When you hear the word “metaverse,” you might think of someone playing Fortnite with a VR headset or a group of people using VR to make funny videos.
But the metaverse isn’t just for amusement in the consumer world. It also has a lot of business uses that will change the way we work together as private 5G technology matures.
Also, the metaverse is growing quickly. Last year, the global metaverse market was worth $39 billion; by 2030, it is expected to be worth $679 billion. This will help the workplace in many ways, from making it easier for people to work from home to make it easier for people with disabilities to get to work and feel like they belong there.
Metaverse offers a private 5G network and new technologies.
Also, the combination of private 5G networks and the new innovations made possible by the metaverse will make it possible for businesses in all sectors to save money, make more money, and be more competitive.
Repairs of Equipment in Heavy Industries
Heavy industries like manufacturing and logistics rely on a lot of complicated systems and technologies that work together. Because these machines are used all the time, and in rough conditions, they need to be maintained and fixed regularly.
But teaching new employees how to do these repairs can take a lot of time and money. When the technology isn’t in the same place as the place where employees are being trained, these problems are made worse.
Metaverse tools can help organizations resolve these problems and train employees quickly and effectively.
By making digital twins of an oil refinery, for example, employees can see how every part of the process works and better understand how the different technologies fit together.
Then, AR and VR technology could be used to make individual avatars that people could use to practice interacting with and fixing these systems, no matter where they are physically located.
This not only saves time and money compared to traditional methods, but it also gives employees the freedom to explore the technology and find places where it could be improved without putting physical systems at risk.
Remotely Helping Field Applications
IT support and field service technicians can also use the metaverse to help field applications from afar. During the pandemic, when travel restrictions and health issues made it hard for companies to send people to support technology in person, some organizations tried out remote assistance by doing some basic maintenance tasks.
But 5G’s high bandwidth and low latency will make this much easier for businesses of all sizes and in all fields. Also, remote support will become more technical. For example, complicated repairs and troubleshooting that used to need to be done in person will be done over the internet.
Not only will this save money, but it will also greatly reduce the risks that come with sending people to interact physically with technologies that could be unstable or explosive.
Supporting NFTs in the Financial Industry
Non-fungible tokens, or NFTs, used to be a buzzword in the blockchain world, but now they are a common idea. There are many examples of NFT’s potential in the B2C metaverse. For example, the high-end fashion companies Burberry and Louis Vuitton made NFT accessories for their own video games.
NFTs could have an effect on foreign exchange trading and real estate management in the enterprise metaverse. For instance, NFT-based property registries could replace traditional land registries in a safer and less expensive way.
This could have big effects on people who own land but don’t have a title and can’t sell or mortgage it because of that.
Another possibility is virtual stock exchanges, which could allow companies from different jurisdictions and exchanges to issue stock NFTs.
Most of this technology is theoretical but shows what could be done.
At this point, these and other examples are mostly just ideas, but they show what might be possible as technology improves. NFTs will keep becoming more important in both virtual and hybrid virtual/physical worlds, leading to new economies of scale.
These and other enterprise metaverse use cases are only possible because private 5G networks are reliable, have low latency, and are secure. Even though there’s a lot of talk about how cloud computing is speeding up the metaverse, it’s important for organizations to realize that telecom skills are just as important.
The incredible speed of 5G will help make many enterprise metaverse ideas come true. Companies need to start thinking seriously about how they will set up private 5G networks right now, or they risk being left behind in the enterprise metaverse.