Imagine living in a time when one can sit beside a beach and attend important meetings on the go—not through FaceTime but actually through being there virtually. Or perhaps one has to teleport from an office in New York to California instantly. What can be done then? Maybe you have a meeting but are too tired to attend it? Well, send your AI-enabled digital twin. All of this might sound far-fetched or straight out of a science fiction movie. However, contrary to popular belief, this reality might be closer than the world expects. This reality is what we call Metaverse.
The term Metaverse was first coined by American author Neal Stephenson in his book Snow Crash in 1992. He described this universe as a virtual representation of the world devoid of physical or one-to-one interactions. The metaverse can be interpreted as a virtual 3D world where people can interact, do business and forge social connections through their virtual selves or Avatars.
What is Metaverse?
As mentioned above, the metaverse is a virtual representation of the world where people can interact with each other without having to leave their houses. Meta, formerly Facebook, has been very dedicated to making it a reality. To them, the metaverse is not a far-fetched technology; to them, it is inevitable. Nick Clegg, the president of Global Affairs at Meta, said, “The metaverse promises to make learning more active. With virtual and augmented reality technologies, people can learn by doing, not just passively absorbing information. This has the potential to transform the way we provide new skills and new lifelong learning tools for people in the future.”
Benefits It Poses In The Workplace
The possibilities within the Metaverse are immense. It’s like a world of its own, where you have ‘free will’ to do whatever you want, much like the real world. Due to this element of the Metaverse, it has various workplace use cases.
Reducing Risks and Costs in High-Risk Trades
With VR training modules, electrical apprentices can practice high-risk tasks, like working with live wires, in a safe virtual environment. Platforms like Interplay allow apprentices to simulate live wire handling hundreds of times, reducing injury risks and cutting training costs by up to 50%, according to an ITIF whitepaper. This approach is already impacting, with five chapters of Associated Builders and Contractors in the U.S. integrating VR into their programs.
Boosting Caregiver Retention and Empathy
Embodied Labs, led by CEO Carrie Shaw, provides VR simulations to help caregivers understand cognitive and sensory loss. This immersive experience boosts empathy and reduces turnover, a crucial benefit in an ageing population with increased caregiver demand. According to Talespin, VR training can improve on-the-job confidence by 275% and is 4.5 times more effective than traditional learning.
Extending Careers in Physically Demanding Jobs
For ageing tradespeople in fields like welding and sheet metal, VR is a career extender. According to Michael Harris from the International Training Institute, VR enables seasoned workers to learn less physical roles while contributing their expertise. Not only does VR provide income continuity, but it also engages younger trainees who compete for high scores in modules designed like interactive games.
Creating Accessible Career Pathways through XR
The XR field offers accessible job opportunities, with 40% of XR job postings requiring only a high school diploma or no formal education, as Jobs for the Future noted. This opens tech sector roles to individuals previously underrepresented due to educational barriers, offering a pathway from entry-level support roles to specialised positions like virtual-world design and XR consulting.
Cost-Effective Prototyping for Small Businesses
By replacing physical prototypes with digital twins in VR, multimedia artists like Quittman Farmer help reduce costs for small to medium-sized businesses. With AR/VR, companies can create flexible and easily manipulated prototypes without physical production costs, allowing real-time design adjustments and collaboration across teams. This strategy could help the U.S. metaverse economy reach $760 billion by 2035, as per Deloitte.
Challenges In Adopting Metaverse On A Large Scale
Metaverses can change the world forever and the way we interact with it. That being said, many challenges still make adopting metaverses a tough nut to crack.
Infrastructure Limitations
The metaverse is a virtual world that requires a tremendous amount of data to navigate. For its futuristic applications, it requires superfast internet. Although 5G has the capabilities to fulfil this need, it is still in its initial stage, and its infrastructure is not reliable at the moment.
Borderless Experience
Metaverse promises a seamless experience where borders hold no significance. This might sound good, but it’s not so practical. Yes, the experience might be borderless, but it will be far from what you would experience in reality. Due to security implications and geopolitical tensions, countries might want to avoid indulging in infrastructure.
Small Steps Towards A Virtual World
Truth be told, Metaverse is a technology that can revolutionise the world for good and for bad. The possibilities are so immense that no one can tell if it is a boon or a curse. However, one thing is for sure: We still have a lot of time before Metaverse really becomes a thing. Technological advancements and a lack of regulatory guidelines pose a barrier that can take years to overcome.
