But the fact remains that this theme remains a strong trend, with leading companies across all business sectors investing heavily in platforms and presence in the emerging immersive digital space. No matter which tech giant you agree with, Zuckerberg or Cook, the fact is that the hype is unlikely to end anytime soon.
In my opinion, this means it’s time for those in business to start seriously considering what impact this emerging technology could have. One of the most frequently used (and, in my opinion, most accurate) terms to describe the metaverse is “the next evolution of the Internet.” If this is the case, no company wants to take action slowly and miss out on it.
So what is the Metaverse?
I’ve already written several articles that explain the basics and contain useful information. But in reality, there is considerable disagreement about what this term actually means. For Mark Zuckerberg, it’s mostly about virtual reality (VR). Imagine his VR version of Facebook where you can meet, chat, share, interact and collaborate with friends in an immersive 3D space.
But as mentioned above, the most commonly agreed-upon definition is that it’s actually an umbrella term for “what the Internet evolves into next.” The world-changing mainstream internet began in the early 90s with the development of the World Wide Web (web pages) and evolved first with the advent of social media and then with the mass adoption of smartphones and mobile internet. It would certainly be foolish to think that this is the end and that we won’t see another major paradigm shift that completely changes the online experience.
Each of these changes has created immense new opportunities for businesses with the rise of social media marketing and advertising platforms, as well as mobile apps. So it’s almost certain that the next evolution, the Metaverse, will be similar.
No one is sure exactly what that will look like. But smart money is betting that we engage with immersive, experiential platforms that adopt persistent identities (such as avatars). These platforms allow us to socialize, shop, work, play, and do everything else we do today in separate locations. Disconnected online platform.
So how can this impact your business? Let’s take a look at the main methods already in use and how this might evolve in the future.
As with previous and current iterations of the Internet, the initial business use cases for the Metaverse are clearly centered around marketing.Over the past year, a number of global brands, from Nike to Disney, HSBC and JP Morgan has begun work on the Metaverse and announced that the Metaverse will play a part in its future strategy. This is not surprising considering the fact that Citi has stated that he believes business in the Metaverse will be worth $13 trillion to the global economy by 2030.
The metaverse presents exciting opportunities for marketers, primarily because it represents a new communication channel with customers. And, like social media, search engine marketing, and the World Wide Web (WWW) before it, it is a channel with the potential to be more immersive and experiential than any previous channel. Indeed, the leap in interactivity and engagement between social media, a 2D, heterogeneous internet, and an immersive, persistent metaverse has moved from the passive TV and radio advertising of the last century to the analytics-driven, highly personalized may be comparable to the shift to marketing that has been the age of the internet.
The Metaverse platform allows businesses and brands to gain insights into online behavior, potentially allowing them to build a deeper 360-degree view of their customers and perform more accurate and detailed segmentation analysis. This allows us to deliver an immersive marketing experience and products and services that more closely match our wants and needs.
In the industrial metaverse, engineers, product designers, and technologists leverage the power of collaborative virtual and digital environments to streamline manufacturing processes. The key concept is the digital twin. It is a digital simulation of a real-world product, structure, process, or system that utilizes data from its “real-life” twin to create a computer model that can be manipulated and experimented with in a safe environment. virtual environment. Of course, the concept of digital simulation has existed in the industry for decades. However, when adapting this to the metaverse paradigm, new possibilities emerge due to the collaborative nature of the metaverse environment.
Augmented Reality (AR) technology means it is possible to bring these digital twin models into real-world environments. For example, builders can stand on the land and visually see the buildings they are trying to create around them. Using headsets, entire teams of architects, structural engineers, and site managers can see surrounding buildings and add or remove elements to see how they will affect the structure and surrounding landscape in real time. You can also “edit” it. Information about development costs and staffing requirements can be overlaid on visualizations in real time. This may sound futuristic and far-fetched, but similar processes are already happening. used by BMW Accelerate new vehicle design and prototyping.
The industrial metaverse consists of the intersection of many cutting-edge technology trends, including 5G networking, cloud and edge computing, and machine learning-driven technologies such as computer vision and the Internet of Things (IoT). Industries that can bring these together to create immersive and persistent digital environments that enable industrial collaboration at scale are likely to emerge as leaders in this space.
It’s not just manufacturing and industrial businesses that are taking advantage of metaverse technology. In today’s post-pandemic world, as businesses and employees look for ways to offer more flexible working arrangements to accommodate changing lifestyles, immersive, collaborative digital tools can help businesses But you can try new, more productive work processes.
The virtual reality workplace is one of the cornerstones of Meta’s Horizon vision, providing a collaborative environment where teams can come together. Other tools that millions of corporate employees around the world are already familiar with, such as Microsoft Teams and Zoom, have also built metaverse capabilities into their platforms over the past year. mesh for Teams adds avatars to Microsoft’s familiar collaboration environment, and Zoom for A feature called WeloThis allows businesses to create a permanent digital environment for holding meetings.
Another use case that is rapidly gaining traction is team building, onboarding, and training. Accenture has developed a metaverse environment called . Nth floor, is designed to help tea members “meet, learn, and collaborate in new ways.” All new employees are expected to visit to be briefed on details they need to know upon joining. And at Nokia, a team spends 30 minutes each weeklunch and study”VR study session.
Is it all hype?
There is certainly a school of thought that the concept of the Metaverse is overhyped, and that these are all really just existing technologies such as VR, AR, and virtual worlds. second life Repackaged as new. But I think this misses the point because the Metaverse is, or will be, about bringing all of this together to achieve something greater than the sum of its parts .
Although it is often said that the Metaverse is still far in the future, many of its building blocks already exist and, as highlighted in this article, are already having a real impact on businesses around the world. .
It remains to be seen which elements will still be considered core to the concept ten years from now, when the next stage of the Internet’s evolution has truly taken root in our lives. For example, Mark Zuckerberg’s vision of a centralized, corporate-owned, VR-first metaverse may ultimately be off the mark.
But one thing I am certain of is that a flat screen-based internet is not the only way we experience digital reality, and that business will lead the way in building the next generation. As we have seen repeatedly in the past, many people on the Internet will benefit from it.