Ever since Facebook’s rebrand to Meta, the metaverse – loosely defined as a comprehensive online world where interactions take place via digital avatars – has become mainstream as part of “web3”, the Internet’s third action where users move from consumers to creators to residents of online worlds .
The entertainment and gaming industry is at the forefront of today’s metaverse buzz, but all companies are realizing the need to move early and not give up on a competitive basis. “Every business needs to find a place in the metaverse,” says Julie Smithson, co-founder of MetaVRse, which helps companies build augmented reality capabilities. “If companies are not ready for it, then they need to seriously consider their future. Whether it’s services or training applications, everything moves this way. “
Already, the meta-verse is increasingly part of companies’ mergers and acquisitions (M&A) strategies. In December 2021, Nike announced its acquisition of the digital design studio RTFKT, which the sportswear company says it hopes will help it explore the possibilities offered by the meta-verse. In January 2022, Microsoft announced its plans to acquire game developer and interactive entertainment content publisher Activision Blizzard, which the software giant says it hopes will “give building blocks to the meta-verse.”
As an experience medium, the meta-verse has been most prominent at the consumer-facing level. Luxury fashion house Gucci, for example, has started selling items on gaming platforms with a digital version of a famous bag that costs more than the physical model. Based on a story of live horse racing, Stella Artois has teamed up with Zed Run to create a 3D Tamagotchi-like experience crossed with the Kentucky Derby.
Virtual reality (VR) and augmented reality (AR), forerunners of the metaverse, were also originally targeted at consumers through gadgets like Google Glass or Oculus. But these never quite took off. It was in business environments, such as manufacturing and healthcare training, that augmented reality gained real traction by giving workers the opportunity to do fundamentally new things and enhance productivity, collaboration and efficiency. The same dynamic continues into the metaverse era.
In January 2022, Hyundai in collaboration with Unity, a 3D content producer, announced plans to build a platform for a metafactory that enables remote problem solving, test runs of new facilities and simulations for consumers. BMW has partnered with AI company Nvidia to create a demo-digital twin of a BMW production facility that enables 3D design teams to work simultaneously across multiple software packages in a shared virtual space.
The market for digital twins – virtual representations that serve as real-time replicas of a physical object – is expected to grow to $ 86 billion by 2025, according to business consulting firm Grand View Research with e.g. Unilever, Boeing and Siemens Energy among the adopters.
A “health metavers” is also taking shape. 8chili – a deep tech company building the underlying infrastructure for metaverse content creation and distribution – launched a partnership with digital therapy firm Aventyn in March 2022 to develop a virtual reality platform that enables virtual training, patient engagement and health coaching. In the UK, the remote and augmented reality training company Virti has worked with the NHS to train and retrain staff, including during the pandemic, where many healthcare professionals had to switch to different units and functions.
The financial services industry, which is already a major user of blockchain, is increasing its interest in payments and advisory services in the metaverse. JP Morgan became the first major bank to enter the metaverse when it opened a “lounge” in the blockchain-based virtual world Decentraland at an event in February 2022. The Wall Street bank said it believed the metaverse could offer a striking $ 1 trillion. annual turnover for companies across all sectors. JP Morgan’s CEO Jamie Dimon believes that a virtual real estate market can emerge with associated services such as credit, mortgages and leases.
For all sectors, metaverse companies offer new opportunities to manage meetings, video conferencing, training and broader workforce development in the post-covid hybrid world. In terms of future potential, global digital service provider Infosys believes that content creation and delivery space will see “enormous innovation and competition” for the meta-verse, citing digital twins of theaters, studios and meeting rooms that will enable “near-reality experiences” Microsoft co-founder Bill Gates reckons that virtual meetings will move to the meta-verse over the next two or three years – Meta and Microsoft are already running them internally.
No company wants to be left in a hurry to postpone a claim in the metaverse, whether it is consumer-facing features or internal business use, or both. Ignoring the trend and the underlying possibilities that make it possible – especially 5G connectivity and improvements in chip technology – can be fatal, Smithson warns. “If a company thinks ‘this is not for us’, they will not survive. Every company must find a place in the metaverse.”
How should companies start? One priority is to decide how their brand should be represented in the meta-verse if consumers and customers inhabit virtual worlds on a large scale. “Brands have not thought about what they look like in a spatial environment,” Smithson says. “They’ve always thought of themselves in a 2D world on paper and an advertisement or a magazine article. This is a battle right now with marketers to think about their brands in an immersive way,” she adds.
And in addition to the way it looks, companies also need to consider what consumers get out of engaging in their metavers. According to Smithson, the meta-verse should be rewarding for consumers, not just a form of passive entertainment that forces companies to think about issues such as value exchange, incentives and benefits. “If I’m a user or consumer, what would you give me if I went [to your metaverse]? This is how immersive experiences work: you trade something for a reward if you want them back. What are those transactions?” says Smithson.
Such transactions may include the exchange of decentralized financing (DeFi) or non-fungible tokens (NFTs) – unique digital assets such as images, pieces of music, a 3D object or other creative work. The NFT market is already booming. In March 2021, the first NFT work of art was sold at a major auction house for a staggering $ 69 million. And in December 2021, a piece called “The Merge” became the most expensive-selling NFT, with nearly 30,000 collectors paying $ 91.8 million in total.
Smithson says many companies are still far from creating their own NFTs or tokens for their brand, but as the metaverse evolves, companies will need to consider how they will handle digital assets in a metavers world accordingly. with the rules of compliance and money. money laundering and how they will reduce the risk of cybersecurity fraud.
Cybercriminals are already reportedly carrying out phishing scams via links that resemble legitimate metaverse platforms. And new cyber threats may emerge in augmented reality. Such cyber threats could look like a hacked avatar or deepfake by, say, a CEO, which could be used to authorize the transfer of funds or reveal protected commercial information that could be exploited. Fraud is already widespread in the world of cryptocurrencies and non-fungible tokens (NFTs). The metaverset can be a wild west that affects staff just as much as consumers. Sophisticated approaches to identity verification and verification will be needed, especially as multiple “metavers” occur with control and verification gaps or silos between them.
Data protection and management are also crucial considerations, both for customers and employees. Julie Smithson cites the challenges of a European medical technology company in building meta-verse training and education. Many companies already have learning management systems (LMS), a key data repository, but there are many questions about what data can be collected from and about employees, such as under metaverse-based training results and modules, such as measuring how long someone hovers over a particular topic or where long time it takes them to answer a question. “These analytics come into play and customers are struggling with how to proceed,” Smithson says. MetaVRse is applying for full SOC certification (system and organization control) – a confidentiality standard system – to support it in data collection management in the metaverse era.
As organizations consider their place in the meta-verse, they will need to ensure that they have the necessary resources to manage the level of computing power, including cloud and edge computing, ultra-fast and reliable connectivity, and the skilled workforce to create and manage it. Already, the demand for skilled workers in the metaverse is increasing, including competencies such as 3D modeling and games, a central dynamic in the metaverse so far, as well as metaverse-based events and community management. Expect new job titles and features to emerge, just as the 2010s brought the arrival of “social media managers” and their kind. Also expect a battle for niche talents similar to the financial industry’s crypto-hiring campaign. There could also be new segments of the economy, such as concert work in the metaverse. Will changes in real-world labor law also translate into the virtual world?
There is no doubt that the metaverse changes business. But companies will also need to tread carefully when considering business-wide utility cases. While much is made of metaverse-based meetings, the shift to virtual conference calling has far from been universally welcomed. Zoom fatigue is real. Will the meta-verse overcome the shocking, disturbing effects of virtual encounters, including lack of body language and discrepancies between speech and eye contact? Will people behave less socially when they are behind the protection of an avatar? Billions of years of evolution mean that humans cannot fully tell what people are thinking and feeling without being physically co-located. The subtle psychosocial nuances of human communication are far from being replicated in the online world – they may never be.
Despite the challenges, a proactive and curious approach can help companies across the economy take advantage of the metaverse. The best strategies will be those that are focused on delivering real-world benefits, measuring return on investment, mitigating and preparing for risks, and balancing the benefits of an immersive virtual world with the value of the analog.
Learn more about Infosys Microsoft Cloud Business and Infosys Microsoft Workplace Transformation Services.
This content was produced by Insights, the custom content arm of the MIT Technology Review. It is not written by the editorial staff of MIT Technology Reviews.
The global metaverse market size is expected to grow from USD 61.8 billion in 2022 to USD 426.9 billion in 2027 at a compound annual growth rate (CAGR) of 47.2%
Is Roblox for 13 years old?
During its initial beta test, it will only be available to players who confirm they are at least 13 years old. Read also : Because the United States and China are not decoupling so fast. (Roblox did not say whether it would be available to users later, regardless of confirmation status.)
Is Roblox ok for a 13 year old? How old do children have to be to play Roblox? Common Sense Media rates the platform as OK for users 13 “based on persistent challenges with problematic content, but it is potentially OK for children younger than that if account restrictions are turned on and parents are very aware of their children’s activities on the platform.”
What percentage of Roblox is under 13?
As of September 2020, gaming company Roblox Corporation reported that 29 percent of Roblox gaming users ranged in age from 9 to 12 years worldwide. In addition, 25 percent of Roblox game users were under 9 years old. Only 13 percent of Roblox gamers were 13 to 16 years old.
How old is to old for Roblox?
How many people use metaverse?
Augmented and virtual realities are the basis of the meta-verse. This means that the popularity of the technology will also bring a huge interest in AR and VR. See the article : Maximize business value with data-driven strategies. Take a look at user data for these two industries over the years: 2019 – 44 million users.
Who is the target audience for metaverse? Integration with real-life marketing Marketers are aware that Gen Z and millennials are valuable audiences. These consumers are addicted to technology and are already using some form of Metaverse, such as virtual reality. Marketers should create unique experiences similar to those they provide in the real world.
Is the metaverse popular?
And much like the Internet, the metaverse is growing in its original popularity with younger demographics. According to Newzoo, metaverse players (i. See the article : Warner Music, Crush Music invests in authentic artists from startup Metaverse.e., people who play the three most popular metaverse titles: Fortnite, Roblox, and Minecraft) are younger than average.
How big is the metaverse market?
New York, June 8, 2022 (GLOBE NEWSWIRE) – The global metaverse market is estimated at around USD 40 billion in 2021. The global metaverse market is estimated to experience significant growth in the forecast period, mainly due to the increasing focus on convergence digital and physical worlds that power the Internet.
Is fortnite a metaverse?
As many more universes join together to build the narrative around the zero point, Fortnite gradually grows into the metavers it was always destined to be. Eventually, the meta-verse around the players inside grows. Many times, developers have had to adjust the story and bring in characters based on popular demand.
Does Epic Games create a metaverse? Epic Games’ valuation rose to $ 31.5 billion after $ 2 billion in funding from Sony and owner of The Lego Group, KIRKBI, in April 2022 to develop its metaverse.
Is Minecraft a metaverse?
On the other hand, Minecraft is a good example of a decentralized metavers. While Microsoft owns the game, it is still an open platform that anyone can access and play. No company controls the game or dictates what players can do. Minecraft works well because each metavers can have its own rules of engagement.
What are the metaverse platforms?
Metaverse is a blockchain-based virtual reality platform. It is an open 3D world and digital assets are at the center. Digital assets are at the heart of the Metaverse ecosystem. The Metaverse platform will allow developers to build everything from VR to AR.
What counts as metaverse?
Now, many companies or advocates instead of any single game or platform refer to it as “a metaverse”. With this definition, everything from a VR concert app to a video game will count as a “metaverse”. take it further and call the collection of different metavers a “multiverse of metavers.” Or maybe we live in a “…
How do you use metaverse?
This is one of the reasons why Facebook is focusing on developing more hardware like smart glasses so that users can easily access Metaverse.
- Step 1: You need an Avatar. …
- Step 2: Time to explore the world. …
- Step 3: Play games. …
- Step 4: Make new friends.
Do I need VR for metaverse? More than virtual reality Although VR is considered a key ingredient in the metaverse recipe, access to metaverse is not (and should not) be limited to having a VR headset. In a way, anyone with a computer or smartphone can take advantage of a metavers experience, such as Second Life’s digital world.
What is the point of the metaverse?
In the broadest terms, the meta-verse is understood as a graphically rich virtual space, with a certain degree of probability, where people can work, play, shop, socialize – in short, do the things people like to do together in real life (or maybe more specifically on the Internet).
How does the metaverse work in Roblox?
In short, the Roblox meta-verse is a growing phenomenon where real brands and trends lead to more companies working with the Roblox platform. This could include promotional crossovers or the addition of game mechanics or currencies that overlap with the real world.