The Metaverse Is Real. So Are the Opportunities

The last few years have seen a marked interest in the Metaverse, as consumers and businesses alike begin to realize it’s not just a fad. Like the internet, the Metaverse has the potential to have a profound impact on the way we play, work and interact with others, not to mention the world around us. The Metaverse promises that at some point in the future, our reality will be both physical and virtual, and we will live in both seamlessly (and sometimes simultaneously).

Currently, however, the line between virtual and physical reality is still very much intact, and much needs to be done before the future that Meta, Microsoft, and other technology companies envision comes into being. That said, there are some very real opportunities for companies in the Metaverse today.

What is the Metaverse?

Ask 100 people what the Metaverse is, and you’ll likely get 100 answers. Most default to the Oculus headset and its immersive experience as their response. Others point to a digital world in which we can escape from our real lives and have fun with our friends, both real and imagined. But the fact that there is no standard explanation for the Metaverse is proof that it is still nascent.

Wired perhaps summed it up best in an article earlier this year: “… the term doesn’t really refer to any one specific type of technology, but rather a broad (and often speculative) shift in how we interact with technology.”

Currently, the Metaverse is the sum of a growing number of parts: virtual reality, augmented reality, a collection of worlds that mirror real life, and more, all bolstered by a promising digital economy that includes blockchain and NFTs.

Looking ahead, the Metaverse promises to be another environment in which users interact with each other and with companies in much the same way they do in real life, buying and consuming products and services that are digital. For example, users could purchase a home in the Metaverse and furnish it either with things bought in the Metaverse (using digital currency) or in real life (using real currency). Buying a new couch? For a small upcharge, you could get a digital twin of the couch also to put in your Metaverse home.

Challenges and Opportunities

The possibilities are truly endless with the Metaverse. And many companies are chomping at the bit to take advantage, even to the point of appointing a Chief Metaverse Officer. These businesses understand the transformative promise of a digital landscape that mirrors reality but is also its own, separate environment.

The concept of digital twins is perhaps the most compelling opportunity for technology companies as they determine their place in the Metaverse. The ability to interact and engage with customers in real life and virtually will one day be the norm. Imagine, for example, being able to collaborate with customers in the Metaverse to solve a particularly challenging integration issue in their real-world tech stack. Or, helping customers find greater value in their data by manipulating it using hand gestures, physically “digging in” to the data and moving information around. And everything that happens within the Metaverse can be transferred to their real-world systems.

Today, however, the Metaverse is more hype than reality—physical, virtual, augmented, or otherwise. There are many challenges to overcome before the Metaverse can offer real promise.

The current lack of standards is perhaps the greatest challenge. Until then, each world or environment created is its own walled garden, only accessible through the technology that was used to access it in the first place. Until experiences span multiple platforms, the Metaverse will remain a collection of siloed, individual interactions.

At the same time, as the Wired article pointed out, the amount of raw computing power necessary for a user to move from one environment, or world, to another, “could be much further away than we think.”

Issues around user privacy, payment methods, and general user security also must be addressed. Will each user’s Metaverse experience be different depending on what type and how much data they are willing to share with companies? How will personal safety be guaranteed, if at all? Users who don’t feel protected in the Metaverse won’t want to participate.

Even the way we access the Metaverse can be a barrier. Today’s headsets are heavy and uncomfortable—I can’t keep my Oculus II headset on for more than 20 minutes without it hurting my face and giving me a headache. And I have to remove my headset if I need to check my smartphone or my Apple Watch, or if some other event requires me to return to real-life.

So it is within these challenges that tech companies have a real opportunity to shape and impact the Metaverse. From building the infrastructure and refining the devices to lobbying for standards that will unify and create one true Metaverse, opportunities exist for companies to participate today.

Time to Dig In to the Metaverse

Depending on what they want to do in the Metaverse, it may be too soon for some companies to go all-in. Others, however, have an opportunity to get the digital dirt under their fingernails and help build a universal Metaverse that all users, no matter what platform they use or how they access the Metaverse, can participate in.

Even if it’s too soon, however, your organization can take steps today to be ready to reap the rewards of tomorrow’s Metaverse. The first step is understanding what the Metaverse comprises, and where you fit in. From there, you can map out a strategy to participate when the time is right.

Much like the internet of today is nothing like what it was at its inception, the Metaverse will undergo multiple iterations before it is the immersive, physical/virtual reality it is promised to be. Some companies may find success by helping build and shape the Metaverse, while others may need to wait for it to be fully baked before taking their shot. Every company—and every individual—must recognize and prepare for the Metaverse’s incredible potential to reshape our worlds.