We asked our CMO, Caitlin about the Metaverse and what you need to know!
Can you explain what the metaverse is and its significance in the context of technology, society and business?
It's basically just those huge white goggles that get put over your eyes so you can play games whilst your friends record you inevitably crashing into something, right?! Well, you’re close but not quite. To break it down, the Metaverse is your internet experience transformed into a 3D world and a tremendous amount of capability to transform not just our online experiences but in business, social life and education.
How do you see the metaverse affecting the future of business?
It’s easy for us to view new technological advancements as a scary and daunting tool that will be tough to adapt to but actually, this could be hugely beneficial to businesses. For commerce businesses, imagine the ability to have a storefront designed meticulously to your standards and offer them a virtual experience that can expand globally. For service based businesses, this could bridge the gap between you and your clients to create long lasting relationships. The adoption of the Metaverse is about connection and this could be huge for the community building element that comes naturally to business.
How do you see the metaverse evolving in the next five to ten years?
To answer this you need to reflect on the technological advances of the past 10 years and how far we’ve come. From the smartphone almost being like a mini computer in your back pocket to cars that drive themselves to AI that can literally spit out a 3000 word essay for you with little to no prompts - it’s astonishing to see how far we’ve come. The big social media platform Meta have already sunk billions into this platform already and has pledged to continue to do so. Their main challenge will be the adoption of the platform as the ‘new normal.’ But if they do manage to get over that mountain, then the impact could be phenomenal on society and the way that we currently experience our lives, unlocking doors to socialisation and learnings in many cultures across the world.
What impact do you think the metaverse will have on industries such as gaming, entertainment, education, and commerce?
It does increase one element of our lives massively - FUN! But it does so much more than that, using mixed reality we can develop classrooms that will be fit for those with learning difficulties to make education more enticing and rewarding. For small businesses, your product can be freely available to try out or try on which will reduce customers returning products and in turn reduce emissions, too. Socially these can have huge benefits beyond just the fun of meeting up with your mates from the comfort of your own home to watch the latest horror in your own private cinema screening. The environmental and economical impact could be astonishing.
What are the potential benefits and drawbacks of a fully realised metaverse?
The benefits speak for themselves when the fundamental goal of the Metaverse is to ‘connect’. We will open up door and opportunities that many people may not have had access to previously. The drawbacks can somewhat be drawn to connection too. Can we really replace face-to-face connection and communities? In the ever-growing digital age, there are substantial increases in the loneliness epidemic and the Metaverse could easily cause further divisions rather than the unity that they aspire to.
Are there any ethical considerations that need to be addressed as the metaverse continues to develop? Privacy, for example?
There are always new ethical considerations with the rollout of new technologies. Common questions raised are “where’s my data going?” and “what does this mean for my digital footprint?”. There are little to no repercussions when it comes to the element of protection on these platforms, and as a result, leaves a large grey area of trust. Touching on my previous point, this is part of the mountain that needs to be considered and made apparent to users before the public adopts these platforms as the beneficial ‘new normal’.
What role do you think virtual reality (VR), augmented reality (AR), and mixed reality (MR) will play in shaping the metaverse?
These are the fundamental gameplayers in this experience! They take the virtual element and make it a reality for the end user. Primarily, the Metaverse is accessed through headsets which would take some getting used to in the normal everyday. However, we have seen technological advancements to cover this already, such as Rayban’s new smartglasses, that are obviously a whole heap less aesthetically obnoxious and utilise an item that many of us are used to wearing already, so there is definitely scope for improvement.
How might the metaverse impact the way we work, collaborate, and conduct business?
What opportunities do you see for entrepreneurs within the metaverse?
The opportunities are endless! There were a few points covered when we discussed business advancements - but let’s not forget the revolution of the workspace and having the ability to have virtual conferences and offices without the massive rent bills that allow for your company culture which could increase employment satisfaction and retention. There are so many cost benefits to businesses as well as the productivity element. Imagine being able to immerse yourself into a reality of no distractions with the support of an AI assistant? You will become a productivity ninja, getting through more than you ever thought you could (and we could all use the extra hand, right?). The possibilities and capabilities are huge and this is only the beginning!
How do you anticipate the regulatory landscape evolving in response to the growth of the metaverse?
This is going to be a difficult one because we are looking at complete uncharted territory and the EU commission is already looking at rolling out new regulations specifically for the Metaverse. The rise in scams and fraud are a particular field to highlight and how users would be protected, but also the conversation about intellectual property and how businesses need to protect their brand. Beyond this, the actual experience on the platform itself needs to be monitored and reviewed as we have learnt from social media - online experiences can be a breeding ground for hate speech and harassment. These are all key points that regulatory bodies will be following closely.
Finally, what advice would you give to individuals and organisations looking to explore or invest in the metaverse space?
Keep it simple and enjoyable - jump into it! Have a little bit of fun, explore and learn how to navigate a brand new experience and let your imagination run wild. The first thing to get over is the fear of adoption and then you will learn the capabilities firsthand!
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