The most cutting-edge discoveries at SXSW Austin

What will the next iteration of ChatGPT bring?
There are multiple B2B and B2C use cases using Web3 and the metaverse.
Four main ways to make revenue: Virtual goods, Advertising, Co–creation, Digital Identity creation.

I was thrilled to attend this year’s South by Southwest (commonly referred to as SXSW) in Austin, Texas in March. The greatest minds from around the globe converged on Austin for the conference and festivals discussing topics like technology, film and music. It's an opportunity to hear about the most cutting edge ideas and most important breakthroughs of our times that are – or will – affect our day to day lives.

We’re entering a new age of technology powered by advancements in Web3, the Metaverse and AI. I wanted to share some key takeaways on these topics that I can see impacting the world of PwC and its clients.

ChatGPT, DALL·E, and the Impact of Generative AI

OpenAI Co–founder Greg Brockman.

To give some perspective on the impact of ChatGPT, the launch on Nov 22nd 2022 saw over 100 million users in two months making it the fastest growing application in history In comparison, it took Facebook/Meta 4.5 years to reach 100 million users.
The future of AI, as he discussed over dinner with Elon Musk, is likely to be artificial general intelligence (AGI). This is machine intelligence that can solve problems as well as a human. So rather than programming a machine to solve a problem, the machine works out how to solve the problem. It’s what Alan Turing’s Turing Test tried to solve back in 1950. This would be transformational. Think about some of the world’s trickiest problems – climate change, limitations in medicine etc.
He considers that one of the most interesting and disruptive uses for AI is medicine. AI won’t replace a doctor, but its suggestive power of a diagnosis is at least something that can guide discussions with your doctor.
He sees AI as simply an amplification of what humans can do. Writing, coding, business communication, entertainment – these are all areas where AI can help. It is a 24/7 assistant, a cognitive aid to help you think more clearly and communicate to others. It’s a tool, like the cellphone in your pocket.
He considers it unlikely that AI will automate a whole job and lead to unemployment. Unless it’s something like content moderation which can easily be done by AI, a higher level of skills will always be needed. The need for human judgement remains.
In the same way that humans don’t always tell the truth, AI doesn’t either. It can provide misinformation. We cannot over rely on it. It is too early in its evolution, but we will get there.
What will the next iteration of ChatGPT bring? He was quite close lipped, but intimated that its information might become more reliable, and consider when it is right to refuse a task.

The Metaverse Mindset for Web3, AI and the future of business.

Sandy Carter, SVP Unstoppable Domains.

At the outset, Sandy states that we are in the minimum viable product (MVP) phase of the Metaverse and Web3. The space is very volatile and is changing constantly. Gartner considers customer experience to be the last form of competitive advantage for businesses, and as such, businesses should look at how they create new experiences for their customers using these technologies.
There are multiple use cases for B2B and B2C businesses. Decentraland and Sandbox are two examples of gaming metaverse platforms. Consumer brands could create a virtual element of what they sell in the real world, to bring in new income or to use as advertising. The clothing brand Forever 21 has created a space in Roblox (incidentally Roblox has 60 million active users!).They have built a world with co–create stations where customers can design and create the future of clothing. Forever 21 then produces that item in the real world. They have enjoyed increased sales and improved brand image.
In B2B, some larger organisations now onboard new workers in the metaverse.
The hardware chain Lowe’s has created ‘Project Unlock’ that uses RFID technology and blockchain technology to stop theft of its power tools. Applied to other products, this could transform retail.
There are around 4000 metaverses out there today. There is no playbook at the moment, so it's an excellent way for brands to get ahead. The most successful immersive experiences Sandy has seen involve three components: Co–Creation, Rewards and Loyalty, Communities. The four main ways to make revenue include: Virtual goods, Advertising, Co–creation, Digital Identity creation.
Your ‘Digital Identity’ will be omnipresent. Anything that was previously paper or a disconnected digital asset will be saved as an NFT on your profile. The California Dept. of Motor Vehicles is experimenting with creating the car rego as an NFT that sits inside your digital identity. This could extend to medical records, schooling achievements etc, all verified by the institutions.
In one of the first major investments into the metaverse by a national government, South Korea has announced a $200 million metaverse fund giving out grants to universities and companies to help expand their technologies. It is also launching a virtual replica of Seoul with the goal of improving its public services. Metaverse Seoul will allow users to take their avatars to tax offices, access youth counselling and read e–books.
Sandy ended with a call-out to all corporations – your new brand will be your digital identity, so don't hesitate, do it today. Start experimenting in web3 and the metaverse. Playstorm, rather than brainstorm. Log on, get involved, understand it and try something new for your business. It’s an opportunity too big to ignore.