What is the recently talked about Metaverse? What are the possibilities?

"Metaverse" is a technology that is currently attracting attention in the business. It is a coined word that combines meta (meta = transcendental) and universe (universe = universe), and is a technology that enables various activities in virtual space.

In the world of games and SNS, there have been some limited forms of incorporating the Metaverse for some time, but in recent years there has been a growing movement to incorporate this technology into business in various ways.

In this article, I will introduce the basics of Metaverse and the possibilities in business.

What is Metaverse in the first place?

Metaverse is a system that allows you to create and act on your own avatar in a virtual space on the Internet. Another feature of Metaverse is that you can interact with other users in the shape of avatars and have an unrealistic experience.

 

In recent years, advances in IT technology have dramatically increased the degree of freedom in the Metaverse, making it possible to communicate on the job and hold events on the Metaverse. Depending on how the operator defines the virtual space, the usage of the Metaverse is expanding infinitely. As a result, there is a growing movement to utilize it for business in a wider range of fields than ever before.

Differences between Metaverse and existing technology

At first glance, the Metaverse may seem like a whole new concept, but it's actually an evolution or major extension of some of the technologies that already exist.

 

What has been used in a limited way in games and SNS

The phrase Metaverse itself has only recently begun to permeate, but the technology itself has traditionally been used in fields such as games and blogs in its "limited form." On the blog, Ameba's "Ameba Pigg" (end of service in 2019) had the ability to create its own avatar and interact with other users.

 

There is no end to the examples of games, and even if MMO RPGs and FPS-type games do not use the name "avatar," they have functions that are virtually similar to the Metaverse. More generally, "Animal Crossing" would be the case.

 

There is a degree of freedom in the difference between the recently talked about Metaverse and these traditional services . Until now, the services that can be interacted with using avatars have been limited to specific purposes. For example, in the case of a game, exchanging messages, exchanging items, and visiting the spaces formed by each in Animal Crossing were all possible functions that were necessary to advance the game.

 

On the other hand, the Metaverse, which is currently being applied, is attracting attention as a platform that can be freely used according to the user's intentions, rather than these conventional services.

 

. Focus on community formation rather than VR (virtual reality)

Next, VR is another technology that is attracting attention as a "virtual" technology. VR and the Metaverse can complement each other, but of course they are different.

 

Since VR originally refers to "devices, tools, and tools" that allow you to experience virtual reality, it is a little different from the concept of "Metaverse," which is a virtual space formed on the Internet. However, nowadays, there are some examples that refer to what is formed as VR = virtual reality (image, space, etc.), which has a meaning closer to the Metaverse.

 

Still, the concepts of the two are different. VR is for one person to experience virtual images, scenes, spaces, etc., and does not consider the relationship with others. On the other hand, Metaverse is a "space" where you can interact with other users on the Internet using avatars, and the focus is on community formation.

What are the expected benefits of using Metaverse in your business?

Various effects can be expected by using Metaverse for business. The Metaverse is attracting attention because there is room for further business and social development by making the best use of these effects.

 

. It is possible to share situations that are not possible in reality

On the Metaverse, you can create an environment or situation that is not feasible in reality, and you can experience it in common with many people. It is easy to imagine the provision of services that allow you to experience an environment that is not possible in reality as entertainment. It can also embody simulations on the metaverse, for example in research, to stimulate discussion and drive innovation.

 

 

. Dramatic improvement in productivity

With the Metaverse, various restrictions due to "distance" can be greatly relaxed. Even in today's world of Internet and web calling tools, geographic constraints often plague business. Business trips to meet customers and inviting customers to visit the site are still practiced, which is definitely a factor that slows down the progress of business.

 

On the Metaverse, you can share the experience with customers and stakeholders with an overwhelming amount of information compared to existing communication tools. The more things you can do with distant actors, the more efficient your business will be.

 

. Also for controlling infectious diseases

The impact of the new Corona cannot be ignored as a distant cause of the attention of the Metaverse. Many companies in the world are trying to reduce face-to-face communication and are looking for ways to keep their business running smoothly in remote environments. Among them, Metaverse is attracting attention as an effective measure.

Virtual space has been actively applied mainly to entertainment. By utilizing this throughout your business, you can run your business smoothly without having to meet face to face. The more things that can be done in virtual space, the more effective it is as an infection control measure, so many companies are now actively pursuing the possibility of applying the Metaverse.

 

What can you do on the Metaverse?

The possibilities of the Metaverse are endless and have the potential to do everything. However, many people may find it difficult to imagine what they can do if they have never actually touched the Metaverse. Here are some ways to apply the Metaverse that have already been realized or will be realized in the near future.

 

. Remote meetings and collaboration

Remote meetings are still held via web calls, but the only materials that can be shared are presentations or videos at best. You can share everything on the Metaverse and, in some cases, update together to discuss. Since each avatar will have a realistic meeting as if they were facing each other, it will be easier to raise awareness of participating in the discussion more actively.

Also, for work that is done on the Web, it is possible to collaborate even if it is far away if it is Metaverse. Rather, it will be possible to work more efficiently and innovatively because it is possible to share environments and situations that cannot be reproduced in reality.

 

. Enhancement of virtual events

With regard to virtual events, the things that can be overwhelmingly expanded compared to the current webinars. By providing participants with a more unrealistic environment and a more realistic feeling, it is possible to enhance the customer experience. Not only will it be useful in the entertainment industry, but it will also give you more freedom to share quality content, such as new technology announcements and business introductions.

 

. Virtualization of employee training

In the past, employee training was usually carried out in one place, such as the head office. After the new corona, there were many cases where it was carried out remotely as an infection control measure, but there were some negative effects such as lack of motivation for employees due to lack of presence in Web calling systems.

 

With Metaverse, you can proceed with employee training with a sense of realism while experiencing the experience of all employees gathering together. Rather, there is room for more fruitful training than face-to-face training with virtual training content that cannot be realized in reality.

 

. Sophistication of interaction with avatars

The system itself for interacting with avatars has existed for some time, but in the future it will be possible to have more free and advanced communication. Various exchanges can be developed between avatars, such as sharing virtual contents, buying and selling goods, and executing businesses that are completed virtually.

 

Speaking of typical virtual products, there are NFTs that have established the value as assets by giving ownership to digital contents such as videos and illustrations. And such transactions will also be carried out in virtual currencies .

Metaverse with potential market growth

Expectations for the Metaverse are very high both from a business perspective and from an economic development perspective. Some say that it may function as a next-generation SNS.

 

According to a survey and forecast by Emergency Research of Canada, the Metaverse-related market has already reached 5.5 trillion yen by 2020. This is still huge enough, but we estimate that it will grow into a 100 trillion yen market in 2016.

 

On the business side, there is no way not to take advantage of this promising market, and if you are looking to get a job and develop a career, Metaverse-related companies are likely to be the focus of attention.

Reference: Will Metaverse create a huge economic zone of 100 trillion yen? Reasons for attention and 10 related companies (Yahoo News)

 

Pay attention to the trend of Metaverse

At first glance, Metaverse seems to be a technology that is already becoming widespread, such as SNS and MMO RPG, but it actually has great potential in business. With the dramatic increase in non-face-to-face communication opportunities with the new Corona, it can be said that the number of companies trying to utilize the Metaverse is increasing at a stretch.

 

It is expected that the Metaverse will spread and develop rapidly in the future as many companies seek technological advances and application methods. Metaverse is an area of   great interest for those who are going to pursue career development through employment and entrepreneurship.