In collaboration
with Accenture
Demystifying the
Consumer Metaverse
JANUARY 2023Contents
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Foreword 3 1 Decoding the metaverse, Appendix: Economic models photocopying and recording, or by any information
web3 and Web 3.0 6 in the consumer metaverse 30 storage and retrieval system.
Executive summary4
2 Value creation in the consumer metaverse 15 Glossary48 Images: Getty Images, Unsplash
Initiative overview 5
3 Metaverse economic models21 Contributors 49
4 Future value horizons in the metaverse 24 Endnotes 52
Conclusion29
Demystifying the Consumer Metaverse 2 Defining and building The governance track focuses on frameworks While some economic models will simply
Forewordthe metaversethat prevent potential harms and mitigate be replicated from the existing internet to
emerging risks while ensuring equity,metaverse environments, complemented by a
privacy, security, safety and interoperability. certain level of immersion or interaction, others
The next era of the internet is taking shape, The first output of the track is focused on will disrupt entire industries and generate brand
with the convergence of technologies forging interoperability, which is founded on the ability new revenue streams. It is our hope that this
Cathy Li the metaverse, an immersive, interoperable, for users to participate across environments paper will educate and guide organizations to
Head, Media, Entertainment and synchronous virtual world. Though a
and Sport and Member of and technologies, for data to circulate freely stable and informed decision-making so that
single standard definition for the metaverse
the Executive Committee,and securely, and for systems to exchange value creation is equitable and sustainable for all.
World Economic Forum has yet to emerge, experts agree that this information seamlessly.
new age of the internet will disrupt and
transform current social and economicMeanwhile, the value creation track looks
structures. From more immersive, empathetic at the opportunities in consumer, industrial
social experiences to more universal access and enterprise metaverses and researches
to services and education, the metaverse the considerations for access, inclusion,
presents momentous opportunity, but sustainability and well-being that will come
Kevin Collinsalso brings about new challenges. with its development.
Managing Director and
Global Software andIt is within this context that in May 2022,
Platforms Lead, AccentureThis insight report, written by the World
the World Economic Forum launched theEconomic Forum in collaboration with
initiative Defining and Building the Metaverse. Accenture, is focused on consumer
The initiative has brought together a global, applications, exploring the key components,
multistakeholder group of more than 100 foundation technologies, roles and paths
experts in academia, civil society, government, to economic value and growth. Due to their
technology and business to help shape a experimentation, incubation and creation of
future metaverse that is equitable, safe and new behaviours and business models, the work
economically viable. The initiative does so via of consumer organizations can serve to inspire
two tracks: governance, and economic and and illuminate more changes to come.
social value creation, as the interdependent
topics that the public and private sectors
must work together on in order to responsibly
activate the metaverse.
Demystifying the Consumer Metaverse3 The metaverse is expected to have a wide- The key question of this report is: What makes – The role of individual creators will be
Executive ranging impact on consumers’ attitudes and up the metaverse and how can organizations amplified in the metaverse. Technologies
behaviours, impacting how, where and when and individuals create equitable economic such as AI and blockchain, will support
summarythey will want to play, learn, earn and socialize value through it in a consumer context? this amplification. An evolving creator
in their existing reality or newly establishedeconomy will influence value distribution in
augmented and virtual realities. Consequently, Drawing on expertise in retail, media and the metaverse greatly and offer far-reaching
The consumer metaverse organizations will need to redefine their entertainment, consumer packaged goods,opportunities for businesses and individuals,
offers a myriad of economic brand image, shift their relationship model real estate, banking and communications, but it will also pose challenges when
with consumers and change the way they as well as technology innovation, web3,approached incorrectly.
opportunities and challenges monetize products and services in order to environmental, social and governance
create true consumer value. They will likely (ESG), and economics experts, this insight – Eight economic models were identified
move from offering products and services to report presents an interdisciplinary view to drive value in the metaverse, including
being metaverse participants and providers, of the end-user experience layer of the digital products and assets, access and
introducing engaging experiences andmetaverse, capturing the present technology influence, immersive commerce, payments
building communities in order to create landscape and related economic models and currency, asset monetization, advertising
meaning and fulfilment for their customers. that may pave the way for future growth. and marketing, the creator economy, and
metaverse-native services.
The World Economic Forum has launchedA selection of this paper’s key insights
the Defining and Building the Metaverse is outlined in the following: – A selection of six drivers of metaverse
initiative to help explore and qualify the growth and adoption were identified,
metaverse’s social and economic opportunities – While it currently is difficult to define including metaverse-ready networks,
and challenges while aiming to explore and the metaverse, its main distinguishingrealistic avatars, infrastructure, governance,
create a holistic governance frameworkponents are highlighted to be social standards and regulation, ownership and
The initiative does so within two tracks, the interaction, identity, multilateral value artificial intelligence.
value creation and governance track. exchange and distribution, and a degree
of immersion. Given the breadth of the metaverse topic,
While the broader initiative explores the this report confines itself to the consumer
metaverse from multiple angles and dives – Impacted by wider society – organizations metaverse and its economic challenges and
into areas from interoperability and identity and individuals can take on one oropportunities. Further work within this value
to social value, this report aims to give a multiple roles in the metaverse, from being creation track will explore the enterprise and
holistic introduction to the consumer-facing participants to creators or providers. industrial metaverse, as well as the metaverse
metaverse and its economic opportunities. in the context of education, healthcare,
life sciences, infrastructure and cities.
Demystifyin