Debunking 5 myths about the metaverse

The metaverse is teeming with potential for business applications. However, since the technology is still so young, some businesses remain skeptical of the hype surrounding the metaverse.

Despite these reservations, McKinsey reports that company investments and consumer sentiment reveal eagerness to see the realisation of opportunities in the metaverse, and that the value of the metaverse could go up as high as USD 5 trillion by the year 2030.¹

Enterprises that ably tell fact from fiction regarding the technology can better utilise it in their business strategies. Here are five myths about it you must understand:

The utter vastness of the metaverse may make some believe that there is no way to truly understand it. While the definition for it is definitely still growing, it can be viewed as a network of interconnected, three-dimensional worlds experienced virtually.

Ericsson names three key elements that make up the metaverse as we know it today: a social aspect, an emphasis on virtual content, and the use of novel technology to access it.² It is a space for people to meet and interact using avatars, done virtually through novel technologies like extended reality (XR) devices.

Other novel technologies such as blockchain, 5G connectivity, and artificial intelligence are important in the progress of the metaverse, but XR technologies—virtual reality (VR), augmented reality (AR), and even brain-computer interfaces once further explored—will mainly shape how humans experience the metaverse.³

There is debate about whether or not the metaverse is just a fad or the future of our collective online experience. Amidst these disagreements, younger generations are already exploring the metaverse and anticipating a world in which virtual experiences are a regular occurrence.⁴

Tech giants have also begun making big investments in the metaverse. Notably, Microsoft has ongoing efforts to close its USD 68.7 billion acquisition of gaming studio Activision Blizzard—the largest of its kind in the gaming industry.⁵ The tech corporation positioned this move as a bid to gain a foothold in the metaverse.⁶

NVIDIA has also launched its Omniverse Cloud Services, which is made for designers and developers to build and operate metaverse applications. This provides enterprises with the infrastructure to create and monitor their own virtual environments.⁷

With Millennials and Generation Z leading the adoption of metaverse technologies and tech giants betting on a metaverse-centered future, there is reason to believe that the metaverse will only become more relevant as time goes by.

Millennials and Generation Zs see digital experiences as an important part of their social lives.⁸ Rather than being a threat against physical, real-life encounters, however, the metaverse will only serve as an extension of them. Many big names have already put this into practice, from luxury brand Gucci opening a concept store on Roblox, to conglomerate Samsung hosting a virtual concert on the same platform.⁹

The future will see an interweaving of physical reality and digital worlds accessed through the metaverse, broadening the realm of people’s experiences.

Games are currently the most popular way to experience the metaverse, but they are not the only platforms for it. The metaverse will impact and is already impacting different industries today.

Job search app Hirect, for instance, hosted a metaverse career fair in 2022, which 200 job seekers attended using Meta Quest 2 headsets or their web browsers.¹⁰ Furthermore, Microsoft and Meta have partnered up to bring Mesh, Microsoft’s immersive communication platform for organisations, into Meta’s Quest VR headsets. The goal of this partnership is to create remote collaborative environments that replicate in-person meetings.¹¹

Metaverse technologies are also revolutionising education. Educators can take students on virtual tours through VR storytelling platform Driftspace, and have them participate in virtual lab sessions through Labster, a science simulation platform.¹²

Science fiction gives numerous warnings about futures dependent on virtual realities, making it easy to imagine that a dystopian world awaits us once the metaverse is fully realised.

In contrast to this, investor and metaverse expert Matthew Ball argues that its current applications emphasise enjoyment, exploration, and socialisation, which makes it a great tool for learning.¹³

Though the technology is fairly new, the shift into the metaverse is inevitable. Organisations will benefit the most from the changing digital landscape not by resisting, but by continually learning about its developments and possibilities, and examining how to adapt. When utilised well, the metaverse can become a revolutionary means of communication and collaboration for both businesses and consumers.

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