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What is the Metaverse?

Start here to learn about the metaverse and what it means for business.

What is the metaverse and why is it important?

The metaverse is a critical space or spaces made possible by the new, decentralized iteration of the internet called Web3. Built on artificial intelligence (AI) and emerging 3D visual technologies, the metaverse creates a sense of physical space in the digital world—or, the Internet of Place. Technologies like augmented reality (AR) and virtual reality (VR) overlay the physical world with digital elements or create digital replicas of real spaces (digital twins). These offer imaginative opportunities for interaction and engagement.

Web3 also powers the Internet of Ownership. Rooted in a digital ledger called blockchain, the Internet of Ownership lets people transport their identities, cash, and objects securely throughout metaverse spaces. Cryptocurrencies like Bitcoin and unique digital identifiers like non-fungible tokens (NFTs) have sparked a cultural moment that’s putting power back in the hands of consumers.

But is this new lexicon worth learning?

Will the metaverse be important for my business?

The answer is a resounding yes. Recent history explains why.

Let’s review the dot-com boom. Back in ‘99, many businesses regarded the web as a passing fad. They missed the boat—and faced a digital achievement gap when websites went from nice-to-haves to critical needs. For this next wave of the web, ambitious businesses are doing more than just enjoying the voyage. They’re grabbing the wheel and figuring out how to use the metaverse to engage with stakeholders in innovative ways—and adapt to and embrace a future that looks very different from the one they planned for.

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Metaverse: evolution, then revolution

More than hype—here’s how to embrace the metaverse today. Read more.

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Metaverse insights

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Metaverse: evolution, then revolution

The metaverse is changing how we experience the internet.

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Building a responsible metaverse

Leading with trust and human-centricity.

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Software & Platforms: Unlock the metaverse

How consumers are ready to engage with the metaverse today, and what it will take to unlock metaverse adoption.

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The age of (r)evolution: the metaverse opportunity for CSPs

Can the metaverse and the evolution of the internet unlock the next wave of growth for the comms industry? 

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The evolution of metaverse technology: A continuum

For many, the metaverse means VR headsets and video games. But it’s actually an expanding continuum of digitally enhanced worlds, realities and even business models. It reaches across all parts of an organization, from consumer to worker to enterprise, transforming how the world works and interacts. How? First, the metaverse’s own economy is becoming powerful enough to have a real impact over “real world” banks and institutions. Second, new metaverse technologies emerge on a near constant cadence. This makes it possible to solve unmet customer needs and consistently offer new ways to buy and engage. And lastly, the metaverse impacts the enterprise, making intranets obsolete, revolutionizing workplace learning and creating new efficiencies. Soon, people will be moving between metaverse worlds on a daily basis, travelling across geographies or into newly imagined sites in just seconds.

With so much to consider, it's easy to put “figure out the metaverse” on a future to-do list. But there is value in the metaverse for businesses of all shapes and sizes to tap into right now—and leading organizations have already started to take advantage. They see the metaverse as a tool to augment and enhance products, services and operations—and reap the rewards for doing so.

Metaverse impacts the enterprise, making intranets obsolete, revolutionizing workplace learning and creating new efficiencies.

The metaverse’s impact across industries

For some industries, it’s clear where the metaverse adds value. Retail and consumer brands, for example, can start with immersive product experiences using NFTs or create digital versions of their physical goods—customers can try on a pair of jeans without ever visiting a brick-and-mortar store. Others, like the real estate, art and luxury fashion industries, can use blockchain as an authenticity tool to combat counterfeiters.

The industrial sector has already started using metaverse technology to advance internal operations. Manufacturers are creating digital twins of machinery, models and systems for predictive maintenance and real-time remote monitoring. Others substitute physical goods and interactions with digital ones for more sustainable, cost-efficient supply chains.

It might feel uncomfortable to test the metaverse on critical operations or customers. But the metaverse can provide immense value internally, as well. Virtual spaces for geographically dispersed employees enable deeper and more meaningful collaboration, while reducing travel costs and carbon emissions. Immersive, digital spaces also reinvent training, increasing engagement compared to static decks and training videos.

Building a safe and responsible metaverse

The metaverse’s potential won’t be realized if people are an afterthought. Responsibility is a principle that cannot be marginalized or overlooked.

Put simply: Every metaverse experience should be created with trust and safety at the center of the strategy. Otherwise, the metaverse won’t deliver on its promise because people won’t feel safe using it. This requires putting humans first, not technological advancement or achievement.

While there is a lot to consider when building a responsible metaverse, focus on building experiences that:

  • Align with users’ high expectations for privacy and digital safety.
  • Are consistent across all metaverse spaces.
  • Advance any sustainability, accessibility and inclusion goals, rather than hamper them.

It’s easy to get swept up in the movement and adopt an exciting new technology. But take time to consider the risks and rewards, and only move forward with technology providers that hold similar privacy, security and safety goals. Sacrificing core values to enter the metaverse will result in an empty metaverse.

The future of the metaverse

If built responsibly and with a human-first focus, the metaverse won’t replace the real world; it will serve as an additional, more enriching layer to real life. At Accenture, this is already happening.

Working closely with Microsoft, Accenture uses the metaverse to elevate training, collaboration and onboarding in the Nth Floor, a virtual space where new hires meet and learn. Active learning in immersive virtual spaces allows employees to practice soft skills and simulate their jobs. Since its inception, we’ve onboarded 185,000 new hires in the Nth Floor. The experience also feeds the growing appetite for location-agnostic small-group sessions, large team meetings and social events.

We are already creating early wins in the metaverse for our clients. From programming virtual worlds to augmenting the physical one, or building the metaverse computing platforms, we currently have 50+ client engagements in the metaverse. Explore our related capabilities and case studies to learn more. 

Meet me in the Metaverse: Accenture Nth Floor

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Join our metaverse team

Build and create shared new experiences that span the spectrum of our real world to a virtual world and in between, shaping the future of the metaverse continuum.

As an architect of the metaverse, you’ll 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.

JOIN THE TEAM

Frequently asked questions

The metaverse is the next iteration of the internet built on artificial intelligence (AI) and emerging 3D visual technologies, like augmented reality (AR) and virtual reality (VR). Accessed through Web3, the metaverse enables imaginative opportunities for interaction and engagement as well as a decentralized digital identity and economy. It’s an expanding continuum of digitally enhanced worlds, realities and even business models.

The metaverse’s purpose is to augment and enhance a business’s current products, services and operations—not to replace or make them obsolete. For example, retail brands can use the metaverse to create digital versions of physical products or as an authenticity tool leveraging blockchain. The industrial sector can use metaverse technology to create digital twins of machinery, models and systems for predictive maintenance and real-time remote monitoring.

While the technologies powering the metaverse are still in development, it’s closing in on mainstream adoption and represents the next era of digital transformation. The metaverse will revolutionize life and work in the years ahead—with increasingly immersive virtual spaces, a thriving decentralized economy with real economic impact and location-agnostic employee experiences. 

The metaverse is in its infancy and, therefore, widely unregulated. As such, it comes with cybersecurity and privacy risks. Both users and enterprises will need to make a conscious effort to stay safe and secure while exploring its possibilities. For those creating metaverse experiences, it’s important to focus on ensuring the building blocks of this next iteration of the internet are safe, secure, sustainable and inclusive.