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Reports from Accenture and McKinsey on the metaverse

VR/AR and metaverse analysis every Wednesday and Sunday // 19 June 2022 

The UK baked its residents like bread in a toaster. My body is built for colder climates, not the searing rays of Mordor heating the concrete city. Also, I will be judging the VR Awards later this year. See you there! 

All hail the Lion King

McKinsey and Accenture both launched surveys on the metaverse, so let’s compare them. 

  • Accenture surveyed UK residents on the metaverse (more here), and found that nearly one in five business leaders anticipate that the metaverse will have a ‘transformational impact’ on their organisation. However, nearly three-quarters of residents know of the metaverse, yet do not know much about it. It’s a clear knowledge gap. (The analysis initially appeared last Wednesday). 
  • McKinsey surveyed US residents on the same topic (more here) and the findings are largely similar; businesses are excited about it, yet many consumers cannot quite pinpoint what it is. So far, so similar, but then it takes an interesting turn…
  • The key difference is perception. Accenture illustrates that fewer people know how to define the metaverse, while McKinsey found that less than half of early adopters can (see the image below). McKinsey says it’s a myth that no one knows what the metaverse is, focusing on the select few who can define it. But I disagree with the consultancy focusing on a small group to define everyone. Ultimately, there is some agreement that there is some confusion.
  • I want surveys to make clear that they ‘define’ the metaverse as part of polling, and outline the definition they used. It will really shape how people respond depending on the survey’s focus, and how they shape the results on a wider scale. A metaverse framed as a virtual world will get different results from one using video games or crypto as its basis. 

Publicis Groupe named its Chief Metaverse Officer – a lion called Leon Avatar. 

  • Firstly, I am still unsure about the Chief Metaverse Officer title. A part of me thinks it’s too soon to have a c-suite person who solely manages the immersive side of businesses. Information, Marketing, Operations – all can be massive and core to companies. It feels more like a marketing leap than a genuine role. 
  • That said, the intention of the activity is to showcase the group’s expertise in web3, via a fun and interactive activation – which worked. “The metaverse isn’t a destination, it’s a real-time learning moment for all. It requires interrogation, education and experimentation,” said Arthur Sadoun, Chairman and CEO of Publicis Groupe. “Leon embodies that as an avatar and will help our clients navigate this new channel and progress every step of the way.”
  • I consider it a gimmick, and one which will not last for a long time. But let’s see how Publicis uses it in the future. But if you want to follow the gimmick to its end, Leon is on LinkedIn

What do you think of the Publicis lion? Join the discussion and meet like-minded professionals on the Immersive Wire discord. 

The Metaverse: A Professional Guide

As summer comes along, consider an easy read for the weekends. The Metaverse: A Professional Guide sorts the sense from the nonsense, giving experts insights and guidance on how to navigate the burgeoning world of immersive technologies. By the end, you will have a firm grasp of the metaverse and all the contingent technologies that link to its foundations.

Available in all regions. 

Find your tribe

Kelly Vero, Digital leader, NFT and metaverse expert 

What is your background?
I have had a career in game development and tech for 30 years, working on numerous projects within the technology, fashion, music, entertainment and games industries. As well as being an industry game designer, I am a best-selling author and novelist. I have worked on brand development and metaverse strategies with brands including MTV, LVMH and Sotheby’s, which has led to me doing numerous talks and becoming a regular commentator on all things metaverse and web3.0 related. I also recently created the world standard for NFTs, working with a variety of trusted financial institutions right here in Switzerland. 

What are you working on, and what’s a key learning that you’ve had from it?
An exciting project that I am currently working on is hosting the Wine and Web3.0 podcast created by Cuvée Collective, the world’s first wine NFT members club. The podcast takes a deep dive into the innovative technology of NFTs and explores the opportunity for the wine industry to be intertwined into the metaverse. I talk to some amazing guests who share fascinating insights on how NFTs are adding a new sense of luxury to the wine industry and how the wine industry can extend the lifeline of their legendary products and brands, including the renowned Kevin Wilhelm, CEO of Sustainable Business Consulting, and Elton Slone, wine connoisseur and CEO of Robert Craig Winery. 

Working in the metaverse, web3.0 and the NFT industry, I have gained valuable insight into the successes and pitfalls. Through working on various NFT projects, I have developed a strong belief of the importance of building and enhancing trust in NFTs as a viable investment. This led me to create my own NFT standard, working with a variety of financial institutions, whereby legitimacy and utility are essential for any NFT. I recently spoke at the World Economic Forum in Davos about this topic, to discuss the importance of an NFT standard and the benefits that it can give to investors and the ways it can enhance education and ownership of assets for everyone. 

Throughout my work, I am constantly learning that the metaverse and web3.0 is so new that it’s still really hard for most people to understand! However, the metaverse, web3.0 and NFTs are all contributing towards a thriving tech industry and becoming very impactful on our daily lives so it’s important that there are people who offer credibility, trust and reliability in this space, and I work hard to be one of them.

If you had to give one piece of advice, what would you give? 
I have two pieces of advice I would give: Find your tribe and be the change you want to see. In a world where everyone is judged regularly on how they look, how they dress, what they do and even how they speak, it can feel so impossible to be comfortable and part of something. Finding your tribe will give you a sense of belonging to something and if you do it right, it can provide all the support and foundation you need to thrive. Being the change you want to see is something I feel really passionate about. We were all put on this world to do something, and no one is better placed to follow your dreams than you. Sometimes, with so much happening, we can get bogged down in feeling useless and wondering how much impact we can really have, but if you don’t start then you’ll never know how far you can go. So those are my two pieces of advice: Find your tribe and be the change you want to see.

For more on Kelly, check out the podcast.

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Meditative with the VIVE Flow. Photo credit: Tom Ffiske

Tom Ffiske

Editor, Immersive Wire

Tom Ffiske is the Editor of the Immersive Wire, a weekly newsletter on the immersive industry.