When you hear the phrase “metaverse,” you probably think of someone playing Fortnite with a VR headset or a group of teens using the Stumble Guys app.
But the metaverse isn’t just for entertainment in the consumer world. As private 5G technology develops, there are many business benefits that will change the way we work together. Also, the metaverse is moving quickly. Last year, the global metaverse market was worth $39 billion, and by 2030, it is expected to be worth $679 billion. This will help the workplace in many ways, from making it easier for people to work from home to making it easier for people with disabilities to get to work and be included.
Metaverse gives you a private 5G network and new technologies
Also, private 5G networks and the new innovations made possible by the metaverse will make it possible for businesses in all sectors to save money, generate more revenue and be more competitive.
Heavy industries fix their equipment
Heavy industries like manufacturing and logistics use a lot of complicated systems and technologies that work together. Because these machines are used all the time and in rough conditions, they need regular maintenance and repairs.
But teaching new employees how to do these kinds of repairs can take a lot of time and money. When the technology isn’t physically in the same place as where employees are being trained, these problems are made worse.
Metaverse tools can help organizations get around these problems and train their employees quickly and effectively.
By making digital twins of an oil refinery, for example, workers can see how every part of the process works and better understand how the different technologies fit together. Then, AR and VR technology could be used to make individual avatars that people could use to practice interacting with and fixing these systems, no matter where they are in the real world.
Not only does this save time and money compared to traditional methods, but it also gives employees the freedom to explore the technology and find places where it could be improved without putting physical systems at risk.
Helping Field Applications from a Distance
IT assistance and field service technicians can also use the metaverse to help field applications from a distance. During the pandemic, when travel restrictions and health issues made it hard for companies to send people to support technology in person, some organizations tried out basic maintenance tasks that could be done remotely.
But 5G’s high bandwidth and low latency will make this a lot easier for businesses of all sizes and in all fields. Also, remote access will become more technical. For example, complicated repairs and troubleshooting that used to need to be done in person will be done remotely.
Helping NFTs in the Finance Business
NFTs used to be a blockchain buzzword, but now they are a well-known idea. There are a lot of examples of NFT’s potential in the B2C metaverse. For example, the high-end fashion brands Burberry and Louis Vuitton both came out with NFT accessories to go with their own video games.
The foreign exchange market and real estate management are two areas where NFTs could be used in the enterprise metaverse. For example, NFT-based property registries could replace traditional land registries in a way that is safer and less expensive. This could have big consequences for people who own land but don’t have a title and can’t sell or mortgage it because of that. Another option is virtual stock exchanges, which could let companies from different markets and jurisdictions issue stock NFTs.
Most of this technology is theoretical, but it shows what might be possible
At this point, these and other examples are mostly just ideas, but they show what could be possible as technology gets better. NFTs will keep getting more and more important in both virtual and hybrid virtual/physical worlds, and I think this will lead to new economies of scale.
Private 5G networks are the only way these and other enterprise metaverse use cases are possible because they are reliable, have low latency, and are safe. Even though there is a lot of talk about how cloud computing is speeding up the metaverse, organizations need to realize that telecom capabilities are just as important.
The speed of 5G is so fast that it will help make many enterprise metaverse ideas come true. Companies need to start thinking about how they will set up private 5G networks right now, or they risk being left behind in the enterprise metaverse.
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