Author : Ashley Mehta
The Metaverse is the New Horizon for Business
Facebook rebranded as Meta last fall and announced its plans to spend $10 billion to build the “metaverse” — a network of 3D virtual worlds focused on social connection and is intended to supplant the current internet. Facebook’s investments have triggered conversations about the metaverse as the next frontier in technological innovation that will create greater overlap of our digital and physical lives in socialization, work productivity, shopping and entertainment in the years to come. What are future implications for business and healthcare in such an ecosystem and how will the metaverse shape your business?
The metaverse is already booming with commerce, real-estate investments and creators. The metaverse allows employees and customers to have an immersive experience, to live a moment rather than just look at it, and connects people in new ways to the virtual world. This is powerful for attracting, retaining and building brand loyalty.
The business perimeter of the metaverse is expanding to include a wide array of services from retail to leisure and entertainment. Roblox and Epic Games have already built virtual worlds, where millions of people socialize, play and take part in a digital economy. Nike, for example, launched its first metaverse project, NIKELAND, in Roblox and acquired shoe company RTFKT Studios, known for creating virtual sneakers, to sell Nike shoes for avatars.
Companies, such as Google, Microsoft and Apple, are already building out the hardware and software that will be the next generation of virtual interaction — something Wall Street sees as a $1 trillion market.
Established Fortune 100 companies like Walmart, UPS and Fidelity are incorporating virtual 3D experiences—powered by virtual reality (VR) and augmented reality (AR) technology– to attract younger talent and to train their resources. Fidelity, for instance, implemented virtual alternative experiences to replace in-person networking and to train and educate employees. UPS uses virtual training programs to train drivers to navigate hazardous conditions.
According to Fortune, the global virtual reality in the healthcare market is projected to grow from $1,206.6 million in 2021 to $11,657.8 million in 2028. VR integrated with wearable devices such as fit bands, rings, fitness trackers, headsets, and goggles, are likely to increase its use in the healthcare industry.
In the medical industry, virtual training and procedures are becoming the gold standard, especially in surgery. Companies like Intuitive Surgical, famous for its robotic-assisted surgery system (the Da Vinci system), are now moving into virtual reality. Surgeons are currently using tools that range from VR headsets to haptic gloves to mimic real-life surgical procedures, boosting preparedness and efficiency in the operating room. With VR and AR, surgeons now have pre-surgery access to 3D images of hearts, eyes, knee joints and more.
The next digital revolution for the business enterprise is here in the “metaverse”—an alternate, digital reality of sorts that can provide rich, life-like interactions and experiences to users. The metaverse will streamline connectivity and make everyday interaction feel more realistic and, as we continue to work in a hybrid work environment, will be more essential than ever.
Nolij is a pioneer in creating diverse, customized virtual programs across the federal and commercial sectors from onboarding to project management. The 3D immersive experiences we build will bring business to the next level by connecting all employees to a universal experience.
Curious to know what an immersive experience feels like? Let us welcome you to the future and show you what your customized experience will look and feel like in our Metaverse lab. So put on your Oculus headset and launch into the metaverse!