically feasible but impractical has become more commercially viable. , more affordable and easier to consume. ChatGPT etc.

    • 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 Web 3. Users and large economies in the metaverse.
    • There is also a trend that more and more users expect some form of reward for their attention on the platform.

    Who are the business users of the metaverse?

    Exclusive image of a Metaverse user as a gamer with a headset and dual hand controllers fortnite you’re not wrong. But she sees the adoption of the imaging business grow rapidly.

    Consumer brands are early and enthusiastic adopters, take Gucci. The luxury brand has partnered with Roblox to launch Gucci Town, Roblox’s digital destination. Single-minded. In addition, Gucci has created an immersive concept store that showcases rare pieces from contemporary Gucci creators, encourages interaction and even allows digital collectibles to be purchased.

    Another top brand, Nike, is bringing together a group of Metaverse Brand Ambassadors. By allowing users to create virtual products and monetize them on a web3 platform called Swoosh. Nike can create physical products based on those designs. At last check, Nike earned his $185 million from his NFT sales and trading royalties. The bottom line for these brands: their metaverse presence will generate new revenue and increase brand exposure.

    in production, Companies seized opportunities for upskilling and training. Real-time guided build steps in the assembly process or expert assistance when troubleshooting tools are in place. Mercedes-Benz upgraded its dealership service technicians by investing in an AR-based metaverse experience to provide virtual overlays on their products.

    Other companies are looking to digital twins as a way to increase efficiency, reduce costs, and optimize operations. BMW, for example, created his one simulation of an assembly line. This allows you to simulate what would happen in a particular environment before moving operations to the production floor.

    Financial services also believe that the Metaverse is “profitable.” JPMorgan Chase was the first company to open a Metaverse “branch” in Decentrand, and many other financial services brands are building relationships with their customers, employees, partners, and other elements of the human ecosystem in the Metaverse. I’m trying to find a way to get involved in.

    Additionally, the development of the crypto space and digital wallets has increased the ability to transact in the Metaverse, with both traditional and start-up financial institutions looking to capitalize on the Metaverse economy.

    How should businesses proceed?

    Successful companies continue to focus on delivering their products and services in all technological situations. With this purpose in mind:

    • Determine your organization’s willingness to innovate (against willingness to take risks; it’s too early to talk about ROI in the metaverse).
    • Align with 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?
    • Given the technical possibilities that you have or have, build some use cases that you might be able to implement. (Affiliation is optional.)
    • Establish small cross-functional teams with autonomy and railings that allow experimentation, innovation, and play.

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

    connect with writers

    Christine Livingston
    Managing Director, Emerging Technologies

    Lata Varghese
    Managing Director, Technology Consulting

    Alex Weishapel
    Managing Director, Digital Transformation



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