EY launch immersive lab Wavespace to help clients realise the potential of Web 3.0

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By Matthew Griffin Connected Society 31st March 2023

WHY THIS MATTERS IN BRIEF

Being told about opportunities in Web 3.0 and the Metaverse is one thing, but experiencing them first hand in immersive reality brings them to life.

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The Metaverse is clearly going corporate after Ernst & Young said it will provide EY Wavespace experiences in the metaverse to help clients prepare for Web 3.0 and the metaverse.

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EY Wavespace is a global network that gives clients the ability to bring teams together wherever they are based and the company says it will expand the network’s capability to help clients co-innovate and rapidly help address business challenges.

Meanwhile their US operation has also established a metaverse lab where technologists build customized metaverse environments for various use cases, and together, EY Wavespace and the EY metaverse lab are guiding clients through immersive digital experiences to help them anticipate new business models and shift to a decentralized economy arising out of Web 3.0 based applications and platforms. EY typically does this during big tech transitions, and this move means that it sees the potential of Web 3.0 and the metaverse to transform business.

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With its capabilities in blockchain — which it said is one of the foundational features of the internet’s future — and these metaverse capabilities, EY teams are advising clients how to execute robust strategies that are inclusive of new business models, technology interoperability, new transaction platforms, enhanced customer and community experiences, and risk mitigation — including tax, legal and regulatory considerations.

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“The EY organization operates at the intersection of business and technology,” said Jay Nibbe, EY global vice chair for markets, in a statement. “EY teams are committed to helping businesses understand what the metaverse means for them and how to strategically adapt new business models for the transition to a decentralized economy.”

EY Wavespace brings together business, design and technology, helping companies support transformation, drive innovation and create measurable outcomes. In short, EY Wavespace supports clients to reach better answers, faster. Clients can leverage EY Wavespace experiences in their preferred dimension — whether in person, virtual, hybrid or now in the metaverse — to orchestrate the ecosystem of EY capabilities and assets to create business value through person-to-person connections and deeper collaborations.

The metaverse capabilities allow clients to make rapid transitions from imagination to reality, clarify their appetite for risk versus reward, and begin building the infrastructure that will help support their pursuits in new and evolving digital environments.

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In EY Wavespace, experiences shared in the metaverse allow clients to put themselves in their customers’ shoes, expand their thinking with fresh insights at virtual tradeshows, and even create working prototypes of the future they envision.

The team of leading-class technologists at the EY metaverse lab have skills in niche and high-demand areas like 3D design, web animation, game development, art direction and human experience design.

These creative technologists integrate these skills with deep knowledge and experience in Artificial Intelligence (AI), Internet of Things (IoT) and digital twin robotics to create extended reality environments that can meet the social and business needs of any industry or sector worldwide.

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Solutions designed in the EY metaverse lab include capabilities across all platforms — the web, augmented reality (AR), virtual reality (VR) and mixed reality (MR) — and are customized per industry and client.

Solutions for industrial clients, for example, include capabilities such as virtual supply chains and smart factories. With this industry-leading experience, EY teams are helping clients to de-risk their technology investments and get ahead of their competition.

Matthew Griffin / About Author

Matthew Griffin, described as “The Adviser behind the Advisers” and a “Young Kurzweil,” is the founder and CEO of the World Futures Forum and the 311 Institute, a global Futures and Deep Futures consultancy working across the next 50 years, and is an award winning futurist, and author of “Codex of the Future” series.

Regularly featured in the global media, including AP, BBC, Bloomberg, CNBC, Discovery, RT, Viacom, and WIRED, Matthew’s ability to identify, track, and explain the impacts of hundreds of revolutionary emerging technologies on global culture, industry and society, is unparalleled. Recognised for the past six years as one of the world’s foremost futurists, innovation and strategy experts Matthew is an international speaker who helps governments, investors, multi-nationals and regulators around the world envision, build and lead an inclusive, sustainable future.

A rare talent Matthew’s recent work includes mentoring Lunar XPrize teams, re-envisioning global education and training with the G20, and helping the world’s largest organisations envision and ideate the future of their products and services, industries, and countries.

Matthew's clients include three Prime Ministers and several governments, including the G7, Accenture, Aon, Bain & Co, BCG, Credit Suisse, Dell EMC, Dentons, Deloitte, E&Y, GEMS, Huawei, JPMorgan Chase, KPMG, Lego, McKinsey, PWC, Qualcomm, SAP, Samsung, Sopra Steria, T-Mobile, and many more.