The concept of the "Metaverse" surged into the mainstream when Facebook rebranded as Meta in October 2021 and pledged a colossal $10 billion investment for the year. Since then, tech giants like Apple, Google, Microsoft, and Nvidia have poured resources into developing this ground breaking concept and the broader virtual world landscape. This year, both Apple and Meta have made significant strides by announcing competing VR headsets, pushing the boundaries of technology, and accelerating the Metaverse's journey into mainstream adoption.
So, what's so intriguing about this concept, and how will it influence the business landscape and our future? In this blog series, we dive deep into the Metaverse, exploring its limitless potential in the current and close future business world.
Metaverse: A New Digital Frontier
The Metaverse is an expansive digital reality that transcends conventional boundaries, integrating elements of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to create a connected virtual realm accessible through the Internet.
As outlined by Meta, a leading player in the Metaverse arena, this term represents the next phase in social connection, poised to succeed the mobile Internet. The Metaverse aims to bring people together, irrespective of their physical location. It revolutionizes sectors such as education, shopping, and gaming by blending familiar 2D experiences with those projected into the physical world and immersive 3D environments.
Opportunities in the Metaverse
How metaverse will change business? McKinsey & Company predicts that the Metaverse economy could reach a staggering $5 trillion by 2030. According to KPMG, by the same year, we might spend more time in the Metaverse than in the real world. Virtual 3D settings could become the norm for higher education, job training, boardroom meetings, and workplace collaborations. Businesses and governments will harness the power of the Metaverse to share information, offer services, and collaborate as never before. As industries and lifestyles transform, early adopters are poised to gain a significant advantage, emphasizing the urgency for businesses to explore and experiment as the pace of change accelerates.
Preparing for the Metaverse
The Metaverse is a complex realm of technologies and concepts, demanding a clear vision that aligns with practical solutions for various aspects of business. Forbes provides these essential guidelines for companies to ensure they are prepared for leveraging the Metaverse:
Share Your Vision: Articulate your vision to key stakeholders and encourage their involvement in refining and advancing it. Consider factors like ROI and the challenges of moving from speculation to realization.
Develop a Portfolio: Construct a portfolio of opportunities that aligns costs with expected outcomes, exploring a range of versatile use cases across your business.
Monitor Progress: As you venture into the Metaverse, anticipate a learning curve and track your journey. Evaluate user feedback during pilot projects to gather valuable insights.
Form a Specialized Team: Initiate a small-scale pilot project and assemble a dedicated team with the required skills. Operate as a self-contained, adaptable unit that embraces an iterative approach.
Keep Stakeholders Informed: Sustain stakeholder support by providing regular updates on the Metaverse team's initiatives.
Conclusion
The Metaverse heralds a new era, promising immersive experiences, social connectivity, creative freedom, and real-world integration. As technology advances, the Metaverse will reshape how we live, work, and play in the digital age, and businesses should be ready for these changes.
Stay tuned for more in this series, as in our future blogs, we will discuss how the Metaverse redefines the future of education, gaming, tourism, and more.
Are you eager to craft your own customized digital world within the Metaverse? Reach out to us, and we'll help you turn your Metaverse vision into reality.
Philipp Pilatowicz, Head of Partnerships at Cheeer
+43 660 73 73 105