If you hear the term metaverse, chances are that you envision a Fortnite gamer using VR to interact with their Stumble Guys app or a group teenagers around it.
However, the metaverse isn’t just for entertainment. It has many benefits for enterprises that can transform the way we collaborate with private 5G technology.
Additionally, the growth of the metaverse is fast. Last year’s global metaverse market value was $39B. It is projected to grow to $679B by 2030. This will bring many benefits to the workplace, from improved telecommuting to greater accessibility and inclusion of employees with disabilities.
Metaverse provides private 5G Network and Innovations
In addition, private 5G networks combined with new metaverse innovations will provide opportunities for cost reductions, revenue increases, and competitive advantages across sectors.
Heavy Industries Repairs
Heavy industries, such as manufacturing or logistics, rely on many complex and interconnected systems and technologies. These machines are exposed to constant use and harsh environments, so it is vital that they are maintained and repaired.
Training new hires about the nuances and details of repairs can be time-consuming. These issues are made more difficult by the fact that the technology may not be in the same location as the employees who are being trained.
Metaverse tools can help overcome these obstacles, and assist organizations in efficiently training personnel.
Digital twins are created to allow employees to visualize the entire process and help them better understand the technology.
The AR/VR technology could then be used for individual avatars to allow staff to experience interacting with these systems.
This allows employees to look at the technology and make suggestions without any danger to their physical systems.
Remotely Assisting in Field Applications
IT support and field service personnel can also use the metaverse to remotely help field applications. Some companies attempted to use remote assistance during the pandemic. However, they were unable to send personnel to help with technology because of travel restrictions.
High-bandwidth, low latency 5G will make remote support more accessible for companies of all sizes, and across all sectors. Remote support will be more technical than ever before, allowing for complex repair and troubleshooting tasks that would otherwise require in-person attention.
This will allow for significant operational cost savings as well as reducing the risks associated with personnel physically interacting with potentially explosive or unstable technology.
Supporting NFTs for the Finance Industry
Non-fungible tokens, or NFTs are no longer a trendy term on blockchain. They have become a mainstream concept. NFTs are a powerful concept that is being demonstrated in the B2C universe. There are numerous examples. NFT accessories were launched by luxury fashion brands Burberry (and Louis Vuitton) to support their respective videogames.
NFTs can have an impact on foreign exchange trading, real estate management, and other areas of the enterprise metaverse. NFT-based property registry could be a better and cheaper alternative to traditional land registrations.
This could have important implications for people who are not able to mortgage or sell land they own but do not have a title.
Another option is virtual stock markets, which allow companies from multiple jurisdictions or exchanges to issue stock NFTs.
This tech is mainly theoretical but has underscore possibilities
These and other examples may seem abstract at this stage, but they show what’s possible with technology maturing. NFTs will be a more prominent part of virtual and hybrid physical worlds. I expect that new economies of scale will emerge.
These and other enterprise-related metaverse use cases require the reliability, low latency and security of private 5G networks. There is much buzz about cloud computing’s potential to accelerate the metaverse. But it is critical that organizations acknowledge that telecom capabilities also play a fundamental role.
5G’s unmatched speed will help make many enterprise metaverse potential a reality. Companies must start to seriously consider how they will deploy private network 5G.