metaverse-future-of-post-pandemic-business

The Metaverse Future of post-pandemic business:

The metaverse is defined by GlobalData’s social media research as it is a “virtual world
where users share experiences and interact in real-time within simulated scenarios”. If
you believe that there is an economic future with the metaverse it was a year of
breakthrough and the year that the metaverse started to gain popularity beyond the
entertainment industry and began to become mainstream. Microsoft President Satya
Nadella wants to build an “enterprise metaverse”, and Mark Zuckerberg has said that
Facebook is set to become an “ethical company.

What’s happening to make the metaverse an enterprise-level phenomenon?

One of the main factors that brought metaverse ideas into the spotlight is the pandemic
and its effects in the world of music. Lockdowns have kept venues closed all over the
world and a lack of live music events during the epidemic. There were however
highlights of a different kind to look forward to last year for instance: a performance on
the games platform Fortnite by rapper Travis Scott, for one and a huge music festival
featuring the ’90s’ legends Massive Attack staged by the video game Minecraft.
In the past, prior to Facebook and Microsoft Perhaps the most significant company that
evangelised for Metaverse technology was Epic Games, the game platform behind
Fortnite which is a game industry phenomenon that has more than 350 million gamers
across the globe. Epic showed that virtual concerts that are part of Fortnite can draw
massive crowds seeking entertainment in innovative formats, and can also be an avenue
for advertisers, brands and stars to communicate with their clients and fans in real-time.
Prior to the pandemic, Epic had already planned an alliance that was a part of the
Disney Star Wars franchise to create an event that doubled as an event for promotion as
well as a plot thematic for the blockbuster of 2019 The Rise of Skywalker. In the same
year, it was also able to stage its first-ever in-game event.

It’s all about community and gaming is a great beginning point. Beyond gaming, a lot of
forward-looking executives are seeing a metaverse function for enterprise technology
and this is what Facebook has demonstrated recently through the launch of Facebook
Workrooms. Facebook Workrooms.

Why is it that Facebook would like us to be on the other side of the universe?

Facebook Workrooms is the social media giant’s attempt at dominating the new
metaverse market and could be seen as a move to compete with Zoom by leveraging
the power that is VR.
Does Facebook intend to let people reside within the Metaverse? Not quite. While the
CEO Mark Zuckerberg wants Facebook to transform into the ultimate online metaverse,
for the moment Workrooms provides a means for users to conduct business instead of
living in this exciting new world.
The enthusiasm of Facebook for VR is anything new. Similar to other Big Tech firms it
has tried for years to bring VR technology into mainstream use and especially since it
purchased the VR headset brand Oculus in 2014.
Previous attempts have turned out to be unsuccessful. Zuckerberg was slammed by the
public in 2017 after he used Facebook Spaces, a social-virtual application Facebook
Spaces to stroll through the devastated streets of Puerto Rico, and Microsoft for its part
has mostly abstained from efforts to get customers to purchase their HoloLens headset.
The HoloLens is currently offered as a tool that organisations and companies might
purchase to be used by surgeons technicians, surgeons as well as soldiers.
After two years of it being the “tone-deaf” Facebook live streaming event, Spaces shut
down to prepare for the next phase of the Facebook’s VR experience: Facebook
Horizon, an online VR game that provides portals to worlds created by users and the
tools to build them using.

New Services:

Facebook Workrooms is traded under the Horizon name. In the blog in which they
announce this new service, Facebook suggests that Workrooms is a brand new method
for remote workers to work together. The service lets users connect with colleagues in
virtual rooms by making use of VR headsets. Digital whiteboards are accessible and all
users are able to look like the customised and animated emojis that are available on
Apple since iOS 12. Anyone who does not have Oculus headsets can use Zoom-style to
make a video call or as a voice on audio.

Does it sound odd? Whatever the case, Zuckerberg believes that Facebook’s future is in
the virtual world.

“In the coming years, I expect people will transition from seeing us primarily as a social
media company to seeing us as a metaverse company,” Zuckerberg said to The Verge
in July. “In many ways the metaverse is the ultimate expression of social technology.”

If all this sounds completely like something out of the blue, be aware that Facebook has
been experimenting with social VR hangouts ever since 2016 with Oculus Rooms as well
as 2017’s Facebook Spaces (both which are now gone). Facebook has also held large
VR concerts through the event-focused Oculus Venues service since the year 2018. The
service was changed to simply Venues to signal Facebook’s bold goals in this field.
What is it that makes Facebook so keen on having an extra-dimensional universe? And
what do Workrooms fit into Facebook’s vision?

“Facebook has long advocated that augmented reality (AR) and VR can radically
transform workplaces,” claims GlobalData Principal Thematic Analyst Laura Petrone.
“Now the rise of a hybrid mode of working, where employees work from any place they
want provides Facebook an opportunity to show off its VR capabilities, and also appeal
to its user base by introducing the metaverse as a narrative.
“It remains to be seen whether employees, already struggling with digital/Zoom fatigue,
would find it appealing to interact with digital avatars in a corporate version of the
metaverse.”

Is the Facebook Metaverse for business the next stage that will be a part of the internet?

For nearly everyone in business that is facing the era of post-pandemic operating one of
the main concerns will be whether or not the Facebook Metaverse is the next stage for
the internet. Metaverses are gaining momentum around the globe; in South Korea for
example, a metaverse alliance formed in May among 17 top industry top executives. The
project from the country’s Ministry of Science and ICT will work towards creating a virtual
space that allows users to interact with one another via virtual avatars.
Augmented Reality has become an everyday feature of social media due to the
introduction of filters on social media platforms such as Snapchat, TikTok and Instagram

(which users are already able to change between and away via Facebook with an app-
like hookup that could be referred to as prototype-metaverse).

Security investing in the metaverse:

The flexibility of the metaverse could cause security concerns, but. According to Verdict,
GlobalData analysts note that, with the metaverse being a concept and abstract, it’s
better to see the metaverse as an expansion of current social media platforms to
understand the security issues they could pose for users.
“While several tech enthusiasts are endorsing an open metaverse platform that would
allow users to traverse metaverses, this will present different security issues,” claim

GlobalData analysts. GlobalData analysts. “Metaverse users and their providers are
vulnerable to third-party programmers and, in turn, hackers.
“If users want to be allowed to access services offered by different businesses on a
multi-faceted metaverse all companies would have to share the same, or interlinked
security systems.
“Whether security is integrated is certainly preferable or bolted on , as is often the case
will depend on the individual businesses. The burden will fall on suppliers.”
GlobalData’s analysis adds that an interlinked system may create privacy concerns for
users since their information could be shared with all metaverse providers.
“To protect all aspects of data privacy, the virtual platform must implement privacy by
design, something that is already required of technologies crucial to the metaverse such
as AR and VR,” states Charlotte Newton, thematic research analyst at GlobalData. “You
cannot apply privacy policies. They must be designed completely from the ground up.
Furthermore, the size of the metaverse that can accommodate many millions of
individuals, makes it harder to manage.”
“The metaverse will be a space where some of our social and work interactions will
happen in a virtual format, as such it will face several regulatory challenges, mainly on
data privacy and security,” is Petrone and notes that Facebook’s credibility in the field of
data privacy is already damaged.

The metaverse of enterprise

These kinks must be sorted out quickly. Enterprise is rapidly becoming an important
frontier in the metaverse. Businesses are crucial marketplaces for platforms like AR as
well as VR and will have a significant impact on metaverse evolution.
BMW is currently building digital twins which is the digital representation of an actual
asset or system or process that it has built for its factory with the metaverse technology
of Nvidia’s Omniverse. Microsoft claims that it plans to build the “enterprise metaverse”
with Mesh, a cloud-based, mixed-reality application for meeting that allows you to
teleport an individual digitally to another location to share experiences. This metaverse
for enterprise is perfect for projects that revolve around physical models in 3D.
Although the metaverse could be slow to begin as the technology is still in an early stage
the competition in the market will grow as the tech titans compete for dominance in the
market, while non-tech companies monitor their progress in the pursuit of revenues and
operational improvements.

In the end, beyond adoption by businesses Metaverse consumer platforms are expected
to change the way consumers shop, play or access media and communicate. This
implies that data security and cybersecurity are crucial to metaverse developers.
“We may well see several cybersecurity start-ups appear, specialist vendors for threat
monitoring and protection of private data such as biometrics,” GlobalData analysts
inform Verdict. “These start-ups may get ahead of the game compared to traditional
cybersecurity vendors.”
While the metaverse is likely to offer exciting new realities as it develops, it’s important to
be aware that these realities will be associated with the same dangers.

Opportunities for business in the metaverse:

With the help of digital twins, companies can build dimensionally precise replicas of
physical places that function as a distinct entity, or an online layer, creating the
metaverse. Through bringing huge amounts of traditional analog data online in order to
build a virtual world, organisations are able to search and model virtual representations
of physical space and then use the information gleaned to benefit both companies and
society as a whole which can result in tangible business value.
Initially the demand for technology like digital twins was a major factor in the housing
market in the midst of the epidemic, as restrictions on buyers prevented them from
visiting homes in person. With the help of digital twins of properties estate agents were
able to create virtual tours, which allowed prospective buyers to see properties online
which led to the trend of buying homes without ever having ever stepped foot in the. In
the same way, commercial real estate companies utilise digital twins to aid businesses
create and improve return-to-work plans as more businesses return to their offices.

Growing Exponentially:

BriskLogic is growing exponentially across many industries as a result of the increasing
desire for more convenient, interactive and immersive digital experiences. The benefits
are being recognized across various sectors including construction, engineering
architectural tourism and hospitality all the way to facilities and insurance. The economic
impact is significant and lucrative.

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