And it should. The primary purpose of collecting, processing and sharing user data should be to deliver value to users who are informed about their privacy options. With a line of text dropped into the Magic Composer, Oncyber can automatically change the look and color of the sky, drop in an artists NFT works from your connected crypto wallet, customize the look and size of picture frames in the world, and more. The evolution of the metaverse could be a disruptive event requiring dramatic changes to the way you do business. Hardware companies may also want to consider road-map acceleration through acquisitions or partnerships with niche or pure-play technology companies. We [invest in] AI to help you creatively express yourself and discover new content, with the metaverse to deliver a realistic sense of presence, with new media What to watch: A hardware war is still brewing as companies continue to iterate on, or introduce new, metaverse-adjacent products. As TMT companies look to develop metaverse capabilities, they should consider all aspects of the value chain, from hardware to software to virtual and physical services. The collective value of these changes will be in the trillions. We work with clients to immerse and educate through our Metaverse Continuum studios, explore industry and functional use cases and design a responsible metaverse approach. Human + machine intelligence building new ways to embrace change and grow. It ultimately went to market at $13.7B, popped to $19B and is currently valued at $42B even though it remains unprofitable. Its easy to get distracted by the novelty of the metaverse. In the metaverse, you can play games, go shopping, hang out with friends at a virtual coffee shop, work with your colleagues in a virtual office, and much more. A metaverse is a shared space that uses virtual reality (VR) and/or augmented reality (AR) to bridge the divide between the physical and the digital worlds. metaverse app has already found a way to tap into the technology. This broad network of emerging capabilities may help to overcome social and economic barriers to progress by toppling the gender gap, economic obstacles and other inequalities. 2023 Decrypt Media, Inc. Build & Operate: We design, build and operate metaverse capabilities for our clients, including world-building and engagement, content management, marketplace development, blockchain, 3D commerce, extended reality, digital twins, trust and safety and ecosystem and community development. The companys Nikeland metaverse proves a hit among Roblox players. Some believe the metaverse is a single, universal virtual world that looks a lot like Ready Player One, where everyone lives their second life in one Use case identification and executionWe zero in on the most promising metaverse use cases, and then take them from prototype to at-scale deployment. Contrary to the popular belief , while others use the platform to host immersive online community events. PPE training is vital but wasteful, which is why we helped create effective virtual reality training modules. In 2022, that jumped to $13.7 billion. Its like using ChatGPTand it runs on OpenAIs GPT-3.5 model (not the brand new GPT-4)but instead of returning well-curated information from the web, a poem or book report, or even functional blockchain code, Oncyber uses text prompts to implement real-time tweaks to its worlds. to receive more business insights, analysis, and perspectives from Deloitte Insights. Oncyber also lets users bring in owned NFTs across, , and other networks. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. 1. See something interesting? This broad What is the vision for our role in the metaverse economy? We help companies identify their role in the metaverse and create a business case. It's a combination of multiple elements of technology, including virtual reality, augmented reality and video where users "live" within a digital universe. As an architect of the metaverse, youll work across all aspects of business, from consumer to worker and across the entire enterprise of designers and community builders to change how companies operate, grow and transform. 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. Addressing the business and economic impact. EY helps clients create long-term value for all stakeholders. John King, EY Vice Chair of Assurance, shares that reporting, finance functions and transparent communication strategies are key. Because Oncyberwhich raised $6.7 million last yearwasnt tethered to the NFT land hype cycle that. The time is now to think big, start small and scale fast. Recently, big names in software technology have been forming large consortiums to assemble a standards group for metaverse tech.4 Practically, this means that companies with more mature hardware may seek to acquire emerging device and component manufacturers to accelerate standards compliance. Oncyber, a 3D world-building platform that supports a wide array of NFTs and is used by Web3 creators and communities, revealed this week that it has developed an AI-powered tool called Magic Composer that lets users customize their environments via text commands. In an era of discontinuity and distrust, multiparty systems enabled by blockchain are rising in popularity. Our payments professionals bring significant experience around the accounting implications of digital payments in the metaverse, including leading knowledge in e-commerce, currency compatibility, royalties and enablement of financial institutions with tokenized funds. Its like using ChatGPTand it runs on OpenAIs GPT-3.5 model (not the, )but instead of returning well-curated information from the web, a poem or book report, or even. Companies, researchers and governments have worked to retrofit privacy, security and other consumer protection elements into the internetand yet they always seem to be one step behind. The human dimensionssafety, sustainability, inclusion/diversity/accessibility, and well-being ground the design and build of the user experience. As in the real world, we need to feel secure, respected and accepted in the new spaces we create. Launched in 2021, Oncyber has called itself a metaverse platform, and shares commonalities with Web3 metaverse gaming platforms like Decentraland and The Sandbox that also let users customize their own online spaces. Platforms must proactively implement policies, technologies and practices to discourage harmful content and behaviors, and invest in predictive and real-time detection capabilities. The path to 360 value starts herefeaturing our most provocative thinking, extensive research and compelling stories of shared success. See how we connect, collaborate, and drive impact across various locations. Not just for leisure, but also education, health, politics, investment and labor. As the metaverse continues to transform engagement, our professionals provide deep insights on generational behaviors, customer journeys (including orchestration around marketing, sales and service), employee and talent ecosystems, and seamless physical and digital experiences. 95% of executives believe that future digital platforms Prediction 4: New security and privacy issues will emerge. With the right metaverse strategy, companies can define their visionand their path to value. She brings over 15 years of experience advising media and entertainment clients on M&A strategy, integrations, and divestitures - including several gaming clients. A metaverse is a persistent and immersive simulated world that is experienced in the first person by large groups of simultaneous users who share a strong sense of mutual presence. Simply select text and choose how to share it: Email a customized link that shows your highlighted text. In August and September 2022, Accenture conducted a two-part survey to understand consumer perceptions of the metaverse. Exceptional organizations are led by a purpose. UGC content, instant messaging, digital transactions) didnt lead clearly to the technologies, business models, content, behaviors, and companies that tapped into them (e.g. In the metaverse, the physical world is converted into digital data and recreated or represented digitally, either as a reflection of reality (digital maps or images, of those under age 40 agreed they wanted the freedom to change their avatar depending on the circumstance, and to have their avatars look like whatever and whoever they want. The metaverse is top of mind for everyone, including business leaders across industries. Creating lasting value across the enterprise with technology innovation. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. They may revolutionize many industries and experiencesand one Web3 metaverse app has already found a way to tap into the technology. As climate change regulations strengthen, it's up to boards to understand how organizations should prepare. 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. We identify and evaluate targets, analyze investment themes, and conduct due diligence ofand formetaverse companies. Second Life attracted thousands of early adopters who could play and create in a virtual community with one guiding principle: Be nice.. However, theres no practical, intelligent, or safe way to build and maintain a diversified Metaverse portfolio. Sony released its PlayStation VR 2 last month. Gaming M&A is growing on the back of consolidation, portfolio plays, and game tech, Meta, Microsoft, Nvidia, Unity and others form Metaverse Standards Forum, Do Not Sell or Share My Personal Information. Asking the better questions that unlock new answers to the working world's most complex issues. Patents filed across the Metaverse Continuum. Anticipate disruptive scenarios and make sure innovations in the metaverse can withstand change. Virtual and working from home are here to stay, meaning that company culture can no longer be driven by proximity. , a 3D world-building platform that supports a wide array of. Theres no shortage of visionsor, for that matter, definitions. To identify the right solution to these challenges, consider applying the following approach: Ensure that you use the metaverse in a manner that is consistent with your core mission and valuesand that safeguards brand integrity. 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. virtual space, interoperability, persistence, mass concurrency), many of its specific opportunities and winners are unclear. And as Oncyber layers in additional world-building features in the coming months and provides ways for creators to develop richer environments, the AI tool will hopefully cut through some of the complexity and ensure accessible ways to personalize online 3D spaces. 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. Right now, businesses are racing toward a future very different from the one they were designed to operate in. In addition, these companies might need to partner or buy the technology required to deliver and scale those experiences. Telecommunications, Media & Entertainment, Go straight to smart. Decisions on everything from privacy to interoperability are easier to make when the risks are clearly defined and understood going in, as they werent in the early days of the internet. But its most likely that parts of the metaverse will be built on open and interoperable standards, while others will be walled off and operate under proprietary standards. How to share it: Email a customized link that shows your highlighted.... 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