The next wave of digital change is on the horizon, with forward-looking companies considering a leap into the future via the metaverse. In fact, Gartner predicts that about 25% of people will spend at least an hour a day in the metaverse by 2026. For a better understanding of what the metaverse is and its effects on businesses, we spoke to futurist and author Gerd Leonhard.
The Metaverse is Close, But Not Quite Here Yet
Though companies like Meta seem to be leading the charge in creating the future of the metaverse, Leonhard noted that the tech giant should be disconnected from the debate of the metaverse in general.
Using the term virtual reality or virtuality instead, he pointed out that the full fruition of the metaverse as an immersive space is still a long way off for now due to practical reasons like limited internet bandwidth and device capabilities.
For the metaverse to function as we imagine it – being fully immersive and capable of handling hundreds, perhaps millions, of users at one time – we would need over 1,000 times the current computing power. The technology is simply not there yet. Although, this future could arrive sooner than we think given all the advances being made in quantum computing.
Another drawback to the metaverse is the problems presented by wearable tech such as disorientation and confusion, not to mention the high price points. This makes the metaverse less accessible to the average user.
Leonhard suggests that the wide adoption of virtuality will likely amplify the digital divide due to unequal access to T1 internet. The metaverse is simply inaccessible to most people right now.
“I always say, we should not mistake a clear view for a short distance,” said Leonhard.
Augmented Reality Over Virtuality
The lowest hanging fruit, for now, will be augmented reality. The futurist explained that some of the best applications for such technology will be for training, education, and operations – particularly for judges, lawyers, surgeons, and other highly skilled jobs.
Along with AI, virtuality could be useful in various industries. One current application is using virtuality to augment digital twins – which not only saves cost but also makes the engineering and design process more efficient.
Leonhard said: “Here’s what I think about augmented reality – it’s about living our actual lives to the fullest extent possible and supporting this with great technology. You see things differently, but it’s not replacing your reality.”
“I think it will be more important to think of it like this. We don’t want the metaverse to become what I call a meta-perverse.”
During his talk, Leonhard cautioned that there are major problems with how humans may interact with virtuality – from dehumanization to reductionism. This is on top of other issues like data mining, privacy violations, and media manipulation.
Though Meta’s Mark Zuckerberg believes it is time for immersive digital worlds to become the primary way people live, Leonhard disagrees.
“The metaverse is a piece of technology, and technology is a tool,” said Leonhard.
“It’s a B2B tool right now primarily for what I said earlier – education, training, R&D. Clearly as a consumer device, I don’t see it becoming very big in a long time.”
Use Virtuality to Enhance Connections
In a B2B context, Leonhard said: “In the end, every business wants engagement, experiences, and relationships. That’s why they make money.”
He suggests looking into how augmented reality can be used to improve customer experiences – whether it’s creating a more engaging website, gamifying certain interactions, enhancing the digital twins process, or training.
In fact, it could even be used to elevate meetings, events, and conferences. This technology may even alleviate the need for travel.
Australian brand 19 Crimes harnessed the power of AR to drive consumer action to huge success. It introduced an app that, when used to scan the labels on their wine bottles, brought some historic characters to life. The AR experience told the tale of the 19 criminals turned colonists which inspired the brand name, the brand’s history, and the larger story of Australian wine and culture.
The campaign proved highly successful, with over 1.2 million app downloads and 153 social media impressions. The AR campaign also led to a 104% year-on-year growth for the brand in the US market, and an overall sales growth of 60%.
Security and Privacy in the Metaverse
On the question of privacy and security of clients in the metaverse, Leonhard pointed out that this would merely be an extension of the existing problems with digital media.
It’s important for regulators to understand the impact of the metaverse. People are already raising questions about trust, data privacy, accountability, and liability on the internet in general. With the metaverse, these concerns are amplified.
“So far, we’ve done whatever we could just because it’s possible – the Internet of Things, big data, mobile 5G. Now, we have to start thinking about what we want and who is in charge,” Leonhard said.
Next Meta-steps for Businesses
We are currently in a time when technology is becoming exponentially powerful. Leonhard predicts that in a decade, almost everyone will be connected to the internet, that augmented reality glasses will be everywhere, and that virtual worlds and supercomputing will be common.
So, what can businesses do now to prepare for this eventuality? Leonhard suggests that businesses start to think about things like tracking data, surveillance, and cookies.
Stressing how people now care about a brand’s business practices – on top of the security of their own data and whether they are being surveilled or observed – the futurist stresses the importance of building trust in a digital environment.
This includes making headway in sustainability – since “green is the new digital”.
Talent in a VR-based Future
In fact, the World Economic Forum projects that there will be several hundred million new jobs in the green digital space and climate technology alone. Similarly with virtuality – and the metaverse – we can expect to need talent for jobs that don’t even exist yet.
On this point, Leonhard advised businesses to focus on the functions that would be most important to people such as engagement, experiences, relationships, as well as anything to enforce those functions via AR and VR technology.
“That is something to look at first, to create better value, build deeper relationships, and get real engagement. Not escape,” he said.
