How Is the Metaverse changing the workplace?
Metaverse - a virtual space that wasn't much in trend or discussion earlier traces its origin back to 1992 when it was first marked by an American Sci-fi writer Neal Stephenson in his novel 'Snow Crash’.
A hike in its interest was seen during the pandemic - COVID-19.
Earlier, the awareness of Metaverse was not prevalent. It was during the year 2020, that people began recognizing the need for a virtual world.
The pandemic hit the world at the beginning of 2020. During those times, humans realised the need for socialisation through virtual platforms.
Later, Facebook made an investment of more than $10 billion in its Metaverse division in the year 2021. In the same year, the word Metaverse received about 84000 mentions on social media.
You must have the following questions -
What is Metaverse?
How is it changing and creating an impact on the workplace?
We hope to cover all your queries in this blog.
What is Metaverse?
There are two types of worlds -
The first one is the Real world consisting of plants, animals, birds, human beings, and the natural environment.
The second one is the Metaverse -
Metaverse is a hypothetical iteration of the Internet as a single, universal, and immersive digital world facilitated by Virtual and Augmented Reality. It is a virtual scene created by humans. An environment that is immersive and interactive. A world that can facilitate all the functions from shopping to exploring different places, with an incredible experience.
The Metaverse works through various technologies including but not limited to 3D technology, blockchain, and real-time software.
Let's understand each of them in brief -
3D Technology - This technology is associated with computer graphics which involves the creation, visualization, and analysis of three-dimensional objects. It is used for creating realistic digital prototypes of real-world objects such as apartments and cars.
Blockchain - It is a technology that is used to store data in blocks that are linked together forming a chain.
It is designed to make it impossible for anyone to hack or forge the data stored in it. Therefore, it is one of the most secure technologies.
Real-time Software - This is software that can sense, analyze and respond to the data immediately without storing the same in the back end. They are used to process the streaming data.
Interested to know more about Real Time 3D
Note - The word 'Meta' took the world by storm when 'Facebook' was changed to 'Meta'.
Heavy investments are being made by Meta, McKinsey, Microsoft, Google, and more for the improvement and advancement of Metaverse.
Ever wondered why these investments are made now?
Metaverse is the future, but it has shown its slightest impact in recent times.
Following are the areas where Metaverse has made an impact in the workplace -
•Onboarding and Training - Acquiring good talent is becoming a tiresome process. With Metaverse, companies can conduct the process of onboarding and training through which the candidates can interact with other employees and learn about the work culture.
This technology can also help in tracking employee performance in real-time and identify areas for development.
Example: Mondelez India introduced a new path for hiring employees in their company using Metaverse. Their objective is to embrace the hybrid world by evolving consistently, right from hiring to upskilling.
•Virtual shops and companies - Metaverse can help the shops and companies by showcasing their products and services exclusively on a virtual platform. Simultaneously, their features can also be viewed and experienced.
This will help us by not waiting in long queues, rushed malls, busy offices, and noisy and jam-packed roads.
Example: Nike has a Metaverse space on Roblox named 'Nikeland' where users can virtually buy and wear Nike shoes. The transaction takes place through the game currency.
•Workforce Collaboration - Inter-department collaboration of employees can take place using Metaverse. It can facilitate qualitative discussions with the flow of different ideas from workers belonging to different corners of the world. It can also help in developing a well-defined work culture.
Example: Facebook launched Horizon Workroom in the year 2021, encouraging its workforce to collaborate and attend any meeting remotely in an effective manner.
•Skill development - Companies can leverage the power of Metaverse to provide immersive and interactive training to employees to polish their skills and advance their knowledge. Further, freelancers, tutors, and teachers, in general, can use Metaverse to provide Immersive educational experiences and skill development programs.
Example: Adani SAKSHAM became the first skill centre to enter the Metaverse by launching two courses initially.
This will give the students a chance to experience immersive learning through virtual classrooms.
Example: Accenture, one of the top companies has various job postings on its website such as Metaverse concept designer and Metaverse UX designer.
Metaverse Job Market is going to reach a $800 billion valuation by the end of 2024.
(https://www.financialexpress.com/business/blockchain-top-10-metaverse-jobs-to-watch-out-for-in-2023-3150716/)
Apple has announced the launch of 'Apple Vision Pro', an augmented reality headset that is going to be launched in the year 2024.
It is primarily an augmented reality headset but can switch to a complete virtual reality through a dial. It is focused on offering a mixed-reality experience.
This is of course a headset, however, Apple terms it as a 'Spatial Computer' as it can blend digital content with the real world.
Various companies like Meta, HCL, and Samsung have launched their own VR headsets which showcases their support and investment in the Metaverse industry.
The Metaverse industry spending value is likely to reach $426.9 billion by the end of 2027.
(https://www.marketsandmarkets.com/Market-Reports/metaverse-market-166893905.html#:~:text=What%20is%20the%20growth%20rate,anticipated%20period%2C%202022%2D2027.)
Work lives will gradually change with the growth of the Metaverse industry. The job titles and their descriptions will change in the Metaverse industry.
The need for upskilling specifically in this industry will be highly rewarding to those individuals who are looking to expand their careers in this industry.
This industry will create numerous opportunities for every individual which shall eventually become their source of income.
Together with Metaverse, the future of the virtual world is bright and promising.
