22 December 2022
Original content provided by BDO United Kingdom
We’ve all heard of the metaverse in some context or another, but few of us can articulate clearly what it is or what it has the potential to be. Although there is a growing body of papers and articles on the topic, much of it either assumes a pre-existing level of knowledge or takes a specific angle or point of view, such as a financial focus or a gaming focus. In our paper, we help you disentangle the facts from the fiction, the present realities from the future potential.
Key highlights of our report:
What is the Metaverse?
- Has the ability to allow users to interact, work, play, create, and engage in commerce, simulations, or other activities
- Provides an immersive experience for users (and therefore may, but need not necessarily, be accessed through Virtual Reality (VR) headsets)
- Has the ability to integrate both the virtual and the physical world (for example through the use of Augmented Reality (AR) or Mixed Reality (MR)
- Has the ability to include connections between the physical and digital worlds (for example through digital twins being used to safely control smart buildings, crowds, traffic, and many other physical world situations)
A (Metaverse) day in the life (in 2033)
- To help develop a better understanding of the metaverse, we have invented a fictional character, Bella Ashley and we will describe a typical day in Bella’s life in 2033.
Building the Metaverse: From Fiction to Fact
Check out a simple model, separating the building blocks of the Metaverse into 4 main categories which we will consider in turn.
- Metaverse worlds
- Virtual enablers
- Infrastructure enablers
- Orchestration and Interoperability
Innovation in the Metaverse
Our team selected eleven case studies of businesses that have developed ground breaking technology or solutions that, each in their own way, are taking us a small step towards the Metaverse of the future. All four of our building blocks are covered by the case studies and our aim is to highlight both the exciting and broad ranging developments in this space as well as the high valuations being placed on these businesses by investors keen to get involved in Metaverse developments.
Embracing the Metaverse
We delve deeper into how various market sectors will be able to gain business value and competitive advantage from the metaverse, and conversely how those organisations that do not adapt and embrace the Metaverse might ultimately be disadvantaged.