The term Metaverse is a buzz word in the tech world. It’s a word we think we truly understand the meaning of, but when it comes to explaining what it is, we tend to be a tad misinformed.
So, here at The Red Penguin Group we’re going to get down to the nitty gritty of the Meta and divulge all of the details on what the metaverse is, the future of the metaverse, and how it will impact business.
The term metaverse has been kicking around now for a little while, ever since Facebook rebranded its corporate identity to Meta in 2021 following the announcement of plans to invest at least $10 billion in the concept that year. Thanks to this news, “metaverse” quickly became a household word and its search volume across the web skyrocketed.
Its popularity in search volumes, however, would go on to decrease as the following year passed on, but now in 2023 it appears to be making a comeback, and for good reason too!
Metaverse is Coming
Facebook’s CEO Mark Zuckerberg said “the metaverse isn’t a thing a company builds. It’s the next chapter of the internet overall.” Giving a foreshadowing glimpse into how the metaverse has huge visions of success and will influence business in the future.
Apple’s CEO Tim Cook, said, simply, that the metaverse is coming. “Life without AR will soon be unthinkable” he stated. We don’t get much more info than this; so whether this is a short time prediction, or still a long while off yet, we do know one thing for certain: businesses need to be ready.
Tech giants like Microsoft and Nvidia are already on board have shared their futuristic visions for the metaverse, so it’s time for small businesses in Nottingham and Nottinghamshire to get ahead of the game.
What is the Metaverse?
First comes the understanding of what the metaverse is.
Metaverse is a general term – hence why it’s not capitalized like a proper name. The metaverse refers to a collective upgrade of the internet to a 3D virtual reality environment. This would be a world interconnected between various sites. These sites would reflect the immersive games that you see today.
Did Facebook/Meta invent the Metaverse?
Nope.
In fact, the term was first brought to light in 1992 by American sci-fi writer Neal Stephenson, who coined the term metaverse in his book Snow Crash, which depicts dystopian future world where rich people escape into an alternative 3D, connected reality.
The idea of connected 3D immersive worlds has been around for decades. Several online gaming companies have staked a territory in the metaverse already. But their applications tend to be less interconnected.
What’s one of the best representations of the early metaverse? It’s a short-lived software called Adobe Atmosphere. This 3D immersive experience included interconnected online worlds. It also gave people the ability to chat with others. It was a bit before its time but shows how the concept of the metaverse has been around for a while.
The metaverse is getting attention now because technology has advanced. It has begun to catch up to the needs of such a world. This includes fast internet connections and immense processing power. It also includes a delivery method for 3D that works on most PCs, and across numerous devices.
Just recently, Microsoft announced a partnership with Meta, where Microsoft will bring Microsoft 365 apps into the metaverse. This means collaboration will be reborn in an entirely futuristic way. Microsoft makes a point of stating that 50% of Gen Z and millennials expect to do some of their work in the metaverse in the next two years.
How Does the Metaverse Impact Your Company?
With companies like Microsoft already looking at the future of AR/ Virtual Reality, it could be a reality for your business soon. You can expect the metaverse to touch your own business in some way in the next few years.
Here’s how metaverse may impact your business:
Where to Advertise
Think back to when the internet was first introduced to the world, companies and businesses didn’t immediately realise the importance or potential of the internet. Yet, now, most companies wouldn’t even consider operating without a website, and some would argue that a business would quite frankly fail without one. It is a necessity for driving leads and converting sales.
If the metaverse takes off as a new 3D model of the internet, then it could be just as vital to a company. This means exploring ways of advertising in the metaverse and making your mark in the virtual world.
You could even go as far as creating your own VR site or showroom. Nothing is off the table.
How to Service your Customers in the Metaverse
Companies are constantly adapting to the immense speeds of development within the tech world.
As the popularity of social media took off this past decade, companies realised that customers wanted to use these platforms to reach out. Seventy nine percent of consumers expect businesses to respond to a message sent via social media, and within one day.
To address that demand, many businesses now have a social media presence which they utilise as a tool for marketing, and to communicate with their customers directly.
The metaverse may be the next big thing for businesses, just like social media, and just like the internet once was. If people begin to hang out in the metaverse, in the meta world of virtual reality, they will expect to interact businesses in that space. In the same way they do now with social networks.
This means companies need to be aware of how customers may be using the metaverse as it grows over time. In need of a clever way to find this out?
Try adding a question about your customers thoughts, ideas, and use of the metaverse to a year-end survey, or pop it in a newsletter. Get the conversation started between you and your customers.
Employee Training in Virtual Reality
The metaverse allows for a more immersive world within the internet. So, bring this to employee training, and you could have an almost life-like, hands on immersive training experience. This could hugely increase training capabilities for everyone, from doctors to forklift operators.
The mistakes you could make in this virtual environment wouldn’t have any physical consequences. Mistakes could be safely made, and so new employees could grow proficient before even doing such tasks in real life.
Start thinking about the types of training that your employees need. Then, look at ways that Virtual Reality would make the training safer and far more efficient. The metaverse may not be the answer now, but with the pace of technological advancement, it could blossom in the next few years.
More Immersive Team Collaboration
It’s no news to us that virtual meetings have skyrocketed ever since the pandemic, and now meeting via Teams or Zoom is commonplace. So, with metaverse being tech’s new buzz, the next generation of online meetings may end up taking place in a virtual world.
As previously mentioned, Microsoft is well underway with bringing its apps into a virtual space. So, we could be seeing this more immersive remote team collaboration come to life sooner than we think. Just think: Avatars and a virtual office, you’ve got a whole new setting and a brand new meeting experience.
Is Your Business Ready for the Next Digital Transformation?
Now that we’ve delved into the world of Meta and have got your cogs turning, it’s time to start a dialogue around the office and seek out some views from colleagues, fellow business owners, or customers and see what people are saying and how they feel about this new wave of technological advancement for business.
Going Meta makes business better.