There’s a lot of talk about the metaverse. Beyond all the hype and speculation, there seems to be an exciting future. The Metaverse is still in development, but it’s definitely not dead. It’s alive and growing, and major companies like NVIDIA and Unity are already investing heavily in its infrastructure.
2022 was the year when it was hard to pass by the term “metaverse.” The visions of companies differed greatly. While Meta (formerly Facebook) is focusing on virtual reality, companies like Microsoft and Nvidia are developing metaverse environments for collaboration on digital projects. At the same time, proponents of a decentralized Internet future are experimenting with blockchain technologies such as non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).
One of the key promises of the Metaverse is its potential as a new marketing channel. Large international companies such as HSBC and JP Morgan, as well as lifestyle brands such as Nike and Gucci, have already staked their claim and are beginning to establish their presence on the Metaverse.
The corporate world also sees great potential in the metaverse. Here, platforms, tools and entire virtual worlds can emerge where business can be conducted remotely, efficiently and intelligently. Likewise, opportunities open up for training, onboarding and other tasks in virtual environments.
Another vision of the Metaverse is based on the idea of decentralization. Web3 and blockchain technology could enable a new Internet beyond the control of global corporations. In this, users could have a say in the design of the virtual domain via the purchase of property rights.
The immersive technologies of virtual reality (VR), augmented reality (AR), and mixed reality (MR) are central to the metaverse. New developments in these areas are expected in the coming years and should lead to even more engaging digital worlds.
But the development of the Metaverse will take time. Experts estimate that it will take four to five years for it to fully emerge. Companies shouldn’t wait for it, however, but should explore now the opportunities that Metaverse technologies could bring to their digital business. The implications of the Metaverse for the world of work are enormous. The ability to work immersively across augmented, virtual and physical worlds could be the new definition of hybrid work.
Unsure where to start as an entrepreneur? The simplest option is to view the Metaverse as the natural evolution of the Internet that began back in the last century. There are many questions and concerns about the business benefits of the Metaverse, but that shouldn’t stop organizations from exploring the possibilities and taking their first steps.
