- Fifth & Cor
How the Metaverse is Shaping the Future of Work
Facebook took the world by storm with their October 2021 announcement that Facebook wasn't just Facebook anymore: It was now Meta. This pivot was a huge one for the brand, as Facebook is now shifting away from purely social media and more towards a brand new, digital media experience.
The company change - complete with an entirely new digital landscape, broader focus, and new stock ticker - meant that Facebook was going to change the world. Again. Indeed, if Meta is even half as successful as changing the way humans interact with each other as Facebook has been, then Meta will make a major change in our world.
One of the countless areas in which the Metaverse is already changing interactions is how we work. As Facebook has made clear, it plans on spending extensive time changing the way that work operates. These changes may be very impactful on all of our lives.
What is the Metaverse?
As announced by Facebook, the Metaverse is a new virtual world. Accessible via a Facebook virtual reality headset, it will allow users to interact on a virtual basis. It describes itself as the internet, but more immersive and interactive. Like any virtual or augmented reality environment, this means that users will log in, put on their headset, and be immersed in a new world. You'll still be in your living room or office, of course, but you'll be able to smoothly interact with people in entirely new settings.
In order to fully work, the Metaverse implies that a series of technological changes will have to take place. Virtual reality and augmented technology will have to improve, allowing users to interact even quicker. The technology is a bit "cartoon-like" at the moment, and this will need to be improved for the interactions to get stronger. Furthermore, the universe will have to get more interactive and provide for more useful alternatives than just being able to wave at people in a different way.
That being said, the opportunities for new interactions are clearly there. There are already ways that people can use the Metaverse to interact in a more life-like way, and these opportunities will certainly grow over time.
How Will the Metaverse Change the Future of Work?
It is clear that the Meta will impact work in many ways.
More Business Opportunities
Facebook is already generating revenue on the Metaverse, selling virtual reality real estate and advertisements. When Facebook first began to sell advertisements, they created a slew of new business opportunities for interested individuals and experts who could help businesses understand the platform and generate more revenue. This begs the question: What business opportunities will arise from the Metaverse? As Metaverse real estate becomes more prevalent, will there be virtual reality real estate brokers? Virtual reality developers? There will be companies that design ads for other small businesses, and they will likely find new ways to make money off of the platform. Companies will have to rethink their entire brand and brand experience, as they may now need virtual headquarters that anyone can access. Furthermore, there will be companies that find new and exciting ways of generating revenue. The only question is what specific categories those businesses will find.
Increased Collaboration Opportunities
There is no question that advances in technology have dramatically changed the way that businesses interact, allowing for more virtual meetings and the opportunity to work from home. These examples make it clear that technology can change the way people work together and collaborate - and it is highly likely that the Metaverse will increase those opportunities.
Changes in technology may make it easier for people to enter the Metaverse and work on projects together, sit at virtual conference tables, and further bridge the divide between physical and digital meetings. Augmented reality advances may allow for someone to take a virtual tour of physical space, enabling greater access and further reducing the need for physical trips.
More Immersive Training
The sky is the limit when it comes to virtual reality, augmented reality, and training. One can easily imagine a scenario in which an employee slaps on a headset and engages in a fully immersive training program. Indeed, these opportunities are already available. However, future advances may make these training modules more effective, more immersive, and less expensive. As such, it seems highly possible that virtual reality training will give businesses a better chance to train their employees in the future.
Virtual reality shopping for businesses offers endless possibilities. Instead of needing to have a meeting with a salesperson, a business may be able to enter the Metaverse and meet with a prospective vendor, giving them a chance to tour a product, see it in action, and ask questions that are directly related to the product or service in question. All of this may be possible without ever even leaving the office.
What Does This Mean for Companies Going Forward?
The implications here are clear: The sky is the limit. Social media marketing is no longer enough, and there will be an unquestioned emphasis on innovation as this new space is explored.
In the future, businesses may have a slew of options in front of them that can give them the chance to make major advances in the virtual reality and Metaverse world. To be clear, these innovations are not here yet. However, we've all had experience with how quickly an evolving technological landscape can impact our bottom line.
More to the point: Smart companies are already preparing for the Metaverse by monitoring trends, dedicating staff resources, and preparing for potential monetization opportunities. Are you interested in learning more about how to develop an innovative marketing strategy? Learn more about how Fifth & Cor can implement an innovative marketing strategy for your business or brand.