What Is The Enterprise Metaverse and How Will It Affect Businesses?
“And we have a small, extremely literate power elite - the people who go into the Metaverse, basically - who understand that information is power, and who control society because they have this semimystical ability to speak magic computer languages.”
-Neal Stephenson, Snow Crash
Right out of a ‘90s science fiction novel, the metaverse is about to become very real, very soon. This new frontier of technological advancement promises to transform everything from how we work to how we shop to how we relax. And it’s not just a fringe topic, either. Last year, the company once known as Facebook changed its name to Meta to emphasize its focus on this field.
If you haven’t been closely following efforts to build the metaverse, this topic may seem difficult to understand. If you’re asking, “what is the enterprise metaverse?” Don’t get blindsided by what’s coming–instead, keep reading today to learn everything you’ll need to know about the metaverse tomorrow.
What is the Metaverse?
While it may sound like another bit of tech industry jargon, the concepts behind the metaverse are more straightforward than you might expect. At its heart, the metaverse will consist of a virtual, shared 3D world where people can do anything–from playing video games to holding meetings. Users will rely on cutting-edge technology such as virtual reality (VR) and augmented reality (AR) headsets to access this world.
It may sound like a distant possibility, but the metaverse is being built today. Some of the biggest names in technology have thrown their weight behind it, too. Perhaps the most prominent player in the metaverse is Facebook/Meta CEO Mark Zuckerberg, who’s said his company views it as the “successor to the mobile internet.” But he’s far from alone.
Microsoft CEO Satya Nadella, has spoken about how the metaverse “is emerging as a first-class platform.” That support goes well beyond soundbites. In fact, Microsoft plans to spend nearly $69 billion to acquire video game company Activision Blizzard largely because of the metaverse-related opportunities.
Benefits of the Metaverse
Big Tech companies aren’t rebranding themselves around the metaverse, investing billions of dollars into its development for fun. This initiative promises to deliver some significant benefits, including:
Countless experiences, all more affordable than ever. The internet has helped make information and entertainment more accessible, but it hasn’t done the same for experiences. For the average person, the idea of traveling the world on a whim is still as far-fetched as the thought of exploring a virtual alternate universe. But the metaverse isn’t a fantasy, and it could allow people to go where they want, when they want–all for the price of a VR headset.
A new generation of possibilities. When you’re building your own universe, the laws of physics only apply when you want them to. In 2022, regardless of how much cash you have, you can’t explore other galaxies or travel back in time. However, when the metaverse is open for business, people may eventually do that and more.
Environmental effects. No matter how exciting the metaverse is, it can’t replace the planet where we live. With that said, this technology could give sustainability efforts a boost. Virtual travel consumes less energy than its real-world counterpart. Imagine the physical products that can be replaced with digital versions.
Marketing opportunities. Much like when you’re driving down the road and see a giant billboard promoting a product, the metaverse can do that and more. With an endless inventory for product placement and advanced technological capabilities, marketers will be able to target their audience with more than a flat sign.
The Enterprise Angle
Regardless of what industry you’re in, you’ll have to find a way to use the metaverse to build meaningful relationships with your customers. One of the biggest things you should keep in mind when devising a metaverse strategy for your company is leveraging this technology to improve customer experience. For example, retailers may create digital stores for shoppers, but this must include actual employees to provide assistance.
Moreover, the metaverse could result in changes to how your company does business internally. Metaverse-powered meetings could combine the benefits of remote work with the enhanced sense of focus associated with physically being in the office. Metaverse technologies may also improve existing opportunities for VR-based employee training, too.
Necessary Preparation
Right now, the metaverse is still a “what if”–a very expensive, very promising “what if.” But if this concept has the major effects on society creators think it will, it stands to reason that it will also impact businesses like yours. And, it’s important to be prepared.
In a recent interview, AR/VR expert Cathy Hackl said, “Just like many in the early 2000s thought they would never need a social media presence (many leaving it in the hands of their summer interns manage and setup the corporate social media accounts), brands in the 2020s will need to start setting up metaverse teams that will help them enter the era of Web 3.0.”
Some major luxury brands have gotten an early start by wading into the world of gaming. In 2019, Louis Vuitton formed a partnership with League of Legends developer Riot Games to create various in-game items. About a year later, Gucci teamed up with Roblox to create a virtual space to sell digital versions of its own products.
Staying Ahead of the Curve
The metaverse is still a work in progress, however, taking time to look at how you can incorporate VR/AR into your workflow right now could give you competitive edge for what’s to come.
Buying standalone VR/AR headsets is a workable solution for individuals, but businesses need to put more effort into planning their virtual/augmented reality strategy. That means partnering with a respected, knowledgeable supplier of commercial VR/AR solutions.
MACE Virtual Labs can build a turnkey system that’s perfectly suited to your needs. Better yet, they are a team of VR experts won’t leave you behind when they’ve finished setting up your system. Instead, they’ll help you understand your new solution, help you incorporate it into your business, and be there when you need support, preparing you for the future of business.