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APPLICATION
Metaverse, AR/VR & Synthetic Media
How these trends impact your company
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STRATEGY
INNOVATION
R&D
GROWTH
As the metaverse develops and new reality technologies advance, there will be a number of competing platforms (and corporate interests). The political challenges wrought by web 2.0—lawmakers wanting to regulate or even break up Big Tech — could be avoided through collaboration as web 3.0 is created. Strategic plans should include provisions for interoperability, data portability, and transparency.
Consumers are spending more time experimenting with or actively using new realities and metaverse technologies. Brands should be a part of the emerging ecosystem, at the very least to learn how consumers behave, interact, shop, discover, and create (content, art, experiences). Beyond gamified experiences, innovation teams should work toward co-creating digital worlds alongside consumers, championing inclusivity and sound ethical practices.
As digital and physical realities are becoming intertwined, R&D teams in many industries have an opportunity to pursue new moonshots. In 5–10 years, if consumers are wearing heads-up displays in the form of glasses or contacts, how could a retail, QSR/fast casual dining, or fan experience look radically different? How does this impact the patient experience? How might connected eyewear integrate with a car or truck? In what ways could a digital twin be additive to real estate, insurance, and city planning? Developing sound moonshot ideas and the applications to match will enable companies to positively contribute to new realities and the metaverse as emerging platforms are being built.
We anticipate sustained growth for new realities tech and the metaverse ecosystem. This unlocks important opportunities for companies willing to think expansively about alternate futures. For example, virtual possessions—such as a digital fashion—could reduce the number of clothing items consumers buy. While undoubtedly a win for sustainability, digital fashion would be a threat to today’s fast fashion brands. If brands develop the processes and business models to support digital fashion, they can expand their market share into new digital environs while mitigating the environmental impact of manufacturing.
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