Businesses can’t discount the impact that the metaverse is going to have on the world and need to start thinking about how they can be part of it.
Angelika Gifford, vice-president: EMEA at Meta, explains that the metaverse is nothing more or less than the next iteration of the Internet.
“Except you don’t stand outside looking in, you dive into it. It set you up to do things you can’t do in the physical world, allowing you to have immersive experiences is different rooms, and move seamlessly from one to the other.”
She is quick to stress that the metaverse – which will come to full fruition within about 10 years – won’t replace in-person experiences or human interaction. “However it makes the time spent online more real and more rewarding.”
The metaverse is also not only about virtual reality. “You don’t always need those heave VR glasses to enter the metaverse: it needs to be easy to access.”
It is also not a product, but a global partnership between many companies, developers, policy makers and consumers. “So it is built by many people and organisations – it is not just Meta.”
The metaverse is not just about gaming either, Gifford says. “It is relevant for business, education and work because it has immense transformational power.”
For companies worried about investing in the metaverse, she says there is a solid business case . “In the next decade, the metaverse will drive hundreds of billions of dollars in revenue and help to create billions of jobs.
“Companies could put their e-commerce shops into the metaverse, and let customers really experience their products. Businesses can get people together on one shared space to collaborate of develop. Digital work will also be a big revenue stream.
“I believe it is the greatest thing since the invention of the Internet.”
Education is an obvious application for the metaverse, Gifford believes. “The metaverse can offer a more immersive learning experience. The Internet was a huge leap forward for education: the metaverse will be the next really big transformational step.”
On the work front, the war for talent is driving the need for scenarios enabled by the metaverse. “Companies need to source talent around the world. And now they can bring people from anywhere on the globe into one digital space to work on one project.
“With the metaverse we are talking about real collaboration. Covid taught us we can do a lot with remote workers, but you don’t get the same results as having people in the same room. So we are building the components that will allow companies to truly bring people together.”
The metaverse could have a significant impact on economies around the world, Gifford points out. “We could be talking about $3-trillion in global GDP – that’s 2,8% of global GDP.”
The reality of the metaverse is here now, she adds. Already hundreds of companies, including startups, creators and developers, are developing tools for the metaverse.
Gifford’s advice to businesses is to start thinking about how they can leverage the metaverse. “Start building the muscle now, start experimenting, and partner with like-minded organisations.”