It’s Not Dead — and Other Facts You Need to Know About the Metaverse
Written by Justin Morris, Ph.D.Senior writer
Dr. Justin Morris is an academic philosopher turned tech writer. As a contributor at Insight, Justin applies his extensive knowledge of ethical issues to endorse sustainable practices and encourage forward-looking conduct within the tech industry.
Speculation ensued about the cause. An analyst at Business Insider suspects it “died after being abandoned by the business world.”
The news was shocking, especially considering the valuation that preceded it. Earlier this year, McKinsey predicted the metaverse “could generate $4 trillion to $5 trillion across consumer and enterprise.”
“Meta… what?” You have never heard of (or are only vaguely aware of) the metaverse. But now, maybe you’re intrigued to learn more about it.
“It died?” You are aware of the metaverse and surprised to learn that a reputable source published a rather scathing obituary for it.
“It died!” You are averse to the metaverse and welcome its premature departure from your news feed.
“I’m not sure what to think.” You are on the fence about the metaverse and unsure of its potential value for your organisation.
The aim of this article is to educate those in group 1 and offer a more balanced, evidence-based assessment of the metaverse for groups 2 and 3.
The result should provide group 4 with a clearer idea of why the leading Solutions Integrator (Insight) is implementing metaverse-based solutions. “The metaverse is a transformative technology with real-world applications,” says Matt Federovich, national lead for immersive technology at Insight. “Businesses are already leveraging the immersive experiences to create new solutions, drive efficiency and create new opportunities for growth at a fraction of the ‘actual world’ cost.”
With that expert insight in mind, a frank admission is in order. My aim is not to persuade you to adopt a particular view of the metaverse. My purpose is bipartisan and focused on business considerations. I want you to consider the use cases of an emerging technology.
Your assessment will determine if the metaverse is something you — as a business leader — should be excited about.
Cards on the table: I think you will be.
Some commentators have expressed frustration that “no one has yet come up with a definition [of the metaverse] that the world could agree on.” It’s a mistake to assume we need one. The same complaint could be lodged against blockchain or cryptocurrency. The ambiguities of such promising innovations haven’t stopped anyone from clearly articulating their potential worth (Web3 is a prime example).
Did you know? Although the term “metaverse” is often associated with Meta (formerly Facebook), Meta neither owns nor invented the concept of the metaverse. The idea has been a subject of discussion and development in various tech communities for years.
For practical purposes, the metaverse can be defined as a digital ecosystem of interconnected virtual worlds populated by digital representations (“avatars”) of actual human beings.
Many people associate the metaverse with headsets and Augmented Reality (AR) glasses. But that’s a common misconception. The platform is device-agnostic.
You can access the metaverse through a variety of devices — not solely specialised hardware. Those AR glasses I just mentioned are a good example. They allow us to see a “virtual overlay” across the physical objects we encounter in the world.
For business purposes, then, the metaverse takes on a different meaning. It can be defined as a virtual and augmented reality technology that closes the gap between physical and virtual environments. This is a big deal. The problem with so many technologies is their supplementary nature. What does supplementary mean?
It means your smartphone and your grandparent’s cast iron skillet exist on the same playing field. Sure, one’s a lot more valuable than the other (it’s hard to compete with heirloom cookware).
But, in the grand consumeristic scheme of things, they are both merely objects that occupy space. No different from trees or lamps or folders or books or monitors or stained coffee mugs.
Recognising the business potential of virtual reality and immersive technology yet? They don’t merely compete for your attention with our natural surroundings; they create an entirely new attention economy.
The metaverse upgrades what we’ll call “Reality 1.0” — the world as it appears to your default mode of perception unenhanced by immersive virtual technologies. So wherever you encounter Reality 1.0, there’s a possible application for the metaverse. In other words, this technology applies “virtually everywhere” in a literal sense. But the innovation of metaverse-related solutions lies beyond total immersion.The debut of the first virtual reality headset dates back to 1968. And plenty of fine upstanding individuals in our present moment are strapped into their Meta Quest 2 playing Roblox. In other words, the novelty is not in solely in the ability to immerse yourself in a virtual reality.
What’s new and exciting is a matter of perception. For the longest time, augmenting the natural world (Reality 1.0) was seen as a boutique interest for gaming enthusiasts. But now, those concerned with financial matters can see the potential of generating business value in tailored virtual environments.
Hence the $5 trillion question: What’s the potential for profits, savings, winning customers and disrupting your industry by implementing this relatively inexpensive technology? Better yet, what can your business expect to gain from being the first in your industry to have a precise answer to that question?
Let’s say you’re on the board of a major entertainment park called “Your Happy Place.” You’ve got restaurants, rollercoasters, themed attractions, live shows, merchandise stores, but you’re looking for ways to make the customer experience more interactive.
Mixed (or blended) reality offers an appealing option and upgrades us to Reality 2.0. This is where we take Reality 1.0 and add a layer of interactable virtual content. Interactive holograms are a good example.
Imagine installing a hologrammatic virtual greeter in the park that can interact with your guests. Picturing it? Let’s give it a name — “Hola-gram” — along with the language processing capabilities of generative AI. This allows Hola-gram to engage in conversations with guests that sound natural and human. When someone asks Hola-gram, “What’s the most popular ride in this park?”, Hola-gram answers with an authentically human-sounding and in-character response that’s on-brand for Your Happy Place.
Virtual eyewear that allows for mixed reality creates an even greater immersive experience.
Example: A guest wearing AR glasses asks Hola-gram, “Where’s the nearest bathroom?” Hola-gram then projects a series of virtual arrows — only visible to this guest — that leads them to their destination (with time to spare, we hope!).
So far, so promising. But the executives of Your Happy Place want to see a fleshed out rendering of how Hola-gram will look, feel and function. Option A and B clearly illustrate the business value of the metaverse.
Real Virtual World Benefits
Labor Cost Savings: Virtual installations like Hola-gram can handle guest queries, guidance and sales assistance.
365/24/7 Availability: Virtual assistants operate around the clock without breaks or downtime.
Customisation & Adaptability: Capitalise on trends to enhance the guest experience and encourage repeat visits.
Personalised Recommendations: Boost sales by offering personalised advice based on real-time data analysis.
Valuable Data Insights: Capture data on guest behavior and preferences for targeted marketing.
Predictive Power: Predict trends and optimise resources to lower carbon footprint and improve operational efficiency.
Without the metaverse, this is what happens next: Representatives of Your Happy Place express interest in the Hola-gram concept. Now it’s up to a team to provide a model of the installation. This requires planograms and building out a physical installation of Hola-gram. Extensive time and materials are needed. Material and design engineers must be involved. In-depth architectural reviews and other procedures are conducted. Merely bringing this idea into the world for consideration comes at a substantial cost.
With the metaverse, the team can now skip all the physical requirements and procedures to reach the installation point. Instead, we can create a virtual replica of every square foot of Your Happy Place, which shows exactly where Hola-gram will appear and how it will interact with guests.
Pause to consider the implications. We can ask clients to strap on a headset, step into a virtual model of their environment with us and interact with the installation. There isn’t a more powerful, faster or cost-effective way to demo a solution than to experience it from the client or customer’s point of view.
Did I mention that virtually recreating amusement parks or interactive holograms only scratches the outermost surface of the potential business value of immersive technologies?
Matt’s Metaverse Maxim:“Networking infrastructure, cloud data and advanced software engines are the backbones of a really solid metaverse experience in your company.”
Your perception of the world is not virtually enhanced in any interactive or immersive way.
You are reading a hologrammatic copy of Tech Journal and flipping through the pages without touching an “actual” physical copy of the magazine.
You are inside a virtual environment created by Insight in which readers can converse with a 100% accurate digital representation of me standing in front of you (hello there!).
If you’re doing everything that I just described in the third stage of reality without the assistance of any devices, then you’re reading this in 2030ish and have entered Reality 4.0.
We haven’t yet graduated to that order of reality. But we can evaluate the real-world impact these virtual advancements are having on businesses right now. Earlier we met Insight’s Immersive Tech Lead, Matt Fedorovich. He’ll provide some actionable maxims that you can start putting into practice.
The metaverse provides a much-needed third option for collaboration. As of now, businesses default to one of two options for connecting: meeting online or in person. One is convenient and economical but impersonal. The other is personal but often inconvenient and expensive. Meeting with your team in a virtual environment offers a practical alternative. It takes what we like about online meetings (convenience and comfort) and simulates what we miss about in-person meetings and gathering (face-to-face interaction). You may be thinking, “This sounds nice but who wants to look like a cartoon?”
Look further down the road and you’ll see photorealistic Pixel Codec Avatars (PiCA). This advancement to more realistic representatives will perfectly match our appearance, warts and all (or not — you can edit those out). No, we’re not at photorealistic digital avatars yet (we only just got legs to virtually stand on). But it’s still worth incorporating immersive technology into your collaborative framework. With fewer flights to book and not as many frequent flyer miles, it’s a lot better for the environment and will help you reach your ESG goals faster.
Matt’s Metaverse Maxim: “Whether it’s for customer engagement or proof of concept, leveraging generative AI and 3D asset generation to create dynamic and interactive experiences doesn’t always require a headset.”
It’s one thing to read about a product or see it featured in a slick ad. But to interact with an ad and watch it come to life before your eyes gives new meaning to the phrase: “Seeing is believing.”
Digital twinning — creating a “digital twin” of a space, place or thing — transforms the passive process of consuming information to an active experience of engagement and interaction.
Imagine a brand called “FashionSync” that lets you mirror your real-world fashion choices on a digital avatar. You can take this avatar on a journey through various virtual landscapes that are accessible from your desktop or mobile device.
But FashionSync doesn’t stop there. They offer an “Endless Wardrobe” — a collection of digital-only outfits that defy the conventional rules of design and physics. These outfits are not just for your digital avatar; you can also purchase their real-world counterparts on the FashionSync website.
Notice the “digital twin” in this case isn’t your digital avatar. It’s the digital world and wardrobe FashionSync has created that seamlessly integrates our digital and physical fashion sense. The clothing can be replicated so accurately that customers can buy the physical equivalents of their customised virtual creation. Notice, too, that there’s a sense of ownership built into the experience that helps customers visualise how an offering can improve their lives. It doesn’t have to be fashion oriented, either. If it can be bought or built, it can be hyper-personalised through digital twinning. Notice, finally, that we’re more than fashion consumers in this digital world. Those interested in home improvement (for one of countless other examples) can be given a full-scale digital twin of their house to experiment with new designs. What if they want to completely redecorate, paint the walls or add an extension on the second floor? They can visualise every conceivable change before making any real-world commitments.
The metaverse — including augmented and virtual reality — allows organisations to create immersive and realistic training scenarios.
Not only is the training more engaging, but it also provides a risk-free environment. This is crucial for practicing complex and high-stakes tasks — such as performing risky surgeries, operating heavy machinery or executing a military plan — without any serious ramifications, legal or otherwise.
The applications are innumerable. But the metaverse’s potential when combined with generative AI becomes glaringly obvious when training first responders in mental health scenarios. The combination of the metaverse’s environment and generative AI’s natural language capabilities effectively simulates human responses. This makes the training realistic, immersive and adaptive. From de-escalation techniques to crisis intervention, first responders can practice solving the various challenges as if they were in the field.
The benefits of these mutually reinforcing emerging technologies extend to more traditional corporate training scenarios as well. Virtual environments are inherently more engaging than looking at slides or watching a video. And the more engaging something is, the more likely it will be retained and recalled.
Matt’s Metaverse Maxim:“Tools such as Unity 3D and Unreal are the top two engines; start training in them to deliver immersive, high-quality training experiences that will differentiate your organisation.”
Yes, I am biased when I say the educational aspect of the metaverse is the most exciting development (look at my author’s bio). Instead of lecturing about the Socratic method (“Elenchus”), a philosophy professor could take students on a virtual journey to the Agora in Ancient Greece. Students could interact with a historically accurate digital replica of Socrates equipped with the language capabilities of generative AI. By placing students in the midst of the history they’re studying, digital twinning bridges the gap between abstract concepts and experiential learning. Early indicators suggest this approach provides a superior learning environment for neurodivergent students.
But it’s not just about the content; it’s also about accessibility and ease of use. One of the biggest hurdles in educational technology has been creating content that is both certified for educational use and easy for teachers to implement. The metaverse is overcoming this challenge by offering “teacher modes” that allow educators to guide virtual field trips, ensuring that students can only access appropriate content. This makes it easier for teachers to integrate the metaverse into their existing curricula, just as they would with textbooks. As with employee training, the metaverse is proving to be a versatile tool for education across sectors. Whether it’s history, science, philosophy or vocational training, the interactive and immersive nature of the metaverse makes learning an active experience. Contrast this with the “banking model of education” where information is merely deposited into students’ minds, so they may later recite (and instantly forget) what they’ve learned.
Matt’s Metaverse Maxim: “To make the most of education in the metaverse, focus on certified content and user-friendly management tools. And remember, the metaverse isn’t only for the tech-savvy; it’s a universal classroom that can benefit all types of learners.”
That the metaverse is an immersive technology. And as such, its use is broadly applicable across a vast and expansive range of industry scenarios in biopharmaceuticals, semiconductors, health and life sciences, retail, energy and so much more.
As you consider these proof points, you might be scratching your head. “If real, tangible benefits await those who venture into the metaverse, then how come a key player in the tech media industry said it was dead?” Dead is a strong word. But it’s not the wrong one. That is, so long as we observe an all-important distinction.
We began our discussion of the metaverse with four groups.
Group 1 never heard of the metaverse.
Group 2 was surprised it was pronounced dead.
Group 3 was glad to hear it was gone.
Group 4 wasn’t sure what to make of it.
The hope is that Groups 1, 2 and 4 are now better positioned to appreciate the metaverse for what it is and why it matters to their organisation.Skeptics in Group 3 may still insist that the metaverse is powerless to live up to its own hype. You know who agrees with them? Vishal Shah, VP of Metaverse at Meta: “I think the metaverse hype is dead.”
For Shah, this is a major step in the right direction. “I’m actually pretty happy that there was both hype and a trough of disillusionment last year,” Shah says. “But now we have our heads down and [can do] what it takes to build something difficult.” There’s a valuable lesson business leaders can learn in Shah’s candid analysis, and it’s the entire point of this article:
You do not need to buy into the hype of an emerging technology to believe its implementation holds significant value for your organisation.
Now, will the metaverse “revolutionise” how every single organisation on the planet operates in the next six months? “I don’t think it’s like a light switch,” Shah says, “where one day you’ll suddenly feel like you’re in the metaverse, whereas the day before you weren’t.” Shah adds that widespread adoption of the metaverse is an iterative process that will take years to complete.
Of course, the timescale you’re most concerned with is here and now. The question for you isn’t, “Will the metaverse eventually take over worlds both real and virtual?” The question you’re asking is, “What can I do with the metaverse today to meet my business objectives faster and more efficiently?”Answer: The next time you envision “Your Happy Place” or any other business venture, ask Insight how the metaverse can make it virtually unforgettable.
Insight can get you from proof of concept to crowd-pleasing experience, faster.
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