The term “metaverse” is often associated with Fortnite players using a VR headset to interact or a group of teenagers huddled around their Stumble Guys apps.
However, the metaverse doesn’t only offer entertainment to the consumer. Many enterprise benefits are available that could transform the way we work together as private 5G technology matures.
Furthermore, the metaverse’s growth is rapid. The global metaverse market was worth $39 billion last year. By 2030, it is expected to reach $679 billion. The workplace will be benefited in many ways, including improved telecommuting and better accessibility for employees with disabilities.
Metaverse Offers Private 5G Network and Innovations
Additionally, the combination between private 5G networks, new innovations afforded through the metaverse, will offer opportunities for cost savings and revenue gains as well as competitive advantage across different sectors.
Heavy Industries Equipment Repairs
Many complex and interconnected technologies are required for heavy industries like manufacturing and logistics. These machines are frequently used and subject to extreme conditions. It is essential that they be maintained and repaired.
It can be time-consuming and costly to train new hires in the nuances of these repairs. These problems are magnified when the technology isn’t located in the same place as employees.
Metaverse tools will help you overcome these challenges and train your staff quickly and efficiently.
By creating digital twins of an oil refinery for example, employees can visualise every aspect of the process and gain a better understanding of how the various technologies are constructed.
There are many ways AR and VR technology can be used to create avatars for personnel so they can interact with and repair these systems, regardless of their physical location.
This reduces time and costs associated with traditional methods and gives employees the ability to explore the technology and find areas for possible improvements, without posing any risks to physical systems.
Remotely Assisting Field Application
The metaverse can be used by IT support technicians and field service technicians to remote assist with field applications in a similar fashion. During the pandemic when there were travel restrictions and other health issues, some companies tried out remote assistance.
Companies of all sizes and industries will find it much easier to use 5G with high-bandwidth and lower latency. Remote support will become more technical. For example, remote assistance can be used to assist with complex repairs and troubleshooting. This is a change from the traditional approach of in-person service.
This will result in significant operational cost savings and reduce the risk of personnel being physically involved with explosive or unstable technologies.
Supporting NFTs within the Finance Industry
Non-fungible tokens or NFTs have grown from a buzzword in blockchain to a popular concept. Many examples of NFT’s potential exist in B2C. To support their respective videogames, luxury fashion brands Burberry & Louis Vuitton created NFT accessories.
NFTs may have potential implications in the enterprise metaverse for foreign exchange trading and property management. NFT-based property registers could be an alternative to traditional land registry systems.
This could have major implications for landowners who do not own a title to the property and cannot mortage or sell it.
Virtual stock exchanges could also be an option. This would enable companies from multiple countries and exchanges to issue stock NFTs.
Although most of this tech is theoretical, there are still some underscore possibilities
These and many other examples are only theoretical at the moment but illustrate what is possible as technology advances. NFTs will continue playing an increasingly prominent role both in virtual and mixed virtual/physical worlds. I believe we’ll see new economies and scale as a result.
These and other enterprise metaverse applications are possible only because of the reliability, security, and low latency offered by private 5G network. Cloud computing is being touted as a key factor in the acceleration of the metaverse. However, it is crucial that companies recognize that telecom capabilities are equally important.
5G’s extraordinary speed will allow many enterprise metaverse possibilities to become a reality. Enterprises need to think seriously about how they will deploy 5G private networks. Or risk being left behind by the enterprise metaverse.