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How the Metaverse Is Changing Business

Crypto, Nft, Game, Facebook, Zuckerberg

When the Metaverse was first marketed by tech leaders as the future of the internet, it was envisioned as a 3D virtual world that would be accessible through a single portal. That vision never quite materialized, but many of the technology trends that were conceived alongside it did make it to the market.

Among them: Augmented and virtual reality (AR and VR), which allow people to see and experience their surroundings in new ways, thanks to hardware that enables them to put on headsets and immerse themselves in virtual worlds. There’s also a growing interest in “mixed reality” technologies that combine both AR and VR, so people can use elements of their real-world environment to interact with the virtual world they’re viewing.

A big part of what’s enabling these technologies is ongoing improvements in computing power, which allow for larger and more complex virtual worlds. And 5G, which offers blazing-fast mobile data speeds, is making it easier for people to access those worlds on their devices.

Despite backlash against the metaverse concept, it hasn’t killed business interest in it. In fact, two-thirds of global business leaders say they expect the metaverse to have a significant impact on their businesses within the next decade. For now, companies have to focus on figuring out how to make their products and services work in the metaverse. That could include reskilling existing teams that have developed AR and VR for years, or hiring rising leaders who are “crypto natives.” It also could involve creating a metaverse team within your company to start exploring the possibilities of this new frontier.

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