The metaverse promises to be globally transformative — it might even be the most important technological revolution since the invention of the World Wide Web. The implementation of virtual spaces and business models has already begun, but a large proportion of companies in Spain — almost 50% according to the latest Metaverse and Business Observatory  — are in the dark about the details of the metaverse and what it means for business.

Even fewer companies are taking steps towards the metaverse, only 23% claim to be in the research phase, according to the same source. If there’s a future for the metaverse, it will likely depend on the private sector injecting capital into virtual business development. What technologies will be required for the world to see projects in the digital world, 3D, and virtual reality (VR)?

Connectivity: Essential to VR and blockchain

The metaverse requires the transmission of large amounts of data. Not only do the graphic demands of 3D environments, renderings, and image performance demand huge data transmissions in order to sustain the metaverse’s sheer existence, but millions of users could potentially be transmitting data simultaneously. This will require ultra-fast connectivity, with incomparable, bulletproof stability levels.

Not unrelated to connectivity, no one can access the metaverse or develop any business model within it without the appropriate technology — meaning both hardware and software. Companies, their employees, and their users alike will need multiple pieces of equipment to access and develop in VR and/or augmented reality (AR) environments.

Pieces of technology for the metaverse might be created specifically for this purpose, or developed with other partners, and will include VR glasses, controllers, and peripheral devices. This technology will be used to control everything in the metaverse, from avatars to powerful equipment, from virtual work environments and 3D spaces to remote interaction models.

In addition to software and hardware, companies will need to grasp and apply strategies, work models, products, and applications dominated by blockchain. Blockchain is the “basic language” that enables many of the technological developments in the metaverse. It also currently dominates — and is expected to continue to dominate — transactions and the exchange of goods and services, as well as the smart contracts that make them possible.

Speaking the blockchain “language” will be a non-negotiable in order to function in the metaverse with ease. The language level required will also go beyond understanding digital assets such as cryptocurrencies or non-fungible tokens (NFTs), which brought many of us to investigate blockchain in the first place.

3D and IoT in the business metaverse

Part of the value proposition of any company with a presence in the metaverse is that it will offer users an immersive experience, similar to an interaction they might have with a company in the physical world.

It is logical, therefore, that 3D models in which the facilities, stores, exhibition spaces, and customer relationship and contact spaces must be identical to those existing in the physical world. At the very least, 3D worlds must be fitting with companies’ brand identity, philosophy, and other visual elements. Being able to connect with real world devices directly from the metaverse and vice versa, thanks to technological developments from the IoT — or Internet of Things — is expected to improve the accuracy of visual elements within this digital ecosystem that is the metaverse.

Although the metaverse’s current state of development can be described as embryonic or in beta phase, the private sector is facing a prime opportunity to grab a competitive advantage. The levels of technological change that the metaverse represents for companies and users that choose to lead metaverse development, are immense.