Where is the real business value in the Metaverse

It is currently difficult to formally agree on what the “Metaverse” actually means. The term can best be described as a vision for the evolution of the Internet, where multi-sensory enhancements, such as virtual reality (VR) headsets, enable users to do work, meet friends, shop and play games as digital avatars.

At this stage no one can say for sure what the Metaverse is, or what it will be, and its existence is still largely a work in progress. The Metaverse does not exist or does not exist like the Internet, an Internet created after a period of development. So the Metaverse could be the next-generation internet that exists more or less.

Where is the real business value in the Metaverse

Like Rome, the Metaverse wasn’t built in a day, but neither was it by constant experimentation. In one year, the number of active Metaverse users has grown tenfold, from around 5,000 users to over 50,000 in 2021, with a market size of over $500 billion. By 2030, a widely accessible and device-agnostic virtual world could host a digital world with 5 billion users and a market size of over $8 trillion. These are bold predictions for a broadly defined ecosystem whose growth trajectory puts it on a path larger and deeper into society than the internet.

In the short existence of the Metaverse, the Metaverse, which is the standard of competition between loosely connected blockchain network layers and protocols, has taken shape. Ideally, on an open Web3 infrastructure, governance and economic value is shared among users without central planning by governments or regulators — which is one reason the Metaverse is growing so rapidly. 

The Metaverse has a lot of economies of scale waiting to happen. And each big tech company comes with a different motivation and a different DNA. It’s worth noting that, at the moment, the cost of joining the Metaverse may not be as high as the cost of new technologies in the past, so the abundance of accessibility may not be shut out for everyone. One of the most notable differences from the Metaverse is that augmented reality devices are relatively inexpensive.Facebook’s Oculus Quest 2 VR glasses retail for $300, though that price has been subsidized by the company. 

Where is the real business value in the Metaverse

Big tech companies are building their own versions of the Metaverse, hoping to connect people across the globe on a larger scale. Meta’s Horizon Worlds is a free virtual reality app that corresponds to its Oculus VR glasses. Horizon Worlds’ virtual world includes more immersive worlds and games than the likes of Animal Crossing, but it’s nowhere near the immersive immersion that Meta describes as the ultimate hope.

Right now, Apple is rumored to be working on a VR headset that it hopes will have a place in the future vision of virtual worlds. Microsoft and Google are also entering the space, hoping to expand their reach in an increasingly digital future.

One can imagine the sheer scale of the technological demands posed by virtual worlds: a theoretically infinite number of users, interacting in real-time in an evolving virtual space. Even a generic version of the Metaverse would lead to a surge in demand for advances in chips, networking capabilities and device manufacturing. This means creating a Metaverse of virtual worlds that may accelerate the competition of nations in the physical world.

Where is the real business value in the Metaverse

Building the Metaverse will require a lot of concrete hardware: Meta has built a massive artificial intelligence supercomputer designed to process data at an incredible scale. Chipmakers Nvidia and AMD are in an arms race.(Networking is also a hardware issue: Apple reportedly plans to develop its own modem chip with an eye toward always-on augmented reality.)

But even the most powerful hypothetical semiconductors may not be enough to satisfy the relevant hardware demands of the Metaverse industry — meaning the Metaverse could eventually drive innovation beyond the limits of today’s hardware wars.

But consumer products tend to drive powerful and sometimes unexpected innovations: Consider the desire for fast, ubiquitous internet access that drives the 5G transformation. Even the graphics engines that create virtual worlds are largely a product of the fierce competition among video game hardware developers for supremacy over the past few decades.

Where is the real business value in the Metaverse

It’s hard to get 20 people involved in a flat 2D environment on a video call at the same time. Some people don’t like being in front of the camera. The Metaverse isn’t simply simulating real-life scenarios, which is why companies are turning to Metaverse-based platforms. The Metaverse is also about community building, dialogue and interaction scene building, and hopefully in the near future, digital avatars can move between the world of manufacturing and the world of interior design, assisting humans in their work.

PixelMax’s virtual workplace allows employees to walk around their digital offices and view co-workers’ avatars in real time, recreating the experience of “colliding with each other” in their physical workplace. Microsoft is also expected to enter emerging areas and will use its Mesh platform to incorporate avatars and immersive spaces into collaborative environments such as team platforms.

Where is the real business value in the Metaverse

Building a collaborative environment on the Metaverse can be applied across industries. For example, scientists in different locations can use technology to simulate what would otherwise be a logistically difficult job. Tech and software companies can deploy mixed reality platforms that allow remote colleagues to build, test and even sell digital products more efficiently.

Fortunately, people seem to be ready for this shift. A survey by Lenovo found that nearly half of respondents, 44 percent, were prepared to work in the Metaverse; only 20 percent said they were unwilling to do so. 44% also believe that virtual worlds will increase their productivity.

More and more business scenarios are beginning to adopt the Metaverse, which allows the Metaverse to create more opportunities. Gamified learning makes it easier and faster to acquire skills. Virtual coaches can place client-facing teams in interactive, real-world scenarios to hone their client engagement skills. AR-enabled apps, glasses or drones for utility inspections, field service and maintenance can overlay physical views of relevant parts with AR views of what “should” look like – all to deliver faster diagnostics, reduce downtime and support employee safety.

Where is the real business value in the Metaverse

Metaverse can also help remote employees onboard and bring others together for company- or department-wide learning and development opportunities. The Metaverse allows people to mirror the physical world in a virtual world, bringing conversations, training, simulations and interactions, and several of them leave the conference room to chat in a similar way in the hallway, think how exciting it is thing.

Other consumer brands will open their own virtual stores that offer purely digital products that consumers can use to decorate their virtual homes, offices and spaces. Banks such as JPMorgan will provide support for cryptocurrency transactions in the virtual world. High-tech and software players will begin offering blockchain-as-a-service, Metaverse-as-a-service, and NFT management platforms, allowing organizations to inventory, audit, and manage new assets or build their own internal blockchains and Metaverses.

Metaverse-related new technologies bring new opportunities to improve the customer experience. In banking, branch offices in immersive VR environments can provide customers in a virtual world with a more convenient, highly personalized experience. In healthcare, mixed reality experiences could provide tech-savvy seniors with a more seamless process for purchasing and navigating health insurance than purchasing these services over the phone.

Where is the real business value in the Metaverse

In the next one to five years, virtual worlds in some industries have some or significant commercial value. The Metaverse will play a role in business. But what will the role be and where can business leaders seize the opportunity? In this nascent, evolving and overhyped space, the details can be hard to grasp.

For now, the Metaverse may be the unknown world — a new world discovered during construction. This will be more than just a fantasy entertainment area. It may also be a place for people to aid in their learning and growth, and exercise a variety of skills.

For brands, this will open up new revenue streams and space to increase brand affinity. As in the real world, consumers in the virtual world will be willing to pay for brands that align with their values ​​and personal style.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/where-is-the-real-business-value-in-the-metaverse-2/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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