If you hear the term metaverse, chances are that you envision a Fortnite gamer using VR to interact with their Stumble Guys app or perhaps teens huddled around it.
But the metaverse’s entertainment is not limited to consumers. Enterprise benefits can be a boon that could change the way we collaborate with private 5G tech.
Additionally, the growth of the metaverse is fast. Last year’s global metaverse market value was $39B. It is projected to grow to $679B by 2030. There are many ways that this will improve the workplace. These include improvements in telecommuting, better accessibility, and greater inclusion of employees with disabilities.
Metaverse provides private 5G Network and Innovations
The combination of private networks 5G and new innovations provided by the metaverse opens up opportunities to save money, increase revenue, and gain competitive advantage in different sectors.
Heavy Industries: Equipment repairs
Many interconnected systems and technologies are essential for heavy industries such as logistics and manufacturing. Due to the constant use of these machines and the harsh environment they are exposed to, maintenance and repairs are crucial.
Training new hires about the nuances of repairs can be time-consuming and expensive. These issues are made more difficult by the fact that the technology may not be in the same location as the employees who are being trained.
Metaverse tools can help overcome these obstacles, and assist organizations in efficiently training personnel.
Digital twins are created to allow employees to visualize the entire process and help them better understand the technology.
The AR/VR technology could then be used for individual avatars to allow personnel to experience interacting with and repairing these devices, regardless of where they live.
This allows employees to look at the technology and find areas for improvements. It also reduces the time and cost associated with traditional methods.
Remotely Assisting in Field Applications
IT support and field service personnel can use the metaverse to remotely help field applications in a similar way. Some companies attempted to use remote assistance to perform basic maintenance tasks during the pandemic. Unfortunately, this was due to restrictions on travel and health that prevented them from sending staff to help technology.
High-bandwidth, low latency 5G will make remote support more accessible for companies of all sizes, and across all sectors. Remote support will be more technical than ever before, allowing for complex repairs and troubleshooting that would otherwise require in-person attention.
This will allow for significant operational cost savings as well as reducing the risk of personnel having to interact with explosive or unstable technologies.
Supporting NFTs for the Finance Industry
Non-fungible tokens, or NFTs are no longer a trendy term on blockchain. They have become a popular concept. NFTs are a powerful concept that is being demonstrated in the B2C universe. There are numerous examples. NFT accessories were launched by luxury fashion brands Burberry (and Louis Vuitton) to help support their respective videogames.
NFTs can have an impact on foreign exchange trading, real estate management, and other areas of the enterprise metaverse. NFT-based property registry could be a better and cheaper alternative to traditional land registrations.
This could have important implications for those who are not titled but own land and are thus prohibited from mortgaging the land or selling it.
Another possibility is virtual stocks exchanges. These could allow companies to issue stock NFTs from multiple jurisdictions.
This tech is mainly theoretical but has underscore possibilities
These and other examples may seem abstract at the moment, but they show what’s possible with technology maturing. NFTs will be a more prominent part of virtual and hybrid physical worlds. I expect that new economies of scale will emerge.
These and other enterprise-related metaverse use cases require the security, reliability and low latency afforded by private networks of 5G. There is much buzz about cloud computing’s potential to accelerate the metaverse. But it is critical that companies understand that telecom capabilities are equally important.
5G’s unmatched speed will help make many enterprise metaverse potential a reality. Companies must start to seriously consider how they will deploy private network 5G.