As the metaverse becomes more accessible and immersive, investors and users alike are eager to explore its potential. Let’s take a peek at the future.
More facts, less fiction - Getting into the metaverse
Decentralized autonomous organizations (DAOs) are at the forefront of innovation in cryptocurrencies, Web3 platforms and gaming projects. They are creating new possibilities for collaboration and value creation in metaverse, bringing all the virtual worlds closer to our reality. In fact, the metaverse is no longer a distant vision of the future, but a soon-to-be reality. But what does it mean? In the absence of a standard definition of the term, let's put it in our own words: The metaverse is a digital realm that coexists with the physical world. It is a place where people can interact with each other and take part in various activities through 3D virtual worlds. From online games to virtual concerts, from augmented learning platforms to digital factory twins, the metaverse encompasses many experiences and domains.
More direction, less doubt - Three metaverse narratives
We distinguish three main narratives that capture the different aspects and opportunities of the metaverse to help our clients cut through the noise and make decisions that add value:
- Consumer Metaverse: A virtual playground for individuals to enjoy entertainment and social interaction in an immersive way (e.g. Roblox, Decentraland).
- Enterprise Metaverse: An augmented workspace for companies to foster collaboration and co-creation across distance and disciplines (e.g. Meta Horizon Workrooms, Microsoft Mesh).
- Industrial Metaverse: A digital twin for industrial or manufacturing purposes to simulate and optimize real-world systems such as machines, factories, buildings, cities, networks and transportation systems (e.g. Nvidia Omniverse).
The metaverse is more than digital transformation. It is a paradigm shift that will redefine how we interact with information, technology, and each other. It will create new opportunities and challenges in areas as diverse as entertainment, shopping, remote work, finance, manufacturing, city management and R&D. It will also transform economies and business models, enabling new forms of value creation and exchange.
More value, less vulnerability - Open questions and challenges
It's hard to predict when exactly the metaverse will materialize. Significant technical issues still need to be resolved, and the software and hardware supporting augmented and virtual reality will need to become better and more affordable. In addition, the emergence of metaverse raises several ethical and legal questions:
- Are morally reprehensible experiments acceptable in the virtual world?
- How should we respond to deviant virtual behavior?
- What data is being collected by these metaverse systems?
- Where does this data go and how is it used?
These are just some of the challenges that need to be addressed before the metaverse can become a safe virtual space, particularly through the development of appropriate legal and regulatory frameworks.
The metaverse is evolving fast. All the more reason to meet it now.
Globally, the metaverse is gaining momentum. Nowhere does the intersection of business, people and technology offer greater opportunity than in the metaverse. Business leaders across all sectors and industries agree that it is likely to have a dramatic impact on their business over the next five to ten years.
But don't let the metaverse pass you by. Learn from KPMG's experts and practitioners how to harness the secrets, opportunities, and best practices of the metaverse for your business. Network with other pioneers and practitioners who share your curiosity and vision. Join us and be part of the future - today.
