It is widely accepted that the “metaverse” is the future of our interactivity on the web. Thanks to the significant streamlining happening in the decentralized finance and blockchain space, we can now talk about it as an ecosystem of business potential driven by creators and occupied by all of us.
We’ve seen metaverses before, from Sony Playstation home to SecondLife. However, something is different now. We are seeing decentralization – a way to change the typical approach to web2-centric ownership on the web. This change in ownership structure means more people have more power over what they see, what they do and what they buy online.
Understanding this power and its potential has become a hotbed of political, philosophical and technical jargon, most often lending itself to frowning.
What we need to do is understand what is needed to elevate the “metaverse” project to reach its lofty potential. So to that end, let’s try to break down a use case for the metaverse. It is a multi-tenant “Web3” platform enabling curated content, e-commerce, interactive games and social-fi. We envision this by selling virtual land with specific tools to create content or e-commerce. All of this is connected through a huge interactive space, where your avatar can interact with other avatars while shopping, gaming, or just hanging out.
So how does this all fit together? Well, it turns out that we not only need hardware, developers, and blockchain to enable these “Web3” masterpieces, but we will also need artificial intelligence (AI).
Imagine going from a game to an NFT marketplace to an interactive store without retaining your preferences. It would be like navigating several major cities without a map. With every “content creator” needing to deliver services, offer payment solutions, drive e-commerce, or engage with a wider social audience, different levels of AI will need to be involved.
The AI will ensure smooth operation by connecting all decentralized services to their respective nodes to function properly. This multi-service metaverse must use transparent AI by design as financial services, and complex decisions will be based on its results. The tokenization of these services would be impossible to manage without AI working behind the scenes to balance supply and demand.
We don’t need to look far ahead to see how these technologies fit together. Fundamentally, we need to realize that as the metaverse becomes a cross-border phenomenon, the need for conformity is imperative. AI is essential to ensure the interoperability and security of these technologies. The correct use of AI and its adoption is essential to maintain best practices and enter the metaverse.
Dr. Eva-Marie Muller-Stuler is the Partner – Data and AI at Ernst & Young and Andrew Schumer is the Director – Technology Consulting at Grant Thornton
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