Transforming Industries with the Metaverse; Opportunities & Challenges

By Komal Dilip Shete – Product Portfolio Consultant, Tecnotree

The Metaverse is a popular topic of discussion, yet many people are still unsure about its meaning. Dubbed the next frontier of the internet, the Metaverse is a virtual reality realm where users can engage with each other in an immersive, computer-generated environment. With numerous industries looking to integrate it into their long-term strategies, the definition of the Metaverse and its applications constantly evolve. What is clear though is that it can revolutionize the way we perceive the world and communicate with each other.

Platforms such as Second Life, Roblox, and Fortnite have paved the way for the Metaverse by enabling users to create avatars and communicate with each other in 3D virtual spaces. However, the Metaverse is projected to be much more immersive, intuitive, and vast than these predecessors. It will offer a collective virtual realm that anybody can enter using augmented reality (AR), virtual reality (VR), and mixed reality (MR), which can immerse users in a more virtual environment using avatars and holograms.

In addition, the Metaverse has the potential to revolutionize industry verticals by creating new business opportunities to engage with customers and offer unique experiences. By using digital twins, it can also provide a virtual representation of the physical world we live in, enabling organizations to recreate and redesign their products more efficiently and seamlessly.

However, as the Metaverse continues to evolve, there are growing concerns about ethical codes, government policies, and standards that need to be established to ensure user safety and protection. For instance, the Metaverse may need to address issues like data privacy, digital identity, and intellectual property rights. Although no single entity controls the Metaverse, it is anticipated to be open and available to everyone who wishes to participate, just like the internet.

The Use of the Metaverse in Various Applications:

The Metaverse offers exciting opportunities for creating immersive experiences, and companies are investing significant resources to develop its potential applications. One of the most promising uses of the Metaverse is in the development of AR/VR games using the Metaverse SDK to fully exploit virtual reality. VR headsets provide high-quality representations for an engaging experience, and users can trade digital assets using cryptocurrencies like ETP and NFTs.

While gamers are likely to be early adopters of the Metaverse, several challenges need to be addressed, such as inadequate internet connectivity and expensive hardware requirements. One potential solution is to bundle cloud gaming subscriptions with dedicated 5G connectivity to incentivize gamers to participate in the Metaverse

Other Metaverse applications include industries such as:

• Healthcare: In healthcare, AR/VR can be used to improve mental health or perform complex surgeries by using assistive surgical tools like HoloLens. Virtual reality can also aid in pain management by distracting patients from pain during medical procedures
• Manufacturing: The Metaverse has various use cases in manufacturing, including 3D design validation, remote inspections, and virtual operations. VR applications can aid employee training with safety and real-life simulations, resulting in fewer accidents and improved production processes. Additionally, the Metaverse can help companies develop new products and prototypes faster and more efficiently
• Education: Virtual reality can be a useful tool in education as it allows for immersive learning experiences. It can help students hone learning concepts through attractive visuals and real-life scenarios, making it easier to engage with the material
• Military: Tactical Augmented Reality (TAR) provides soldiers with precise locations during military combat, allowing them to make better decisions on the battlefield. It also helps them identify friendly forces and avoid friendly fire incidents
• Sports: The Metaverse can provide a unique platform for sports enthusiasts to engage in virtual sports experiences. Players can enter a virtual arena with a unique avatar, socialize, co-watch, train, work, purchase equipment, replay previous matches, and participate in sports leagues
• HR: Companies can create more human interactions and experiences by leveraging the Metaverse. For example, companies can conduct interviews, meetings, or walkthroughs virtually, even before someone starts working at a company. This can help streamline the hiring process and create a more personalized experience for job candidates

Integrating Low Code/ No Code and Real-world Open API with the Metaverse

One of the latest innovations in the world of technology is the Real-world Open API Standards, designed to provide a common framework for building and integrating applications in the real world. By integrating with the Metaverse, it enables the creation of applications that can interact with both the real and virtual worlds, providing a new way for businesses to engage with their customers and increase revenue.

This development is made even more accessible by implementing low code/no code. With these tools, developers can create Metaverse applications without extensive coding knowledge, making them more accessible to a broader audience. Pre-built templates and drag-and-drop interfaces allow developers to create applications quickly and easily, reducing development time and costs

The benefits of low code/no code implementation with the Metaverse extend beyond cost savings and efficiency gains. It also democratizes the development process, empowering businesses of all sizes and technical abilities to create their own Metaverse applications without relying on expensive developers. This opens up new opportunities for businesses to engage with their customers, experiment with new products and services, and drive growth

In addition to reducing development time and costs, the use of low code/no code and Real-world Open API also opens up new possibilities for collaboration and innovation. With a more accessible and intuitive development process, businesses and individuals can work together to create new and unique applications that integrate with the Metaverse. This could lead to the creation of new industries and job opportunities, as well as increased user engagement and revenue for businesses.

Moreover, the integration of Real-world Open API with the Metaverse can also lead to the creation of more efficient and streamlined workflows. For instance, businesses can create applications that track inventory in real-time or provide virtual customer support, thereby reducing the need for physical staff and lowering operational costs

As the Metaverse continues to evolve, the role of Real-world Open API and low code/no code will become increasingly important. These technologies will allow businesses to stay at the forefront of innovation, delivering new and exciting experiences for their customers. The possibilities for the Metaverse are endless, and the integration of Real-world Open API and low code/no code tools is a critical step in realizing its potential

The Metaverse and Connectivity

Connectivity is also crucial for the development and expansion of the Metaverse. With the help of 5G technology, consumers and businesses can enter the Metaverse with peak data speeds of multi-gigabits per second, ultra-low latency, and excellent reliability. In addition, telecom operators can play a more critical role in the Metaverse value chain by leveraging technologies such as 5G, Edge Computing, and AI whilst monetising new opportunities to enhance the customer experience.

Collaboration among partners such as Communication Service Providers (CSPs), private enterprise networks, and IoT developers is necessary to provide in-home connectivity packages that guarantee bandwidth, functionality, and security. As network technology advances to 6G, it is expected to further accelerate the development of the Metaverse with even higher bandwidth speeds and lower latency

However, like the internet, the Metaverse requires close monitoring for safety and privacy, competition, and open access to enable its evolution. Public policies for the Metaverse must be a collaborative effort involving industry leaders and policymakers, along with potential users in various communities. Businesses should consider the societal effects of the Metaverse, including psychological aspects related to addiction, application of law, trust, privacy, bias, and disinformation, before rushing in to develop new applications.

Nevertheless, the Metaverse will see the emergence of new technologies that will exploit these changes, making it an exciting time for technology, and businesses should not only look forward to witnessing its evolution but take part in it too.