Metaverse is the new interactive digital environment where users, represented by avatars, can interact with each other in a 3D digital world. With tech giants like Facebook (now Meta), Microsoft and many more companies devoting enormous amounts of resources towards its development, the metaverse is on the Page3 of technologies! Some analysts have estimated that metaverse could be valued as a $30 trillion marketplace within the next 10 to 15 years.
The Metaverse is an evolution rather than a revolution. It will be the next step built on some of the budding technologies of today like Mixed Reality technologies, Blockchain, Web 3.0 and more. Even though a mature Metaverse is years away, several concepts are already becoming concrete. For example, companies are using Virtual Reality for client presentations, workshops, team events etc. For business, Metaverse’s immersive, persistent and decentralised nature presents multiple opportunities. As these technologies advance companies will be able to monetise them by enriching consumer experience, marketing products virtually and collecting data on consumer activities in a secure manner.
Even though Metaverse is a thing of the future, its possible wide-ranging applicability to various industries makes it suitable for due attention in the present. Below are some short term steps all enterprises can take to understand and engage with the concepts as available today.
Sensing the trend
Most organisations, including tech companies, are lacking a basic understanding of the metaverse. Companies should assign one resource or a group of knowledge creators towards understanding the concept and its building blocks. They would be responsible for sensing new opportunities and creating a knowledge base. This would entail a mix of scanning, understanding, and interpreting the trend to create a reliable foundation.
Finding a fit
Once a basic and comfortable understanding is achieved among the key strategy personnel in the company, this step would require the team to shape the knowledge concerning the core operations of the company. Enterprises can start by developing a strategy on how technologies like virtual reality, digital assets etc can be employed to close some internal and external gaps and create long term opportunities. Companies can start looking at internal issues like optimising productivity and fostering team bonding and external issues like opportunities to interact with clients and customers.
Testing use cases
Companies should select a few scenarios from the identified internal and external opportunities and explore available metaverse technologies to solve the issues. One such low-risk use case can be utilising VR for conducting brainstorming sessions for a geographically distributed team. In Arthur, companies have also used virtual reality for employee training and seminars.
These measures will have you dipping your toes in this vast somewhat unknown sea. To keep up with the evolving technology companies need to have an intentional long term strategy. At Arthur, we have helped organisations in implementing Virtual Reality as a collaboration platform to conduct meetings for a geographically distributed team. To read more about the use of virtual reality in the workplace please check out our other blog posts.