How the Metaverse will Affect the Business Landscape

The metaverse is a bit of an enigma but the metaverse impact on business across the globe is clearly visible. Admittedly, it’s not exactly in its best state yet. And still, multiple forward-thinking companies have already started designing and creating products for the virtual world to get ahead of the game. 

NVIDIA, an interactive graphics card company, is just one of the many enterprises that have leveraged the impact of the metaverse on businesses. The metaverse business model company has been working steadfastly on products meant for the metaverse business model. In August 2021, NVIDIA announced that it was expanding Omniverse, a simulation and collaboration platform that assists other companies in creating products for the metaverse. 

Through the NVIDIA Omniverse, designers, artists, and other content creators can work together in real-time using leading software applications and make the best out of the benefits of the metaverse for businesses. Adobe, Pixar, and Blender are just some of the companies that provide apps for use in the NVIDIA Omniverse.

What the metaverse will mean for companies and workers

From the example above, we can see that the metaverse will encourage cooperation between top metaverse development companies and will encourage collaboration between co-workers. Working in the virtual world of metaverse business opportunities also means employers can work just about anywhere, as long as they have a stable internet connection and the proper hardware. 

Employees at Meta have already started collaborating with each other in virtual workrooms to make the best out of metaverse business opportunities. Using Horizon Workrooms—a product by Meta and a perfect example of metaverse applications in businesses—employees can now attend meetings as avatars, regardless of where they are. While video conferencing platforms like Zoom and Google Meets offer similar capabilities, they don’t provide the same level of personalization as avatars in Workrooms do but Meta is transforming the future of metaverse and has the potential to enable new trends for setting up virtual meetings by leveraging metaverse for businesses.

Beyond collaboration, companies using metaverse could break down barriers and provide employers and employees with more opportunities for work. For example, a software engineer from Spain could easily work remotely for companies using metaverse based in Asia. On the other hand, in another metaverse effect, employers would have a wider pool of candidates to choose from when hiring—this could allow them to solve manpower shortages more effectively. 

The benefits of being ready for the future of the metaverse

While companies are readying themselves for the advent of the metaverse, it’s clear that it’s still far from mass adoption. Hardware costs and teething software issues have prevented the public from taking it up entirely for daily use.

However, metaverse business companies that have managed to implement the metaverse or other virtual reality technologies into their operational framework don’t just benefit from being advanced. They also benefit from providing services and a customer experience that’s different and unique. Luxury car company Ferrari, for example, developed an augmented reality application together with Zpace, that gives customers an enhanced shopping experience in their showroom. Metaverse is a digital parallel universe, it’s just like living your second life that is beyond your physical realities.

Kroger, a U.S.-based grocery store chain, uses artificial intelligence to improve logistics and optimize store layouts to ensure the freshness of its items and improve the checkout process for shoppers. These opportunities in the metaverse industry are turning out to be a clue to figuring out the answer to the most common question of 2022- how metaverse will change the world?

By switching up and optimizing the customer experience, businesses can add value to their products and, in some ways, bring people together. 

Issues linked to the metaverse 

While companies are excited about the next stage of the impact of the metaverse on businesses, not every employee feels the same way. A survey conducted by ExpressVPN revealed that compared to the 77 percent of employers who are interested in being in an immersive work environment, just 57 percent of employees are interested in working in the metaverse. 

Interest aside, employees surveyed also revealed that they’re concerned about data collection and whether or not their employers are collecting data about them and their behaviors while in the metaverse. In a separate survey, ExpressVPN also found that three in four bosses or executives are surveilling staff using employee monitoring software. 90 percent surveyed about this also admitted to actively tracking time spent by employees doing work compared to other activities unrelated to work.

Privacy concerns are part of why employees aren’t as adamant about using the metaverse, or interested in leveraging the benefits of the metaverse for businesses, even if they think new technologies help improve productivity and provide some flexibility. For many employees, the risk that is accompanied by the metaverse effect just isn’t worth it.

Striking a balance 

In an interview with Forbes, Emma Ridderstad, the CEO of Warpin Media, brought up a great point about how important it is to understand human behaviors when building products for the metaverse because due to the level of safety and security needed will make people want to participate and be part of the metaverse. In response to this, companies will need to hire a diverse group of people—not just software engineers and technological experts—to lead and contribute to projects.

Training and education are also critical in adopting the metaverse in the workplace. Employees without the proper technical training and skillsets will need to be trained, so they’re not left behind and will feel confident enough to be in the metaverse. 

It’s vital that companies strike the right balance in deciding which technologies to use and determining how important it is to use the metaverse business plan in the company. For example, is it truly necessary to implement the use of the metaverse in every aspect of the business landscape or just some functions that could improve customer satisfaction?

Written By

Pallavi

She is an avid writer of technology and trending mobile apps. When she is not busy updating you about the tech world, she spends time reading books and playing guitar.

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