With the onset of the coronavirus pandemic, the need for digitisation has never been more apparent than it is now, with companies and individuals alike able to carry out their designated duties from the comfort of their homes. Thanks to seamless video and audio communication channels, along with quick file sharing services, coordination between teams has never been as easy as it is now. These tools have paved the way for a future in which virtual presence will likely suffice for conducting corporate meetings and social events. This is the concept that the Metaverse revolves around.
People should understand that history has not been kind to companies that have resisted change. Companies like Kodak and Nokia, which were market leaders in their respective eras, now serve as cautionary tales for the next generation of companies. These corporations are well aware that if they do not adapt, they will be quickly forgotten as consumers move on to the next big thing. This is why technology behemoths such as Microsoft and Facebook are actively working on products related to the Metaverse. The term “metaverse” gained popularity after social media giant Facebook changed its company name to Meta in order to shift its focus away from social media and toward developments in the broader tech sector. Furthermore, Bill Gates, the founder of Microsoft, has expressed optimism that metaverse could be the future of the modern workplace, which boosted stock prices of companies working on the metaverse in recent months.
Looking back over the last two years, we can easily see that the concept of remote working is quickly gaining traction, and thus the need for a more lifelike experience while operating online has become a necessity. This is exactly what the metaverse is all about; giving people an experience that is very similar to being physically present in a room with others. This concept will assist in saving valuable time and money associated with travel. It also has other benefits, such as access to qualified professionals who do not wish to relocate and low-cost resources in other countries. All of these factors are likely to contribute to higher productivity and lower costs, resulting in higher profits for businesses. Furthermore, over the last two years, remote working has gained tremendous popularity among employees who now prefer working from the comfort of their homes, and working during the pandemic has made it easy for companies to understand that working remotely can be as effective as physically coming to the office. Moving onwards, the number of people attracted to remote working is only likely to rise, and this is where potential lies for companies to get into the arena earlier and become market leaders in the near future.
Understanding the notion of working and operating within a virtual world seems farfetched to earlier generations, but not to younger ones who are more accustomed to online social media and virtual gaming, where they are used to interacting with others online. This is why Roblox, a gaming platform that allows people to develop their own games and play games made by other people as well, is way further along compared to even big companies in the development of the metaverse. In 2020, the company designed a virtual version of their head office pinning down even the minutest of details like the whiteboards in its conference rooms. The company even held a party within the metaverse. Similarly, Meta, Facebook’s parent company, and Microsoft share Roblox’s vision of making the metaverse the future of the workplace. Meta introduced its first metaverse product in 2021, which was a virtual reality application that assists people in conducting live meetings using cartoon avatars. Similarly, Microsoft introduced a similar programme called Mesh, which can be amalgamated with its Microsoft Teams application. Even the world’s second-biggest economy has gotten into the action and has exhibited an interest in developing its own metaverse applications over the next few years. The development of the metaverse is part of a five-year plan related to improving China’s electronic information sector, communicated by the Shanghai Municipal Commission of Economy and Information Technology. The authorities also highlighted the need to work on the development of underlying technologies for the metaverse, such as blockchain, sensors, and devices needed for real-time interaction.
Alas, given the rapid rise in digitalisation over the last decade, within which every aspect of our lives can be conducted through the internet, such as shopping, socialising, and even financial transactions, it should not be very hard to imagine a time when living in a virtual world is fairly realistic. Moreover, we have reached a point where the threshold for technology is such that it is capable of simulating a life-like experience that can be potentially integrated with metaverse applications and make remote work feel less remote. As a result, it should come as no surprise to see corporations adopting the metaverse over the next ten years.