The introduction and development of the Internet in the 1990s and early 21^st century represented one of the biggest leaps forward in our planet’s technological revolution. Now as we move into the early twenties of the current century, we find ourselves on the verge of yet another major advance in technology and connectivity – the metaverse.

Big players in the sector, including the likes of Facebook and Google, are already positioning themselves to be leaders in this transformational process. And other corporate giants from a variety of sectors – not just those strictly confined to technology – are doing the same, given the metaverse will significantly alter the behaviour of markets, companies that operate within them, as well as users who will gravitate towards them, either as buyers, or else the passive subjects of various products and services.

Unsurprisingly, we’re now in a window of opportunity representing a market share that could top $800 billion, according to Bloomberg Intelligence analysts Nathan Naidu and Matthew Kanterman in their recent report. The consultancy firm puts growth rates at 13.1% per year, which could amount to over $783 billion by 2024, from a starting point of $478 billion in 2020.

What is the metaverse?

It’s an entirely digital universe that exists in parallel to the physical world, or directly interacts with it through augmented reality and the Internet of Things. These virtual worlds – given everything points to lots of them coexisting alongside each other in future, with the possibility of users migrating seamlessly from one world to another entirely – will only be possible with the help of technologies such as blockchain, the normalisation of creating and buying and selling non-fungible tokens, or NFTs, alongside use of virtual reality devices, as well as terminals and peripherals to provide a sensory experience closer to reality within the metaverse.

What features will these metaverses have compared to the connectivity frameworks we’re used to with the ‘traditional’ Internet? Among others:

• The interface will be users themselves, including their entire body.
• This provides a more immersive and personal experience when interacting with the metaverse.
• Every user will have a unique ‘personality’ through an avatar.
• These avatars will be able to develop group dynamics and establish their own social networks that can either be dependent on each other or not.
• The metaverse will continue to function even if one – or all – of its members are offline at any given time.
• Products and services can be introduced in various formats, perfectly implementable and, what’s more, may even acquire a physical and/or three-dimensional appearance.
• High-quality voice interactions will be possible, along with near-instantaneous transmission of large volumes of data.

What the metaverse could mean for the corporate world

Although the many applications of these metaverses for the leisure and entertainment industries are obvious – with the online games industry at the forefront –, lots of other sectors will also benefit from their development in both the short and medium term.

A whole new world will open up in supply chains, given potential buyers will be able to virtually try out products and services before buying them in the real world. In terms of purely digital goods, the same ‘rules’ will also apply to user experience and product testing. And the existence of the metaverse is sure to open up a vast array of possibilities for offshored retail companies, which will now be able to reach their target audiences just about anywhere on Earth.

In sectors where a telepresence or remote activity using virtual reality can be vital – such as remote medicine, for example –, the metaverse and 5G-connected devices could also represent a significant paradigm shift. Although robots and AI will reduce the presence of humans significantly in many areas, remote working could take on a whole new dimension within the metaverse.