The concept of the Metaverse has taken the world by storm, with major developments occurring in 2022. From Facebook’s rebranding to Meta Platforms to Apple CEO Tim Cook expressing reservations about its complexity, the Metaverse continues to be a hot topic in 2023. Regardless of the opinions of tech giants like Zuckerberg or Cook, one thing is certain – the Metaverse isn’t going away anytime soon.
For businesses, it’s crucial to start exploring how this emerging technology will affect them. Often described as the “next evolution of the internet,” the Metaverse represents a significant shift that businesses should not ignore.
But what exactly is the Metaverse? There’s some debate about its precise definition. To Mark Zuckerberg, it’s largely about virtual reality (VR), envisioning a VR version of Facebook where users interact in an immersive 3D environment. However, the most commonly accepted definition is that the Metaverse is a catch-all term for the next phase of the internet’s evolution. It’s expected to be an immersive, experiential platform where users adopt persistent identities (avatars) and engage in social, shopping, work, and play, among other activities, all in a single connected space.
So, how will the Metaverse impact businesses? Let’s delve into key areas where it’s already making waves and how it could evolve:
1. Marketing
Like previous iterations of the internet, the initial use cases for businesses in the Metaverse revolve around marketing. Global brands, from Nike to Disney to HSBC and JP Morgan, have initiated Metaverse initiatives, recognizing its potential. Citi predicts that the Metaverse’s business value could reach $13 trillion globally by 2030.
The Metaverse presents a novel communication channel for marketers, one that’s more immersive and experiential than anything before it. Businesses and brands can gain a deeper understanding of their customers through Metaverse platforms, leading to more precise customer segmentation and enabling the delivery of immersive marketing experiences and products aligned with customers’ desires.
2. The Industrial Metaverse
The industrial Metaverse is transforming the manufacturing process by enabling engineers, product designers, and technicians to collaborate in virtual and digital environments. A central concept is the “digital twin,” a digital simulation of real-world products or processes. The Metaverse allows digital twins to be manipulated and experimented with in a virtual environment, improving design and efficiency. This technology can be augmented with AR, allowing teams to visualize and edit real-world environments in real-time.
This trend combines technologies like 5G networking, cloud and edge computing, computer vision, and IoT. Industries that harness these technologies to create immersive digital environments for industrial collaboration are poised to lead in this field.
3. Is It All Hype?
While some believe the Metaverse is overhyped, dismissing it as a repackaging of existing technologies, it’s more about bringing these technologies together for a greater purpose. Many building blocks of the Metaverse are already in place and impacting businesses.
The future of the Metaverse is uncertain. Mark Zuckerberg’s vision of a centralized, corporate-owned, VR-focused Metaverse might not be the ultimate direction. However, it’s clear that the flat, screen-based internet isn’t the final destination for digital experiences. Businesses that pioneer the next phase of the internet stand to reap the rewards, just as they have in the past with previous digital revolutions.
In conclusion, the Metaverse represents a transformative shift in the digital landscape, and businesses that embrace this emerging technology will likely be better positioned to thrive in the future digital era.
