The Metaverse. What is it and how will it intertwine with your business? First, the Metaverse is a virtual shared space, a mix of a virtually enhanced physical and digital reality. The buzz around the technology building this world is immense and users harbor careful excitement for growth and eventual everyday use.
To help imagine the space easier, think about how the internet developed. It started with independent online sites and bulletin boards, eventually growing into a large interconnected network. The Metaverse is similar, only in a three-dimensional, shared virtual space with enhanced experiences through newer elements like augmented reality (AR) and virtual reality (VR).
As of right now, the Metaverse is currently composed of multiple, emerging platforms and technologies that will evolve into the next level of interaction in the virtual world. AR and VR are on the forefront of this new world with many more additions to hit the scene as it grows. The opportunities are abundant, but that does not mean it is the best fit for all companies right now. Let’s get into what the Metaverse can offer and how it could fit into your company.
The Current State
The uses in and around the Metaverse now include virtual reality (VR), augmented reality (AR), flexible work styles, head-mounted displays (HMDs), an AR cloud, the Internet of Things (IoT), 5G, artificial intelligence (AI) and spatial computing. Stay tuned to learn more about these in future blogs. Right now, we want to focus on the Metaverse in a general sense.
What is currently being done in the Metaverse? Great question! Companies are using the Metaverse to enhance or augment the digital and physical realities of their workflows, products and processes. Here are a few examples:
- The one being talked about recently is the use of virtual reality workspaces. This could enable organizations to develop better engagement, collaboration and connection opportunities for employees. Think about being at home for a work meeting, but wearing a headset that allows you to be in the office with coworkers all in a virtual space!
- New training opportunities for high-risk jobs can be created in the form of a VR simulation. Employees can be exposed to a virtual hazard situation and learn to deal with it within this world while remaining safe in the real world.
- Car dealerships or other large machinery sales could keep a smaller stock and save space by using AR. By being able to use AR to show different cars or machines with many interchangeable features, customers can choose exactly what they want while keeping a smaller footprint and still keep the sale.
What Does This Mean for Now?
While the Metaverse is all new and the technology behind it is still evolving, we think it is smart to start learning about it now. If you want to begin to map out a strategy that includes Metaverse technologies, we suggest following Gartner’s advice:
- Explore opportunities where Metaverse technologies could optimize digital business, or create new products and services.
- Build Metaverse products and solutions through a pipeline of combinatorial innovation rather than trying to find a “killer app.”
- Identify Metaverse-inspired opportunities by evaluating current high-value use cases.