When you hear the termmetaverseYou probably imagine a Fortnite player interacting via a VR headset or perhaps a group of teens gathering around their Stumble Guys app.
But the metaverse isn’t just for consumer entertainment – there are many enterprise advantages poised to change the way we collaborate as private companies. 5G technology is maturing.
Moreover, the metaverse is accelerating rapidly – last year, the global metaverse market was $39 billion, and this expected to $679 billion by 2030. There are many ways it will benefit the workplace, from improvements in remote work to better accessibility and inclusion for employees with disabilities.
5G Private Network and Metaverse Innovations
In addition, the combination of private 5G networks and the new innovations provided by the metaverse will open up opportunities for cost savings, revenue gains and competitive advantage across sectors.
Equipment repair in heavy industry
Heavy industries such as manufacturing and logistics depend on many complex and interrelated systems and technologies. As these machines are subject to constant use and harsh conditions, constant maintenance and repair is essential.
However, training new employees in the nuances of these reforms can be a time and resource intensive effort. These challenges are exacerbated in situations where the technology is not physically located in the same area where employees are trained.
Metaverse tools can overcome these obstacles and help organizations efficiently and quickly train employees.
For example, by creating files digital twins In an oil refinery, employees can visualize every aspect of the process and better understand how to assemble different technologies.
From there, AR and VR technology can be used to create individual avatars so that individuals can simulate and repair interactions with these systems – no matter where they are physically located.
Not only does this reduce the time and expense associated with traditional approaches, but it also enables employees to explore technology and identify areas for potential improvement without jeopardizing physical systems.
Remote Assistance Field Applications
Along the same lines, field service and IT support technicians can use the metaverse to assist remote field applications. Some organizations dipped their toes in the waters of remote assistance with some basic maintenance tasks during the pandemic, when travel restrictions and health restrictions prevented companies from sending employees to support technology in person.
However, the high bandwidth and low latency of 5G will make this more feasible for businesses of all sizes and sectors. Moreover, the nature of remote support will become increasingly technical – eg, complex repair and troubleshooting that in the past required personal attention.
This will not only save operational costs, but also significantly reduce the risks associated with sending personnel to physically interact with potentially unstable or potentially explosive technologies.
Supporting NFTs in the Finance Industry
Non-fungible tokens, or NFTs, have evolved from a blockchain buzzword into a mainstream concept. There are many examples in the B2C metaverse that Highlighting the potential of NFT. Case in point, luxury fashion brands Burberry and Louis Vuitton have launched NFT accessories to support their respective video games.
One potential impact of NFTs in the metaverse is forex trading and real estate management. For example, NFT-based property registries could emerge as a safer and less expensive alternative to traditional land registries.
This may have major implications for people who own the land but who lack a title deed and are therefore prohibited from mortgaging or selling it.
Another possibility is virtual exchanges, which could enable companies from multiple jurisdictions and exchanges to issue NFTs.
Most of this technology is theoretical, but it has basic capabilities
These and other examples are mostly theoretical at this point, but they underscore what might be possible as the technology matures. NFTs will continue to play an increasingly prominent role in both virtual and hybrid virtual/physical worlds, and I believe we will see new economies of scale emerge as a result.
These and other enterprise metaverse use cases are only possible through the reliability, low latency, and security offered by private 5G networks. While there is a lot of hype surrounding how to accelerate cloud computing from the metaverse, it is critical for organizations to realize that communications capabilities play an equally essential role.
5G’s unparalleled speed will be instrumental in making many enterprise-grade possibilities a reality. Companies need to start thinking seriously today about how to deploy private 5G networks — or risk being left in the enterprise metaverse’s rear-view mirror.
Featured image credit: Z photography; Pixels. Thank you!
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