# The Metaverse – a Business Opportunity?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-07-01
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Exploring the Business Opportunities in the Metaverse
Meta Description: Uncover the benefits of the Metaverse for businesses with insights from Antony Taylor, Technology Lead at Insight. Explore new opportunities now!
URL: https://financedigest.com/the-metaverse-a-business-opportunityhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1351855926-1736815605295-compressed.jpg)

_By **Antony Taylor,** Technology Lead at Insight_

_The “Metaverse” is currently a much debated topic – there is a a lot of discussion about what it is and what it isn’t, and what opportunities it can and could present. In this context, it is worth exploring what this trend could mean for businesses (specifically those consuming Metaverse services and offerings) in real terms, and how you can get involved or invest in the opportunities surrounding it now rather than in the next few years._

The Metaverse is a portmanteau word, in which “Meta” ( [meaning beyond) is merged with “universe” (meaning space and time](https://www.financedigest.com/the-pandemic-means-that-its-time-to-double-down-on-our-commitment-wellbeing-and-employee-engagement.html "The pandemic means that it’s time to double down on our commitment wellbeing and employee engagement") (and its contents) known today). This constructed word represents an additional dimension to the physical world, a parallel universe or alternative reality if you will. In this space, individuals and [organisations can interact and engage in different experiences](https://www.financedigest.com/kpmg-and-google-enter-an-alliance-to-help-organisations-transform-digital-experiences.html "KPMG and Google Enter an Alliance to Help Organisations Transform Digital Experiences"). It is important to say that the Metaverse as is exists now is still at the start of what it could be – it is constantly developing and expanding and the full [opportunities and challenges](https://www.financedigest.com/how-finance-leaders-can-turn-the-inflation-challenge-into-opportunity.html "How finance leaders can turn the inflation challenge into opportunity") that is brings will only fully be discovered in years to come. Ultimately, the drive of the Metaverse and what most of the creator [companies’ visions have in common is a connected and/or immersive experience](https://www.financedigest.com/poor-user-experience-plaguing-wealth-management-firms-warns-radical-company.html "Poor user experience plaguing wealth management firms, warns Radical Company") – whether it is seeing a fully decentralised Web 3.0 take the internet browsing experience 3D and immersive, or it is shopping on Amazon by walking around a virtual supermarket chatting to strangers (how big would that virtual supermarket be!).

The Digital Twin is a term you will hear referenced often on the topic of the Metaverse, and is key to understanding and [realising business value](https://www.financedigest.com/2021-predictions-realising-the-value-of-payments-transformation.html "2021 Predictions: Realising the Value of Payments Transformation"). This can take the form of making an avatar of yourself so you can go into a collaboration experience and communicate with others, or massive undertakings like building 1:1 [scale Digital Twins of your whole manufacturing operation](https://www.financedigest.com/russia-promises-to-scale-down-operations-in-northern-ukraine.html "Russia promises to scale down operations in northern Ukraine").

Right now, you can get involved with software like Fracture Realities [JoinXR](https://fracturereality.io/projects/joinxr/) application, Cisco’s upcoming “ [Webex Hologram](https://projectworkplace.cisco.com/capabilities/hologram)”, or [Meta’s Horizon Worlds](https://www.oculus.com/horizon-worlds/) to name but a few of a large selection of offerings in this space. The use of one of these aforementioned tools enable the removal of barriers, allowing different types of [work to be realised that you would have categorically said “previously didn’t work unless you’re in a meeting](https://www.financedigest.com/despite-return-to-work-virtual-meetings-will-continue-to-disrupt-business-as-usual-in-finance.html "Despite Return to Work, Virtual Meetings Will Continue to Disrupt Business as Usual in Finance") room together physically”. Importantly, tools are brought together that you can actually find in a physical [meeting room](https://www.financedigest.com/choosing-the-correct-technology-for-your-meeting-room.html "Choosing the correct technology for your meeting room"), such as whiteboards, sticky notes, presentation screens for video content. The possibilities do not stop there though. These tools open up new opportunities that were not previously possible in physical meeting spaces, such as hovering a 3D render of your latest [product design](https://www.financedigest.com/how-a-strategic-office-design-can-affect-the-wellbeing-and-productivity-of-employees.html "How a strategic office design can affect the wellbeing and productivity of employees") in the middle of the room for people to pick up, move around and even expand/slice through to see additional detailing.

**So what could this type of [connected experience](https://www.financedigest.com/homelyfe-opens-up-its-technology-stack-with-the-launch-of-its-partner-platform-to-deliver-its-vision-of-a-modern-connected-insurance-experience.html "Homelyfe opens up its technology stack with the launch of its Partner Platform to deliver its vision of a modern, connected insurance experience") practically mean for some companies?** Let’s take, for example, a design team for a clothing manufacturer, that tends to create physical prototypes for design iteration at great expense. With the option of virtual prototypes in a space like the Metaverse, the manufacturer can [reduce costs](https://www.financedigest.com/finnair-to-cut-costs-reduce-fleet-to-return-profitable.html "Finnair to cut costs, reduce fleet to return profitable") associated with design iterations and the time needed to reproduce different sized and coloured models. Decision makers can put on their immersive [technology goggles to give](https://www.financedigest.com/legislate-raises-3-6m-to-give-startups-smes-the-technology-to-query-and-compare-every-contract.html "Legislate raises .6M to give startups & SMEs the technology to query and compare every contract") easy, early feedback on look/design/colour schemes in an agile and mobile way, or share designs with select users or focus groups for early feedback

Looking at the Digital Twin spectrum, I mentioned creating whole locations, which is an incredible [industry development](https://www.financedigest.com/automotive-hmi-system-market-recent-industry-developments-and-growth-strategies-adopted-by-players.html "Automotive HMI System Market: Recent Industry Developments and Growth Strategies Adopted by Players") in many fields like manufacturing. Having access to 1:1 scale immersive [environments and feeding in live service data](https://www.financedigest.com/finalised-pan-european-data-protection-laws-set-the-new-standard-for-a-privacy-friendly-business-environment.html "Finalised Pan-European data protection laws set the new standard for a ‘privacy-friendly’ business environment") from your machinery and/or processes, data and immersive technology can be used to help train new staff, identify potential problems early on, and find efficiencies in processes. Modifying and changing layout of some elements is also possible, to see scenarios of ‘what would [happen’ without having to alter things in the physical world](https://www.financedigest.com/in-a-stadium-of-their-own-migrant-workers-say-their-sweat-made-world-cup-happen.html "In a stadium of their own, migrant workers say their sweat made World Cup happen"), which massively lowers your total cost of service.

These are just two examples of what you can do today from opposite ends of the spectrum of connected immersive experiences – the potential opportunities will only [grow with time as the Metaverse expands](https://www.financedigest.com/snaptrip-com-continues-to-expand-its-growing-team-with-two-senior-hires.html "Snaptrip.com continues to expand its growing team with two senior hires") and takes shape. Because of this projected [growth and the associated opportunities](https://www.financedigest.com/mono-carton-market-drivers-growth-opportunities-and-advanced-technologies-in-rising-business-by-2029.html "Mono Carton Market Drivers, Growth Opportunities And Advanced Technologies In Rising Business By 2029"), it is worthwhile for organisations to follow metaverse developments and trends. This also extends to investigating [ways to incorporate virtual and augmented reality into their business](https://www.financedigest.com/5-ways-to-grow-your-business-despite-a-bad-credit-score.html "5 Ways to Grow Your Business despite a Bad Credit Score") processes and customer experience. While it is still early days for the Metaverse, the potential [opportunities it presents](https://www.financedigest.com/the-rise-of-finfluencers-presents-unique-opportunities-but-brands-must-proceed-with-caution.html "The rise of “Finfluencers” presents unique opportunities but brands must proceed with caution") could be vast for organisations.


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---