![]() ![]() It also will incorporate other aspects of online life such as shopping and social media, according to Victoria Petrock, an analyst who follows emerging technologies. Essentially, it's a world of endless, interconnected virtual communities where people can meet, work and play, using virtual reality headsets, augmented reality glasses, smartphone apps or other devices. Zuckerberg has described it as a "virtual environment" you can go inside of - instead of just looking at on a screen. ![]() Think of it as the internet brought to life, or at least rendered in 3D. And some who've been thinking about it for a while have concerns about a new world tied to a social media giant that could get access to even more personal data and is accused of failing to stop the proliferation of dangerous misinformation and other online harms that exacerbate real-world problems. Facebook CEO Mark Zuckerberg's Thursday announcement that he's changing his company's name to Meta Platforms Inc., or Meta for short, might be the biggest thing to happen to the metaverse since science fiction writer Neal Stephenson coined the term for his 1992 novel "Snow Crash." But Zuckerberg and his team are hardly the only tech visionaries with ideas on how the metaverse, which will employ a mix of virtual reality and other technologies, should take shape. The term "metaverse" is the latest buzzword to capture the tech industry's imagination - so much so that one of the best-known internet platforms is rebranding to signal its embrace of the futuristic idea. Commit to a “responsible metaverse”: Organizations will need to manage a range of complexities and risks in the metaverse (e.g., privacy/security, accessibility, sustainable energy consumption) and ensure they are proactively building a responsible metaverse and effectively maintaining consumer and employee trust.Essentially, the metaverse is a world of endless, interconnected virtual communities where people can meet, work and play.Focus on demand and what motivates users: Organizations should focus on how to create captivating content and engaging experiences (e.g., exclusive partnerships, user generated content tools, robust data and insights collection) in order to establish share and remain competitive. ![]() Take the long view: Given the mainstream metaverse and corresponding revenue generation are likely several years out, companies should take a long-term view on investments and consider KPIs around consumer and employee engagement in addition to ROI. Consider investments in the context of broader digital transformation agendas.Adopt a “test and learn” approach for both consumer facing and enterprise functions. Don't underestimate the potential: Formulate a metaverse strategy but keep it flexible enough to adapt to changes in technology and consumer preferences.While the future of the metaverse is still unknown, there are several actions executives can take now: While the Internet today has an important relationship to the economy, the metaverse could have its own economy. Second, the metaverse is expected to have a native economy, including digitally native assets and trade. First, it is likely to include both the physical and digital/virtual worlds in the user's experience. It also has at least two other important characteristics that enhance its potential as a new platform with a wide variety of uses. Together, those technologies can create the experience of an immersive, three-dimensional environment in which users interact with their surroundings and other users as if they are in a shared space.īut a fully developed metaverse is more than merely a virtual space. It’s the convergence of several separate technologies, all of which are quickly maturing for mainstream use. It’s not a single technology or device, and it’s not a service of any one company. The metaverse is the popular term used to describe what many expect to be the next significant paradigm for how we use digital technologies and networks to interact and collaborate with others and have virtual experiences of all kinds. ![]()
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