The 3D world space is a Coordinate system created by ImageModeler.
3 axis are defined, X, Y, Z and also a Ruler to define a distance.
It's fine to have a vertical axis going toward the vertical of your object in order not to find it upside down when exporting to another 3D software.
You can modify its position, draging its center to some other locator and its directions,
draging the Axis to other locators also.
The ruler can also be moved in order to define a distance between two points.
WHen all this is done, hust click on Apply to validate the modification you made, if you made some.