The focus of this new world called Metaverse is social interaction. Whether it’s a visit to a festival, a virtual museum tour, a meeting in a virtual space, everything is possible. The kicker is, you don’t even have to leave your own house to discover the whole world.
Metaverse: How we work in the future
The term metaverse comes from the 1992 science fiction novel “Snow-Crash” by Neal Stephenson, where people exist as virtual avatars in a 3D world. Under the metaverse, one can imagine a virtual and three-dimensional world where users can experience everything that is possible in the real world and also what is not possible.
Compared to virtual reality (VR), which allows us to experience a virtual world or space, the Metaverse goes much further, mapping a consistent identity of real people as digital avatars. In addition, the Metaverse has its own economy where real people can buy virtual goods and services with real money or perform labor for real pay. The Metaverse will be a functioning economy.
Particularly in light of increasing automation and the elimination of countless jobs, the Metaverse will provide space for new activities that we cannot yet imagine today. Furthermore, the metaverse enables interoperability of data, digital assets and content that any business could only dream of before.
Currently, the leading Internet platforms are among the most valuable companies in the world. This wealth has been earned by trading user data, Facebook is probably the best known example here. The metaverse is a world where users are given control over their content and can monetize it. They get paid for creating content or products, or for the time they invest in computer games, for example.
So a completely new way of working is emerging, enabling new forms of businesses, products and services. Technological developments are already making all this possible today. Virtual reality, increasing computing power, cryptocurrencies and NFTs have massively driven these developments. Companies that want to participate in this new world must act quickly and innovatively in order to remain profitable in the long term in this “new world.” At the same time, countless established companies will fall victim to this development.
Opportunities and trends in a virtual future
Where exactly are the opportunities and trends for companies in the future? And how can companies of today profit from virtual economic growth? Just recently, banking giant HSBC announced that it had acquired a piece of virtual land in Sandbox’s Metaverse. The goal of this investment is to build a virtual location in the Metaverse. There HSBC would like to receive its customers in the future and offer service purely virtually. So Suresh Balaji – Chief Marketing Officer for Asia Pacific said in a statement “The Metaverse is the way people will experience Web3, the next generation of the Internet”.
JP-Morgan – the largest bank in the U.S., also recently announced that they too are working on an augmented reality experience for advisors that will create new opportunities to communicate content to clients. Kathryn Ferrero, chief marketing officer of Asset Management Americas and global head of brand experience said in an interview, “When you think about the next generation of advisors, the next generation of clients, this is just another tool in their toolbox to communicate content in a way that may resonate differently.”
The Raum.App project shows what working in a virtual environment can look like – in whose virtual environments you can experience tomorrow’s work today. Raum.App is a metaverse platform for companies that enables real teamwork, collaboration and social interaction, all 100% physical and with 0% social distance. To access this virtual environment, you need VR goggles and the Raum.App app.
But it is not only in virtual work environments that new opportunities and possibilities arise. Advertising will also play a significant role in the metaverse. 42 Ads, for example, helps advertisers automate their display spaces in the virtual world and target audiences both to buy and sell. If you own a piece of virtual land, for example, you can already billboard it with advertising and receive advertising revenue in return.
Devices like Apple Glasses – which augment reality, will additionally change the way we experience advertising in “reality” and slowly prepare us in dealing with virtual worlds and create possibilities we cannot yet imagine today. Right now at the beginning, the metaverse is about branding and especially for the big brands to be the first to discover and be present in the virtual worlds. Advertising in the metaverse will take advantage of the immersion in the metaverse. Therefore, as future users of the metaverse, we should ask the question today: What happens to our data and who controls it?
At the latest since the announcement of Facebook, today meta – we should address this issue. Because what we don’t want is for the amount of data that Meta already has on us to increase exorbitantly as a result of the Metaverse and for us to become transparent people. There are already a number of decentralized alternatives that give users control over their data and allow them to monetize it. The possibilities already exist today thanks to blockchain technology and NFTs, allowing us – the users – to own parts of the metaverse, regardless of who owns the metaverse. If I am dissatisfied with one provider, I pack my private keys and migrate to another platform that better satisfies my needs.
The fact is, the metaverse is the next evolutionary step of social relationships and will completely turn the way we work and earn money today upside down. That’s why it’s important to develop the right mindset for this new world today and learn from the mistakes of the early days of the internet to create a better, fairer and more transparent world than the one we live in today.