Quick take:
- The advisory service aims to help clients understand Web3 and the metaverse.
- It will also prepare clients for capitalising on the business potential of new immersive worlds and decentralised economies.
- The advisory unit will focus on learning and “reimagining” sessions that will leverage the market analysis of ISG Research.
Global technology and research advisory firm, Information Services Group (ISG), today announced that it is launching a new advisory unit to help clients understand the business implications of Web3 and the metaverse.
Prashant Kelker, ISG partner and leader of the new business unit, said clients are interested in learning more about Web 3 and the metaverse and are beginning to explore the market opportunities they will bring.
Kelker added that clients need advice and support to plan their future business models and technology investments in this emerging environment and that the new advisory service “will help demystify the metaverse and Web3 and prepare our clients for what lies ahead as they look to capitalize on the business potential of these new, immersive worlds and decentralized economies.”
“Although the concept of AR/VR has been around for years, the metaverse really started becoming a part of our collective consciousness when Facebook last year rebranded itself Meta and promised a completely new type of user experience,” said Kelker. “Amid the hype, there is still a lot of confusion about what the metaverse is, and how it will impact business and shape customer experiences as part of Web3,” he continued.
The metaverse is often described as a network of immersive, graphically rich virtual spaces that allow people to work, play, shop and socialise in real-time through the use of virtual reality (VR), augmented reality (AR), mixed reality (MR) and extended reality (XR) technology.
When coupled with Web3 concepts like NFTs, decentralized autonomous organizations (DAOs), cryptocurrencies and blockchain, a new internet, also known as Web3, emerges to enable ownership and exchange of virtual assets through decentralized markets.
The new ISG advisory service will focus on learning and “reimagining” sessions will leverage the market analysis of ISG Research examining next-generation tools and strategies to connect physical worlds with virtual worlds for employees, customers, partners and communities.
Providing a deeper understanding of the business relevance of the metaverse, crypto economies and blockchain, ISG can help clients overcome the challenges of cybersecurity, privacy rights and regulatory compliance on Web3. The firm will also help clients develop pilot programs, find the right implementation partners, define a sourcing strategy and more.
ISG sees early applications for the metaverse in retail, media and entertainment, travel, transport, hospitality and healthcare, among other industries, but cautions there is no clear pathway to success for most enterprises currently.
“The true value of the metaverse can only begin to come into view when one understands how the entire Web3 stack comes together, and when one appreciates new concepts like DAOs, NFTs, blockchain and DApps (decentralized applications),” Kelker said.
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