This requires a large number of high-speed computing and information transmission capabilities that use cloud computing, high performance computing, wireless communication (5G and 6G). For example, digital twins let companies visualize new products prior to physical production, reducing wasteful churn; immersive collaboration can replace carbon-intensive travel; and storytelling can raise awareness and close the intention-action gap. The primary purpose of collecting, processing and sharing user data should be to deliver value to users who are informed about their privacy options. And this is just the first version of the tool, Oncyber founder and CEO Rayan Boutaleb told, Launched in 2021, Oncyber has called itself a, platform, and shares commonalities with Web3 metaverse gaming platforms like. Our metaverse consultants help clients not only create a metaverse strategy, but also build the actual products, applications, and experiences. In technical terms, the Metaverse is differentiated from todays web via new technical capabilities (e.g. Amanda Silberling, Meta, Microsoft, Nvidia, Unity and others form Metaverse Standards Forum, TechCrunch, June 22, 2022. 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, Our metaverse services provide a unique blend of strategic and technical expertise to help companies take a holistic, end-to-end approach to the metaverse. In With the right metaverse strategy, companies can define their visionand their path to value. It Second Life attracted thousands of early adopters who could play and create in a virtual community with one guiding principle: Be nice.. Marna Ricker, EY Global Vice Chair of Tax, covers what it means to have your tax strategy ready for the metaverse. 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. At the inception of the internet, trust and safety were an afterthoughtand companies, governments and nonprofits have long been playing catchup on security, cyberbullying and everything in between. 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. Group Chief Executive Technology & Chief Technology Officer, Managing Director Metaverse Continuum Business Group & Global Lead for Responsible Metaverse, Remember Second Life? 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. Other recent additions include enhanced VR support plus the ability to port in external video and screen-sharing streams. The metaverse must be bound by codes and boundaries designed to care for all, and organizations must account for the unequal distribution of and access to infrastructure, wealth and technology. Set Strategy: Through application of creativity, technology and deep industry experience, we work with clients to prioritize opportunities and set strategies that drive business transformation. The latest news, articles, and resources, sent to your inbox weekly. Platforms and devices should be capable of supporting high-fidelity and low-latency experiences that are immersive and persistent for large numbers of global users to interact simultaneously. But each of these technologies is more mature and accessible than ever. 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. We help companies identify their role in the metaverse and create a business case. The metaverse is a vision of how the next generation of the internet will operate. Key takeaway:Organizations should ask: How can I use the metaverse sustainably? But what really matters is that an ever-growing share of our time and money will soon be spent in virtual spaces and on virtual goods. "The metaverse will offer new challenges for cybersecurity, privacy rights, regulatory compliance, brand reputation and anti-fraud efforts," said Emmanuelle Rivet, vice chair of U.S. TMT and global technology leader at PwC. , while others use the platform to host immersive online community events. Understand who your stakeholders are, their needs and expectations from the metaverse experiencethen build trusted experiences to meet expectations. Its therefore reasonable to expect that if we build trust in metaverse technologies and experiences, we can attain widescale user adoption. WebIn technical terms, the Metaverse is differentiated from todays web via new technical capabilities (e.g. Addressing the business and economic impact. Do Not Sell or Share My Personal Information. For example, my company is using AI to brainstorm new domain names. Companies advancing their metaverse strategies should consider how far their existing technologies and in-house skills will take them on this journey, and where targeted acquisitions may offer the fastest and most effective growth strategy. Platforms must enforce intellectual property rights through robust detection capabilities and comprehensive user education, and leverage AI tools to detect and flag infringements. The landscape of devices geared towards metaverse experiences may still be fragmented and can be difficult to navigate due to information asymmetry. This will create a social media-focused version of a VR platform, which will allow users to interact More robust AI functionality is on the horizon, too. Three findings emerged from this view of the transactions: Content remains king: Over the past 23 months, content-related transactions accounted for the largest deals by value and average deal size. "Without standards and interoperability, there will be a flood of incompatible or isolated solutions slowing down the progression of data exchange between experiences," said Royal O'Brien, executive director of the Open Oncyber does sell NFT-based templates, however, working with architects and designers to develop prefab spaces that can be further personalized. 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. Key takeaway:Companies that implement intuitive privacy defaults and innovative transparency approaches are more likely to succeed at engaging and retaining people in the metaverse. Bring your people into the metaverse. Google Trends shows a significant climb in people searching the term metaverse in the last 12 months, hitting the 100 mark in March. It will revolutionize nearly all aspects of life and business in the next decade, allowing collaboration in virtual spaces, augmented physical places and a blend of both. the ability for massive numbers of concurrent users Capabilities of the Metaverse The metaverse aims to provide people a Existing concerns about security and privacy will be amplified. Its important to bear this in mind now, with the rise of new metaverse platforms built on different governance models and content-creation economies enabled by blockchain and utilizing immersive human-machine interfaces. As they stake out positions and plan their offerings, industry players could move to build and buy metaverse-related capabilities like spatial computing, tokenized assets, 3D modeling, AI and machine learning, and augmented-, virtual-, and mixed-reality devices. of people believe that the metaverse will be the same as social media in securing users data, protecting their safety and ensuring their privacy. to receive more business insights, analysis, and perspectives from Deloitte Insights. Review ourcookie policyfor more information. They are interconnected; one aspect shouldnt be prioritized at the expense of another. To enable more widespread adoption, devices may need to align around interoperability standards. Get both areas right for a metaverse that people want to engage in and return to, as theyll feel free to express their authentic and unique selves in a safe and respectful manner. Please refer to your advisors for specific advice. 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. In the near term, we could expect cash-rich financial investors and consortium participants to continue gaining familiarity and comfort with the metaverse. Broadly speaking, the technologies companies refer to when they talk about the metaverse can include virtual realitycharacterized by persistent virtual worlds The metaverse and web3 are evolving, creating an accelerated digital economy. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. 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. Providers and payers need strategies to ensure that these advances benefit them and their patients. Right now, businesses are racing toward a future very different from the one they were designed to operate in. Bemersive. Its a first step towards a very big end result, which we are not that far off from.. Build a metaverse strategy that decodes emerging challenges and establishes principles and tangible guidance for responsible innovation. Roblox is targeting a $40B IPO valuation and positioned itself as a pureplay Metaverse stock. As such, the metaverse requires hybrid approaches to digital safety that leverage technology, human, and community- driven elements. , Boutaleb said that his team has focused on steady iteration to the platform. Envision and execute change at speed and scale. Potential financial value is 4x more important to consumer interest in cryptocurrencies and NFTs than the ethos of crypto (e.g., decentralization, transparency). 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. And it should. Metaverse infrastructure enablementBecause building and scaling metaverse products requires the right technical infrastructure, we assess companies current capabilities, identify critical infrastructure and capabilities, and create a blueprint for end-to-end enablement. 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. By Guo Peng, Deputy Chief Marketing Expert for Wireless and Cloud Core Network, Huawei 2023.02 Over the past 15 years, operator revenues have grown rapidly thanks to different stages of monetization. Artificial intelligence is dominating tech headlines lately thanks to OpenAIs advancing GPT models and competitors, and such models can generate text and media with alarming speed and accuracy. It's a combination of multiple elements of technology, including virtual reality, augmented reality and video where users "live" within a digital universe. The metaverse is the internet in 3D, a network of connected, persistent, virtual worlds. The metaverse will extend 2D web pages into 3D spaces and worlds, Huang said. WebCPGs and the metaverse: Opportunities abound. 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. Telecommunications, Media & Entertainment, Go straight to smart. It also offers to assist with strategies around mergers and acquisitions for companies looking to buy up metaverse assets and capabilities. While many companies are surprised to discover just how wide ranging the applications can be, across industries, forward-looking companies are making metaverse investmentsand seeing them pay off: Immersive digital twins to engineer complex products such as cars and aircraft; VR-based training; AR providing real-time line-of-sight information to workers on the factory floor, AR-augmented manufacturing; virtual test drives and showrooms; VR-based driver training and virtual simulations of upgrades and accessories, Brands integrated into metaworlds, such as designer clothing for avatars and marketing in the metaverse through in-world billboards, Content partnerships with metaverse companies; licensing of intellectual property for in-world use; collaboration on concerts and other events within virtual spaces, Virtual storefronts selling digital or physical goods within the metaverse economy; AR-enhanced operations to manage inventory and supply chains, Immersive classrooms; virtual coaching and tutorials, Hyper-realistic training for firefighting, military, and other high-risk environments. Leverage our comprehensive framework, bearing in mind that the eight Trust and Human dimensions are equally important. Technology, media, and telecommunications (TMT) companies play important roles in building the metaverse. Accenture's Nth Floor, a pioneer application of the Metaverse. As its still early days for combining all three, the metaverse is a work in progress. WebCPGs and the metaverse: Opportunities abound. WebAccelerate Your Metaverse Journey. Asking the better questions that unlock new answers to the working world's most complex issues. The metaverse is changing how we experience the internet. The Metaverse is a consensus expectation among todays tech leaders, including Jeff Bezos, Mark Zuckerberg, and Tim Sweeney. Step into the next phase of digital transformation to drive long-term growth in todays emerging virtual environment. It will revolutionize nearly all aspects of life and business in the next decade, allowing collaboration in virtual spaces, augmented physical places and a blend of both. Other recent additions include enhanced VR support plus the ability to port in external video and screen-sharing streams. With a market estimated to reach $800 billion in two years, the metaverse has the power to transform all industries. The authors would like to thank Ryan Cutler, Carleigh Joiner, Nicole Gavin, Melanie Wang, Rachel McGee, Jaime Austin, Gautham Dutt Avaru, Shubham Oza, Prodyut Ranjan Borah, Andy Bayiates, Blythe Hurley, Jeff Loucks, Chris Arkenberg, and Michael Steinhart for their help in producing this article. Since the launch of Nikeland, a virtual world built by Nike inside the hit video game Roblox, the company has been visited by almost 7 million people from 224 countries. In August and September 2022, Accenture conducted a two-part survey to understand consumer perceptions of the metaverse. With the rapid development of IT, the Metaverse would allow users to connect, work, conduct business, and access educational resources, all in a technology She brings over 15 years of experience advising media and entertainment clients on M&A strategy, integrations, and divestitures - including several gaming clients. April 27 - 28, 2023 brands, and even cities to interact and connect people in new and different ways. In the current hype cycle, almost any deal that involves high-speed networking or cloud or edge computing, for example, may be categorized broadly as metaverse. Our analysis found that, over the past 24 months, 115 transactions involved a technology or solution that could directly enable the metaverse.1From offering next-generation entertainment experiences to providing the technologies that power it all, it is no surprise that TMT companies drove three-quarters of these deals. This paper looks at how to unlock the metaverse in the MENAT region. 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