When you hear the term “metaverse,” chances are you picture a Fortnite gamer interacting via a VR headset or perhaps a group of teens clustered around their Stumble Guys app.
But the metaverse isn’t just for entertainment in the consumer realm—there are numerous enterprise benefits that are poised to transform the way we collaborate as private 5G technology matures.
What’s more, the metaverse is quickly accelerating—last year, the global metaverse market size was $39 billion, and this is predicted to surge to $679 billion by 2030. There are numerous ways this will benefit the workplace, ranging from improvements in telecommuting to better accessibility and inclusivity for employees with disabilities.
Private 5G Network and Innovations Afforded by Metaverse
In addition, the combination of private 5G networks and the new innovations afforded by the metaverse will open up opportunities for cost savings, revenue gains, and competitive advantage across sectors.
Equipment Repairs in Heavy Industries
Heavy industries such as manufacturing and logistics rely upon numerous complex, interconnected systems, and technologies. Because these machines are subjected to continuous use and harsh conditions, ongoing maintenance and repair are essential.
However, training new hires on the nuances of these repairs can be a time and resource-intensive effort. These challenges are exacerbated in situations where the technology is not physically located in the same region as where employees are being trained.
Metaverse tools can overcome these hurdles and help organizations efficiently and expediently train personnel.
For example, by creating digital twins of an oil refinery, employees can visualize every aspect of the process and better understand how the various technologies are assembled.
From there, AR and VR technology could be used to create individual avatars so that personnel can simulate interacting with and repairing these systems—regardless of where they are physically located.
Not only does this reduce the time and expense associated with traditional approaches, but it also empowers employees to explore the technology and identify areas for potential improvements without posing any risk to physical systems.
Remotely Assisting Field Applications
In a similar vein, IT support and field service technicians can use the metaverse to remotely assist field applications. Some organizations dipped their toes in the remote assistance waters with some basic maintenance tasks during the pandemic, when travel restrictions and health constraints prevented companies from sending personnel to support technology in person.
However, high-bandwidth, low-latency 5G will make this much more feasible for companies of all sizes and sectors. What’s more, the nature of remote support will be increasingly technical–for example, complicated repair and troubleshooting that has historically required in-person attention.
Not only will this engender operational cost savings, but it will also significantly reduce risks associated with sending personnel to physically interact with technologies that may be unstable or explosive.
Supporting NFTs in the Finance Industry
Non-fungible tokens, or NFTs, have evolved from a blockchain buzzword to a mainstream concept. Numerous examples exist in the B2C metaverse that highlight NFT’s potential. Case in point, luxury fashion brands Burberry and Louis Vuitton launched NFT accessories to support their respective video games.
One potential implication of NFTs in the enterprise metaverse is in foreign exchange trading and real estate management. For example, NFT-based property registries could emerge as a more secure and lower-cost alternative to traditional land registries.
This could have significant implications for people who possess land but lack a title and are therefore prohibited from mortgaging or selling it.
Another possibility is virtual stock exchanges, which could enable companies from multiple jurisdictions and exchanges to issue stock NFTs.
Most of This Tech is Theoretical but Underscore Possibilities
These and other examples are mostly theoretical at this point, but they underscore what could be possible as technology matures. NFTs will continue to play an increasingly prominent role in both virtual and hybrid virtual/physical worlds, and I believe we’ll see new economies of scale emerge as a result.
These and other enterprise metaverse use cases are only possible via the reliability, low latency, and security afforded by private 5G networks. While there is a lot of buzz surrounding how cloud computing is accelerating the metaverse, it’s critical that organizations recognize that telecom capabilities play an equally foundational role.
5G’s unparalleled speed will be instrumental in making many enterprise metaverse possibilities a reality. Companies need to start thinking seriously today about how they will deploy private 5G networks–or risk being left in the enterprise metaverse’s rearview mirror.
Featured Image Credit: Photo by Z z; Pexels; Thank you!
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