You may picture a Fortnite player interacting with a VR headset, or perhaps a group gathered around their Stumble Guys app.
The metaverse is not just entertainment for the consumer. There are many enterprise benefits that will transform how we collaborate as private 5G technology develops.
The metaverse is also rapidly expanding. Last year, the global market for metaverses was $39 billion. This is expected to rise to $679 billion by 2030. This will have many benefits for the workplace. It can improve telecommuting and provide better accessibility and inclusion for employees with disabilities.
Metaverse offers private 5G network and innovative services
The combination of private 5G networks with the new innovations offered by the metaverse will create opportunities for cost savings, revenue growth, and competitive advantage across all sectors.
Heavy Industries: Equipment Repairs
Manufacturing and logistics are heavy industries that rely on complex interconnected systems and technologies. These machines are constantly in use and are often subject to harsh conditions. Therefore, it is crucial that they are maintained and repaired.
Training new employees on the details of repairs can take time and be costly. This is especially true if the technology isn’t physically located in the same area as the employees being trained.
Metaverse tools are able to overcome these obstacles and allow organizations to train staff efficiently and quickly.
Employees can see every step of the oil refining process, and they can also create digital twins to help them understand how the different technologies are put together.
This allows AR and VR technology to be used to create avatars that allow personnel to simulate the interaction with these systems and repair them.
This not only reduces the cost and time involved with traditional methods, but also gives employees the opportunity to explore technology and identify potential areas for improvement without putting any risk to the physical system.
Remotely Assisting Field Applications
Similar to IT support, field service technicians can also use the metaverse for remote assistance with field applications. During the pandemic, some organizations tried remote assistance. This was because they couldn’t send staff to assist technology due to travel restrictions.
This will be possible for all companies, regardless of size or sector, thanks to 5G, which is high-bandwidth and low-latency. Remote support will also be more technical, such as complex repair and troubleshooting, which is something that historically required in-person attention.
This will not only result in operational cost savings but also reduce the risks of sending personnel to interact with unstable or explosive technologies.
Financial Industry Supporting NFTs
Non-fungible tokens (or NFTs) have gone mainstream from being a buzzword on the blockchain to becoming a common concept. There are many examples in the B2C world that demonstrate NFT’s potential. Luxury fashion brands Burberry, Louis Vuitton and others launched NFT accessories to help their respective video games.
NFTs could have a potential impact on the enterprise metaverse in real estate management and foreign exchange trading. NFT-based property registrations could be a safer and more cost-effective alternative to traditional land registries.
This could have serious implications for those who own land but don’t have a title, and therefore are prohibited from mortgaging it or selling it.
Virtual stock exchanges are another option, which would allow companies from different jurisdictions and exchanges stock NFTs.
While most of this tech is theoretical, it has some real potential.
Although these and other examples are purely hypothetical at the moment, they highlight what technology can do as it matures. NFTs will play an increasing role in virtual and hybrid virtual/physical realms. I believe that we will see new economies emerge from this.
These and other enterprise metaverse uses cases can only be made possible by the security, reliability, and low latency of private 5G networks. Although cloud computing is making waves, organizations need to recognize the critical role that telecom capabilities play in the development of the metaverse.
5G’s incredible speed will make many enterprise metaverse possibilities possible. Businesses need to begin thinking about how they will deploy private networks of 5G, or risk being left behind in the enterprise metaverse.