{"id":231353,"date":"2022-07-29T04:18:34","date_gmt":"2022-07-29T09:48:34","guid":{"rendered":"https:\/\/ustechsolutions.com\/?p=231353"},"modified":"2022-07-29T05:42:48","modified_gmt":"2022-07-29T11:12:48","slug":"what-cxos-need-to-know-about-metaverse","status":"publish","type":"post","link":"https:\/\/ustechsolutions.com\/what-cxos-need-to-know-about-metaverse\/","title":{"rendered":"What CXOs need to know about the metaverse"},"content":{"rendered":"\n\n\n\n[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}” custom_padding=”0px||9px|||”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}” custom_padding=”1px||0px|||”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/ustechsolutions.com\/wp-content\/uploads\/2022\/07\/woman-with-vr-virtual-reality-goggles-2022-04-21-03-13-18-utc-1.jpg” _builder_version=”4.17.6″ _module_preset=”default” alt=”woman wearing VR goggles working in the metaverse” title_text=”woman-with-vr-virtual-reality-goggles-2022-04-21-03-13-18-utc (1)” align=”center” force_fullwidth=”on” hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_image][et_pb_text admin_label=”Text” _builder_version=”4.17.6″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″ text_font_size=”16px” text_line_height=”1.8em” header_2_font=”|600|||||||” header_2_font_size=”29px” header_2_line_height=”1.2em” header_3_font=”|600|||||||” header_3_font_size=”21px” header_3_line_height=”1.1em”]

Under the umbrella of the digital revolution, we have come a long way from supercomputers to desktops, telephones to smartphones. Now we\u2019re taking an inevitable slide into the next big thing, the metaverse<\/strong>. In this article, we will walk through the metaverse – What it is? How useful it can be? And how much will it cost your business?<\/p>\n

<\/p>\n

<\/p>\n

What is the metaverse?<\/h2>\n

<\/p>\n

The metaverse is an entirely new concept that holds the potential to be a game changer, especially in the world of business. In 2021, the market size of the global metaverse<\/a> market was USD 40 million, and it’s expected to have a compound annual growth rate of 50.74% from 2022 to 2030. Moreover, statistically, the metaverse market<\/a> for 2024 is predicted to reach $800 billion, with an estimated 74% of adults joining the metaverse to escape their physical environment and experience something unusual, such as AR gaming, live events, and social ads.<\/p>\n

In layman’s terms, the metaverse is a comprehensively immerse digital world<\/a>. <\/em>It’s simulated virtual space where people are present as an ‘avatar’, experiencing a semi-real-world experience. This is particularly important in today’s globalized world, as more and more people use virtual spaces to connect, due to the physical challenges of meeting friends, dispersed interest groups, and communities in the ‘real world’.<\/p>\n

Consequently, it\u2019s inevitable that the metaverse will change the course of how people connect to one another, and how businesses communicate with their audiences. The metaverse is gathering pace and sooner or later, it will be landing on your doorstep as a paradigm shift in the way the world works<\/em>.<\/p>\n

<\/p>\n

<\/p>\n

Metaverse from a business perspective – Think e-commerce on steroids<\/h2>\n

<\/p>\n

Let\u2019s understand the metaverse a bit deeper from a business aspect, by comparing it to the concept of e-commerce. A couple decades ago, our purchasing habits began to gradually shift towards online shopping. Consequently, high street shopping has tumbled. The metaverse today is where e-commerce was in the late 1990\u2019s\u2014explorative, but highly promising.\u00a0 It holds an imminent potential of infusing both digital and financial transformation into \u2018something new.\u2019 It gives a video and audio experience through augmented and virtual reality.\u00a0 From a business perspective, it has the potential to drive payments via digital currencies (such as cryptocurrency) and digital purchases.<\/p>\n

<\/p>\n

<\/p>\n

An infusion of different realms<\/h2>\n

<\/p>\n

Tech giants like Facebook (now meta group) <\/a>are highly motivated to adopt this technology. Unfortunately, whilst it would be simpler in this case, there isn\u2019t just one technology platform or standard of the metaverse.\u00a0 It\u2019s a new pioneering space, most of which has originated from the gaming industry\u2014which means few suppliers can agree on anything.<\/p>\n

The commonality of standards in operating systems, identity management, and communications protocols, etc. that had to take place before the Internet, mobile computing, and cloud computing could scale like Topsy hasn\u2019t yet\u00a0happened\u00a0for the metaverse. More and more spaces<\/a> are expected to be created within it, thus giving the user an entirely multi-dimensional experience, by slowly diminishing the meaning of the word \u2018reality\u2019.<\/p>\n

\"Business<\/p>\n

<\/p>\n

<\/p>\n

Use cases you should take note of<\/h3>\n

<\/p>\n

The metaverse will have its application in various fields. Here are some examples:<\/p>\n

<\/p>\n

Events and meetings<\/em><\/strong> <\/span>–<\/span> With even more people employed as knowledge workers and working from home, it\u2019s no surprise that businesspeople are excited by the potential of the metaverse to provide a more engaging collaborative experience for meetings, webinars, and virtual events.<\/p>\n

<\/p>\n

Onboarding new workers<\/em><\/strong> –<\/span> Already, metaverse applications are being developed to make it easier for firms to onboard workers and contractors.\u00a0 The state of the labor market is changing, and the frequency of new people taking on new jobs is growing significantly. The metaverse has the potential to reduce the cost and risk of onboarding,<\/a> while improving the onboarding experience for workers.<\/p>\n

<\/p>\n

Education<\/em><\/strong> <\/span>– It\u2019s easy to imagine that an interactive, visually stimulating environment is an ideal place to learn new things. \u00a0The metaverse promises to introduce a revolution in distance learning and make it more exciting for students<\/a>.<\/p>\n

<\/p>\n

Shopping<\/em><\/strong> –<\/span> The opportunity of the metaverse for shopping<\/a> is big and broad.\u00a0 Not only does it offer new ways to advertise and engage with buyers, new ways to try out new products and services, etc., it also offers new product and service opportunities (i.e., serving the aspirations and buying needs of the ‘virtual’ you).\u00a0 In addition, we can expect the metaverse to come up with new crypto and digital payment solutions, taking the payments industry ever further into the virtual world.<\/p>\n

<\/p>\n

Healthcare – <\/strong><\/em><\/span>In medical science, doctors are already examining patients with telepresence<\/a>, making it easier for patients to consult doctors remotely.<\/p>\n

<\/p>\n

Travel – <\/strong><\/em><\/span>In the travel sector, the metaverse will allow people to visit expensive and far-off places simply by paying a mere token to visit a tourist site, which will be something new in the realm of travel technology.<\/a><\/p>\n

<\/p>\n

e-Commerce – <\/em><\/strong><\/span>In the e-commerce<\/a> sector, one of the many benefits of the metaverse will be ability for people to try on clothing before purchase from the comfort of their home. Now, you no longer need to wait in lines for those stinky and suffocated fitting rooms to try on a pair of jeans.<\/p>\n

<\/p>\n

<\/p>\n

There are too many examples to mention of how the metaverse brings value. It has the potential to transform the design of entertainment, gaming, and even fitness.<\/p>\n

\"woman<\/p>\n

<\/p>\n

<\/p>\n

What is the cost of the metaverse?<\/h2>\n

<\/p>\n

It\u2019s often said that everything comes with a price, and the metaverse also has its own set of costs.<\/p>\n

<\/p>\n

<\/p>\n

Platform and \u2018rig\u2019 pricing<\/strong><\/h3>\n

<\/p>\n

It\u2019s not yet clear what suppliers plan to charge for the use of their platforms.\u00a0 At this stage, there is no pricing rule book, there are no \u2018industry standard terms\u2019\u2014so everything is up for grabs.\u00a0 While some providers will look to cash in on a \u2018clicks to cash\u2019 model and offer services for free, others are likely to set subscriptions and entry-point pricing before allowing users to access services that offer out-of-the-box intrinsic value.<\/p>\n

In addition to the serviced platforms, what we also don\u2019t have a clear grasp on yet is what the typical cost will be of a \u2018metaverse rig\u2019 and all of the advanced headsets and tools you will need to invest in.\u00a0 Everyone who joins the metaverse will need their own kit, and it\u2019s not clear whether the same kit will support every metaverse platform into the future, thereby presenting a risk of your early investments becoming redundant over time.\u00a0 This is not news for gamers, as they remember having to ditch their PlayStation every time a new console came out.\u00a0 Nevertheless, for a broader \u2018nongaming\u2019 audience, it\u2019s not clear how this will play out.<\/p>\n

<\/p>\n

However, not all costs are monetary. With the metaverse, you are giving up more than hard currency.<\/p>\n

<\/p>\n

<\/p>\n

Personal data<\/strong><\/h3>\n

<\/p>\n

The metaverse, as a technology, is a two-way street. Its existence relies on data provided by users. This means, metaverse platforms collects more that your generic personal data. They will also gather information of your habits, behaviours, interests, etc. And with a company like Meta Platforms, Inc,<\/span> who already has a reputation for harvesting personal data, are you ready to trust such a company with your highly sensitive data?<\/p>\n

<\/p>\n

<\/p>\n

Human Interaction<\/strong><\/h3>\n

<\/p>\n

More than the data protection, what is disheartening about the metaverse is its potential impact on our real identity<\/em>. What about us? \u00a0We know for a fact that the metaverse has the capacity to alter our world, our experiences, our feelings, and our thoughts, and moderate them as per its liking. But what about our natural processes – our daily habits of spending time with friends and family, pursuing hobbies, and experiencing real touch… The metaverse cannot provide a suitable alternative to the real world.<\/p>\n

<\/p>\n

<\/p>\n

Final thoughts<\/h2>\n

<\/p>\n

The metaverse is arriving \u2018pre-standards\u2019, making it an investment nightmare for businesspeople.\u00a0 And it isn\u2019t a perfect solution to anything\u2014it presents both positives and negatives.<\/p>\n

<\/p>\n

Already, it has become a love-it or hate-it subject.\u00a0 Some point to the positive impact it can have on gamers, encouraging them to move about.\u00a0 Others point out that it brings the world ever closer together without a consequential \u2018Airmiles\u2019 environmental impact on the planet.<\/p>\n

At the end of the day, the bigger story here is that we don\u2019t know yet how society and businesses will make use of this technology. What will the platform providers do to minimize its negative side effects? Is society ready to pay a hefty price for this technology? \u00a0I expect within a decade we will know the answer to these questions.<\/p>\n

<\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n\n\n\n","protected":false},"excerpt":{"rendered":"

The metaverse is expected to bring unprecedented value to the world of business. This is what you should know about the metaverse as a CXO.<\/p>\n","protected":false},"author":10,"featured_media":231370,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"\n

Under the umbrella of the digital revolution, we have come a long way from supercomputers to desktops, telephones to smartphones. Now we\u2019re taking an inevitable slide into the next big thing, \u2018metaverse\u2019.<\/strong> In this article, we will walk through the metaverse - What it is? How useful it can be? and how much it will cost your business? <\/p>\n\n\n\n

The essentials<\/strong><\/h3>\n\n\n\n

The metaverse is an entirely new concept, that holds the potential to be a game changer, especially in the world of business. In 2021, the market size of the global metaverse<\/a> market was USD40 million, and its growing at a compound annual growth rate of 50.74% from 2022 to 2030. Moreover statistically it is predicted that the metaverse market<\/a> for 2024 is $800 billion, with the inclusion of 74% of adults joining the metaverse to escape their physical atmosphere and experience something unusual by getting their hands on gaming, live events, and social ads.<\/p>\n\n\n\n

What is metaverse?<\/h4>\n\n\n\n

In layman's terms, it is a comprehensively immerse digital world<\/a>. <\/em>A simulated virtual space where people are present as an avatar experiencing a relatable semi- real-world experience of meeting someone in a virtual space. With the passage of time, the metaverse is progressively getting better at allowing people to interact with one another in quite unusual ways, which is important as well in a globalized world today, where more and more people use virtual spaces to connect, despite the challenges they face while meeting with their friends, dispersed interest groups and communities face while meeting physically. Consequently, it\u2019s inevitable that metaverse will change the course of how people connect to one another and how businesses communicate with their audiences. The metaverse is gathering pace. It\u2019s more like an unstoppable oil tanker, which you can\u2019t avoid, sooner or later it will be landing on your doorstep as a paradigm shift in the way the world works before you can retire.<\/p>\n\n\n\n

Metaverse from a business impact, think eCommerce on steroids<\/strong><\/h4>\n\n\n\n

Let\u2019s understand the metaverse a bit deeper from a business aspect, by comparing it to the concept of e-commerce. A couple of decades ago shopping habits drastically shifted the modular patter thereby allowing the consumer to easily purchase products online. As consequence, high street shopping has tumbled. The metaverse today is where e-commerce was in the late 1990\u2019s\u2014explorative, but highly promising.\u00a0 It holds an imminent potential of infusing both digital and financial transformation into \u2018something new.\u2019. It gives a video and audio experience through augmented and virtual reality.\u00a0 From a business perspective, it has the potential to drive payments via digital currencies (such as cryptocurrency) and digital purchases.<\/p>\n\n\n\n

An Infusion of different realms<\/strong><\/h3>\n\n\n\n

Tech giants are highly motivated to adopt this technology. Example Facebook now meta group<\/a><\/p>\n\n\n\n

Unfortunately, whilst it would be simpler in this case, there isn\u2019t just one technology platform or standard of the metaverse.  It\u2019s a new pioneering space. Most of which has originated from the gaming industry\u2014which means few suppliers can agree on anything.  The commonality of standards in operating systems, identity management, and communications protocols, etc. that had to take place before the Internet, mobile computing and cloud computing could scale like topsy hasn\u2019t happened yet for the metaverse. More and more spaces<\/a> are expected to be created within the metaverse. Thus giving the user an entirely multi-dimensional experience, by slowly diminishing the existence of the word \u2018reality\u2019.<\/p>\n\n\n\n

Use cases you should take note of<\/strong><\/h4>\n\n\n\n

The metaverse will have its application in various fields. Here are some examples:<\/p>\n\n\n\n

Events and meetings<\/em><\/strong> - With even more people employed as knowledge workers and working from home it\u2019s no surprise that businesspeople are excited by the potential of metaverse to provide a more engaging collaborative experience for short meetings, webinars, and virtual events.<\/p>\n\n\n\n

Onboarding new workers<\/em><\/strong> - Already, metaverse applications are being developed to make it easier for firms to onboard workers and contractors.  The state of the labor market is changing and the frequency of new people taking on new jobs is growing significantly. The metaverse has the potential to reduce the cost and risk of onboarding<\/a> while improving the onboarding experience for workers.<\/p>\n\n\n\n

Education<\/em><\/strong> - It\u2019s easy to imagine that an interactive, visually stimulating environment is an ideal place to learn new things.  The METAVERSE promises to introduce a revolution in distance learning and make it more exciting for students<\/a>.<\/p>\n\n\n\n

Shopping<\/em><\/strong> - The opportunity of the metaverse for shopping<\/a> is big and broad.  Not only does the metaverse offer new ways to advertise and engage with buyers, new ways to try out new products and services, etc., it also offers new product and service opportunities (i.e., serving the aspirations and buying needs of \u2018the virtual you).  In addition, we can expect metaverse to come with some new crypto and digital payment solutions, taking the payments industry ever further into the virtual world.<\/p>\n\n\n\n

Healthcare - <\/strong><\/em>In medical science, doctors are already examining patients with telepresence<\/a>, making it easier for patients to consult doctors remotely.<\/p>\n\n\n\n

Travel - <\/strong><\/em>In the travel sector, the metaverse will allow people to visit expensive and far-off places just by paying a mere token for a tourist site. Which will be an inclusion in travel technology<\/a> .<\/p>\n\n\n\n

eCommerce - <\/em><\/strong>In the eCommerce<\/a> sector, the metaverse will allow the user to try the items before purchasing them from the comfort of their home. Now, you do not need to wait in lines for those stinky and suffocated trial rooms to test the fitting of your favourite pair of jeans. You just can try them, from the comfort of your home, and buy them as per your choice!!!<\/p>\n\n\n\n

Isn't metaverse so interesting and time-saving technology?<\/p>\n\n\n\n

There are too many examples to mention of where the metaverse can bring value. It\u2019s going to rethink the design of entertainment, gaming, and fitness sectors too.<\/p>\n\n\n\n

What's the cost of metaverse?<\/h3>\n\n\n\n

It\u2019s often said that every great thing comes with a price, and metaverse also has its own set of costs.<\/p>\n\n\n\n

Platform and \u2018rig\u2019 pricing<\/em><\/strong><\/h4>\n\n\n\n

It\u2019s not clear what suppliers plan to charge for use of platforms.  At this stage, there is no pricing rulebook, there are no \u2018industry standard terms\u2019\u2014so everything is up for grabs.  While some providers will look to cash in on a \u2018clicks to cash\u2019 model and offer services for free, others are likely to set subscriptions and entry-point pricing before allowing users to access services that offer out-of-the-box intrinsic value. In addition to the serviced platforms, what we also don\u2019t have a clear grasp on yet is what the typical cost will be of a \u2018Metaverse rig\u2019 and all of the advanced headsets and tools you will need to invest in were you to want to join.  Everyone who joins the metaverse will need their own kit, and it\u2019s not clear whether the same kit will support every metaverse platform into the future. Thereby, representing a risk of your early investments becoming redundant over time.  This is not new news for gamers as they remember having to ditch their PlayStation every time a new console came out.  Nevertheless, for a broader \u2018nongaming\u2019 audience, it\u2019s not clear how this story will play out.<\/p>\n\n\n\n

Not all of the costs are financial.  With the metaverse, you are giving up more than hard currency.<\/p>\n\n\n\n

  • Personal data<\/em><\/strong><\/li><\/ul>\n\n\n\n

    The METAVERSE, as a technology is a two-way street, and its existence relies on \u2018data\u2019 being <\/em>provided by users.  This means, metaverse platforms won't just take in your any generic data but instead, they will be busy collecting information of your habits, behaviours, interests, etc. and with a company like \u2018META\u2019 who already has a reputation for harvesting personal data, will you be ready to pay the price of trust with such a company sharing your highly potential data?<\/p>\n\n\n\n

    • Human Interaction<\/em><\/strong><\/li><\/ul>\n\n\n\n

      More than the data protection what is disheartening with metaverse is our real identity<\/em>. What about us?  We know for a fact that metaverse has the potential of customizing our world, our experiences our feelings, and our thoughts and moderate them as per our liking. But what about our natural process? Our daily habits of spending time with friends and family, doing our hobbies, and experiencing real touch, metaverse might put a stop to all these activities to some extent and will take us far away from \u2018reality\u2019.<\/p>\n\n\n\n

      Final thoughts<\/strong><\/h3>\n\n\n\n

      The Metaverse is arriving \u2018pre-standards\u2019 which makes it an investment nightmare for businesspeople.  And it isn\u2019t a perfect solution to anything<\/em>\u2014there are always positives and negatives.   <\/p>\n\n\n\n

      Already, it has become a love-it or hate-it subject.  More positive voices point to the positive impact it can have on gamers, encouraging them to move about.  Others point out that it brings the world ever closer together without a consequential \u2018Airmiles\u2019 environmental impact on the planet. At the end of the day, the bigger story here is what we don\u2019t know yet about how society and businesses will make use of the technology? What platform providers will do to minimize its side effects? Is society ready to pay this hefty price for just a technology?  I expect within a decade we will know the answer to all these questions.<\/p>\n","_et_gb_content_width":"","footnotes":""},"categories":[7,10,33,34,35],"tags":[],"class_list":["post-231353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-intelligence","category-change-management","category-digital-ecosystem","category-digital-platform","category-digital-transformation"],"yoast_head":"\nWhat CXOs need to know about the metaverse - USTech Solutions<\/title>\n<meta name=\"description\" content=\"The metaverse is expected to bring unprecedented value to the world of business. 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