Metaverse is a term that describes a Fortnite gamer interfacing with a VR headset. Or perhaps, a group or teens congregating around the Stumble Guys app.
The metaverse isn’t just for entertainment. It has many benefits that can transform how businesses collaborate as 5G technology becomes more accessible.
The metaverse is growing rapidly. In fact, last year the global metaverse marketplace was $39billion. By 2030, this market is predicted to increase to $679billion. This will bring many benefits to the workplace, from improved telecommuting to greater accessibility and inclusion for employees who are disabled.
Metaverse Provides Private 5G Network and Innovations
The combination private 5G networks and new metaverse innovations will provide opportunities for cost reductions, revenue increases, and competitive advantages across sectors.
Heavy Industries – Equipment Repairs
Heavy industries, such as manufacturing or logistics, rely on many complex, interconnected systems. These machines are regularly used in harsh environments and require constant maintenance and repair.
However, it can be difficult to train new hires on all the nuances involved in these repairs. These problems can be exacerbated when technology isn’t in the same geographical area as employees.
Metaverse tools help to overcome these barriers and can be used to efficiently train employees and organizations.
To illustrate, digital twins can be created of an oil refinery so employees can visualize all aspects of the process. This will allow them to better understand how the various technologies are put together.
It is possible to use AR and VR technology for the creation of individual avatars. Personnel can then simulate operating and repairing these systems regardless of where they are located.
This technology not only saves time and money, but also allows employees to explore the technology to identify areas for possible improvements.
Remotely Assisting field Applications
IT support personnel and field service technicians also have the ability to use the metaverse remotely to assist field applications. During the pandemic when there were travel restrictions and physical limitations, some companies tried remote assistance.
This is possible because 5G offers high-bandwidth at low latency, making it more affordable for businesses of all sizes. Remote support is also becoming more technical. Remote support can help with complicated repairs or troubleshooting which used to require in-person attention.
This will lead to operational cost savings and significantly reduce risks when sending personnel to interact physically with potentially explosive or unstable technology.
Supporting NFTs In The Finance Industry
NFTs, also known as non-fungible tokens (or NFTs), have moved from being a buzzword in blockchain to a more mainstream concept. NFTs’ potential is highlighted by numerous examples from the B2C sector. NFT accessories were created by luxury fashion brands Burberry or Louis Vuitton to support their respective videogames.
NFTs have the potential to impact foreign exchange trading as well as real estate management. NFT-based property records could offer a cheaper and more secure alternative to traditional land registers.
This could have huge implications for anyone who has land, but does not have a title. They are therefore prohibited by mortgaging or selling the land.
Virtual stock exchanges could also be an option. This would enable companies from multiple countries and exchanges to issue stock NFTs.
This Tech is mostly theoretical, but there are some underscore possibilities
Although these examples and others are still theoretical, they illustrate the potential of technology as it develops. NFTs are expected to continue to play a prominent role in virtual worlds and hybrid virtual/physical ones, and I believe there will be new economies of size as a consequence.
These and other enterprise use cases for the metaverse are only possible because of the security, reliability, low latency and reliability afforded through private 5G networks. While cloud computing is the hottest topic, it’s important that enterprises recognize that telecom capabilities also play a fundamental role in the metaverse.
5G’s unprecedented speed will enable many enterprise metaverse opportunities to become a reality. Companies should start seriously considering how they will deploy private 5G network infrastructures. Otherwise, they risk being left in the shadows of the enterprise metaverse.