Metaverse and web3: Finding your opportunities
Adobe’s head of AI Innovation and Strategy, Chris Duffey, discusses the metaverse, and its opportunities for value creation alongside web3 and generative AI.
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So, what is the metaverse exactly?
The metaverse is generally defined as a collective virtual space promising an immersive three-dimensional digital world where we can work, play, socialise and do business together while at the same time owning our assets enabled by augmented reality (AR), virtual reality (VR) and non-fungible tokens (NFTs). Supported by a number of technologies, this platform offers a wide range of advantages and opportunities with use cases that can be explored across a wide range of sectors and industries.
Explore new horizons in the metaverse
The metaverse is an evolution, not a revolution. And it’s one that business leaders should not ignore. It may profoundly change how businesses and consumers interact with products, services and each other.
A metaverse that works for business is quickly evolving, and so are tested strategies to navigate it: ones that can create value right now and become a key asset for organisation in the new normal and for years to come.
“For businesses, the implications of an immersive, persistent and decentralised digital world could be enormous.”
Many forward-thinking companies are already venturing in the metaverse to:
- Enrich customer experiences
- Introduce virtual products and services exclusive to the metaverse
- Collect new data on customers
- Market physical and digital products and services
- Support metaverse payments and finance
- Offer hardware and applications that support metaverse activities
Trust and risks in the metaverse: Six key considerations
Economy
Cryptocurrencies, non-fungible tokens (NFTs) and other blockchain-based digital currencies, assets and exchanges will likely underpin value exchange across the metaverse. Further innovation will be needed as governments, companies and new, digital-only organisations work to build trusted digital monetary systems, offer new data monetisation propositions and conduct lending, payments, real estate investment and more in the metaverse. Decentralised autonomous organisations (DAOs) — with voluntarily agreed-upon rules enforced by a computer programme that runs on a blockchain — will likely play important roles.
How PwC can help
These are the strategic capabilities we bring to aid our clients to realise their goals in the metaverse:
Business strategy and value creation
Identify close and long-term opportunities, vision, operating models, brand identity
Trust framework
Creation of risk taxonomy specific to your organisation and its initiatives; design of technology risk frameworks and controls; assessment of vendors and partners to mitigate potential risks
Project management
Contracting, build and deployment, stakeholder management
Data security and privacy
Metaverse-specific cybersecurity, privacy protocol, and data governance
Legal and regulatory considerations
Tax evaluation, Intellectual property (IP) rights, regulatory compliance
Financial evaluation
Establishing sound economic models for monetisation, enhancement of revenue streams
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Emerging developments reshaping the financial markets
Feel free to explore our microsite featuring bi-monthly market updates on the metaverse and digital assets to help you keep abreast of these emerging themes.
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