What is the metaverse?

The metaverse is a groundbreaking advancement in digital technology and experiences. It is a virtual, interconnected universe where individuals can seamlessly work, play and socialize. In this expansive domain the physical and digital realms overlap, enabling people, avatars and digital personas to engage in a wide range of activities. Powered by Web3 and built on artificial intelligence (AI) and emerging 3D visual technologies, the metaverse’s unique blend of the physical and digital realms is known as the Internet of Place. Using technologies like augmented reality (AR) and virtual reality (VR), the metaverse also seamlessly generates digital replicas of real spaces called digital twins, which can be used to simulate scenarios and optimizations before implementing them in the real world.

Why is the metaverse important?

The importance of the metaverse lies in its potential to redefine the way we live, work and connect. It fosters unprecedented levels of collaboration and connectivity by breaking down geographical barriers. And businesses can tap into a global talent pool and remote socialization, which can spur economic and personal growth.

In this transformative landscape, companies can build digital twins before they create brick-and-mortar establishments, and even deploy avatars as part of their workforce.

The metaverse is extending beyond digital spaces, however, which is why Accenture introduced the term "Metaverse Continuum.” It encompasses all facets of a business and the interoperable metaverse-related technologies that are changing how people interact, how workers conduct training exercises and much more.

How does the metaverse work?

The metaverse functions as a dynamic digital ecosystem, harnessing state-of-the-art technologies that converge in a digital realm that mirrors the physical world, and can be navigated using avatars. Fundamental to this digital realm is Web3 technology—a decentralized foundation that guarantees secure control over digital identities and assets.

This evolution is similar to the shift from basic cell phones to smartphones, which unleashed an acceleration of human creativity and technological innovation—but also created several new, unanticipated challenges. That’s why a responsible metaverse that prioritizes trust, safety and privacy, addressing online harms, fostering collaboration among stakeholders, and embracing human-centric values is essential to the success and stability of the metaverse.