EY Wavespace and EY Metaverse Lab Help Clients Transform for the Decentralized Economy, Driven by the Metaverse and Web3

• EY wavespace expands to the metaverse for full immersive experiences

• EY metaverse lab helps enable rapid testing and scaling of new ideas, business models

• Helps clients identify metaverse opportunities, tax and legal considerations

Ernst & Young LLP (EY US) announces that EY wavespace, a global network that gives clients the ability to bring teams together wherever they are based, is now providing EY wavespace experiences in the metaverse, expanding the network’s capability to help clients co-innovate and rapidly help address any business challenge. EY US has also established a metaverse lab where technologists build customized metaverse environments for various use cases.

Together, EY wavespace and the EY metaverse lab are guiding clients through the multitude of immersive digital experiences that are emerging, including helping them to anticipate new business models and shift to a decentralized economy arising out of Web3-based applications and platforms.

This industry-leading capability, paired with the unique commitment by EY teams to prioritize the needs of people and society in every technology transformation, provides clients the capability and confidence to explore new digital frontiers while conducting business securely, with integrity, and with humans at the center. With its leading-edge capabilities in blockchain ─ 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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Jay Nibbe, EY Global Vice Chair – Markets, says:

“The EY organization operates at the intersection of business and technology. By utilizing the EY metaverse experience, businesses can now test the art of the possible and tap into the unlimited potential of this new space. 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 expands to the metaverse

EY wavespace brings together business, design and technology, helping companies to 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, and 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. 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.

In a recent report from Technology Business Research, Inc., principal analyst Patrick M. Heffernan said, “EY wavespace in the metaverse is breaking new ground in an entirely new space. It starts with some fundamental characteristics TBR believes will set the firm apart: familiarity, credibility and trust.”

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EY metaverse lab helping clients identify metaverse opportunities

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 award-winning 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.

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.

Edwina Fitzmaurice, EY Global Chief Customer Success Officer, says:

“I am seeing a lot of interest in the metaverse from clients in all sectors and industries. At this stage, the metaverse is about creativity and opportunity, not certainty, and I am excited for EY teams to continue shaping a road map for how clients can anticipate and transform for this next frontier of human experience. Through EY wavespace experiences in the metaverse and the EY metaverse lab, EY teams are working with businesses to scale possibilities at speed, push the boundaries of experimentation, and innovate business environments more quickly, sustainably and cost-effectively than previously possible.”