The transition from a set of independent virtual worlds to an integrated network of 3D virtual worlds, the Metaverse, relies on refinements in four areas: immersive realism, ubiquitous access and identity, interoperability and scalability. . Since Facebook (Meta) introduced itself as a company with all its eggs in a metaverse basket, the world’s attention towards the new domain has become significant.
Renowned tech giants have taken action by launching metaverse foundries to help companies create their own metaverse environment. Tech companies have also ventured into enabling the integration of a metaverse environment into their work. They extended this technology to businesses by establishing the ability to model procedures and humans, as well as physical assets.
What is the Metaverse?
The term “Metaverse” further promotes digital transformation in all aspects of our physical lives. At the heart of the metaverse is the vision of the immersive internet as a vast shared, unified and permanent space. The metaverse is being catalyzed by new technologies such as XR (a combination of augmented, virtual and mixed reality), 5G and artificial intelligence which may seem futuristic, but the digital “Big Bang” of cyberspace is not too far away. .
Speaking of how Metaverse works, each individual user owns their avatar and lives a different life in a virtual environment that is a metaphor for the user’s real world and physical self. To achieve this dualism, Metaverse development has three consecutive stages: (I) digital twins, (II) digital natives, and finally, (III) physical virtual reality or surreality coexistence.
Are companies ready for the metaverse?
The tech giants have already started to adapt and work around building a more robust and advanced metaverse environment. During the pandemic, these companies helped municipal corporations build a digital twin to improve their Covid management system. In simpler terms, it helped create digital twins that could be virtually available to activate processes that were otherwise not possible manually.
There are ideas that turn into a (post-Covid) business model where walk-in interviews can be done in a full metaverse environment with the candidate appearing in an avatar and the HR panel and interviewer managing this in a game realistic.
Imagine that trade shows for luxury products like jewelry or luxury watches could be held in a Metaverse world without shipping the items.
They further plan to expand digital twin technology and create an environment where people stay connected through human-like interactions from different parts of the country or world. For example, the development of digital avatars of humans. These avatars can interact in a corporate meeting from various locations, providing a realistic environment. With such innovations, companies are on their way to creating a metaverse environment inside and outside the world.
It is not only the tech giants that are investing in the development of a metaverse environment, but also the smaller companies that are also focusing on the concept of metaverse development. The metaverse of the future will operate openly, with almost no disruption from a single community or company. Creators will come from all over the world as more brands look to create outlets on the larger metaverse, much like the internet today.
The above transformation in enterprises shows how they are gradually moving towards creating a more advanced metaverse ecosystem.
Additionally, the type of workforce companies hire says a lot about how well they work to upgrade their technology. Thus, with a high propensity of companies to hire skilled labor, it shows that companies are gradually working on the development of Metaverse.
Benefits of Metaverse
According to a survey by Statista, a late 2021 study of Internet users around the world, the most important benefit of the metaverse was overcoming constraints that prevented people from achieving anything in real life. Improved creativity and imagination come second, with 37% of respondents citing this as a benefit. Upskilling, education, and finding new job options are also possibilities in the metaverse.
The benefits of the metaverse for increasing communication could include introducing exciting and interactive user experiences. Attendees can discover possibilities for dynamic and intriguing participant interactions using the graphics-rich 3D virtual settings and immersive experiences. The benefits in areas like defense and military are immense, while games and entertainment come naturally.
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