The Metaverse Is Coming, Here Are Four Things That Businesses Can Anticipate

The metaverse offers "enormous opportunity," but it will take a lot of work to get there, according to Accenture.This includes transforming the internet from a "distributed collection of sites and apps" to a continuous three-dimensional universe. BMW, Disney, Gucci, and Warner Bros. are just a few of the companies that have already established themselves in the metaverse.

RisingMax is the leading metaverse development company in the United States. The metaverse proposes a platform that is vastly different from the internet we know today – and businesses must be prepared. Meet Me in the Metaverse, a new report from professional services firm Accenture, emphasises this point.

The metaverse is an internet-like virtual reality experience. We will wear virtual reality headsets to move around 3D digital environments rather than viewing digital content on a computer.

As businesses prepare for life in the metaverse, here's a rundown of the four key trends Accenture predicts will shape business processes over the next decade:

WebMe

The WebMe trend is all about how we will design our virtual lives to deliver what we expect or want from the metaverse. This entails redesigning today's internet, which Accenture describes as a "distributed collection of sites and apps," to create the metaverse of tomorrow, which will be a continuous 3D environment. According to Accenture, there is "tremendous opportunity up for grabs" for businesses. In the meantime, much work will be required to develop new platforms, products, services, partnerships, and technology.

In Accenture's report, one of the case studies is BMW. The carmaker created digital twins of 31 different factories, complete with photo-realistic 3D environments. These are used for a variety of purposes, including teaching robots how to move around the factory and bringing designers from various countries together to test new product lines.

Programmable World

Programmable technology is becoming more and more integrated with physical environments in increasingly complex ways. This includes the convergence of 5G, augmented reality, smart materials, and 'ambient computing,' which refers to connected devices that communicate with one another via sensors and other 'internet of things' technology.

According to Accenture, business leaders should establish tech-scouting initiatives to track the evolution of these programmable technologies. This will aid businesses in preparing for the metaverse's merging of physical and digital technologies.

Accenture uses the term 'voxels' to describe a type of advanced new material developed at the Massachusetts Institute of Technology in the US. According to researchers, this could be programmed to change in response to its surroundings: Accenture describes it as "like aeroplane wings that shapeshift in response to changing air conditions."

The Unreal – Authenticating the Synthetic

Artificial intelligence's ability to mimic reality presents both opportunities and threats, according to this trend.The unreal can sometimes be better, according to the report, "like when we speak to a Train an AI model with synthetic data adjusted to counter historical discrimination or consult a synthetic nurse about a skin rash."

It warns that the unreal is a threat, particularly "bad actors" who use the same technology to spread "deepfakes and disinformation" that undermine trust.

Accenture recommends that businesses investigate the use of synthetic data. This is the process of improving data collected in the real world by removing historical bias, for example.

One company that uses synthetic data is American Express. According to the report, this allows them to detect more instances of fraud. Unreal content, such as chatbots, AI-generated images, and video, should be used to improve customer experiences and generate new revenue for businesses.

Impossible Computing - New Machines, New Possibilities

Machines are increasingly capable of solving previously unsolvable problems.

"Too expensive, inefficient, or impossible to solve using traditional computing," according to Accenture, "tools like quantum computing and biology-inspired computing enable businesses to solve problems that would be too expensive, inefficient, or impossible to solve using traditional computing."Or risk being swept away by it," businesses must be a part of this wave. This entails comprehending how these new forms of computing can assist you in solving problems in your own company.

In 2019, Google demonstrated how a quantum computer solved a calculation in 200 seconds that would have taken 10,000 years on the world's fastest supercomputer.

What are the roles of cryptocurrency and non-fungible tokens in the metaverse, and what does this mean for businesses?

Cryptocurrency, such as Bitcoin or Ethereum, is a digital, decentralised form of currency that is supported by blockchain technology. It's important to distinguish between decentralised and centralised digital currencies; the latter is a government-run digital currency that, due to oversight and regulations, may lose some of the benefits of a decentralised currency.

The use of cryptocurrency is becoming more common. More people own cryptocurrency than ever before, and more people want to be paid in cryptocurrency than ever before — including many of our uTest community members. Crypto enthusiasts argue that cryptocurrency is a more stable alternative to native currencies, which are subject to inflation. Realistically, both will last a long time, and the winners in this space will be the companies and technologies that enable users to seamlessly and efficiently transition between technologies and currencies.

Regardless of how widespread cryptocurrency becomes, it is already well-known enough to be on the minds of businesses. From retailers to restaurants, everyone should consider accepting cryptocurrency as a form of payment — and this is especially important for those transitioning to the metaverse. Some forward-thinking businesses are even developing their own cryptocurrencies to reward customer loyalty; this approach provides many of the same benefits as existing rewards or gift card programmes, but with better technology and accountability.

Non-fungible tokens (NFTs) are digital media tokens that can store video or art. Because NFTs, like cryptocurrency, are based on blockchain technology, each one can be easily authenticated, with previous ownership history documented.

Cryptocurrency will be the de facto method of payment in the metaverse, as it is linked directly to a person's identity, allowing for quick verification. Similarly, as our world becomes more virtual, NFTs are the most recent stage of digital art evolution. NFTs ensure authenticity and ownership in a more secure, traceable manner than previous interactions in which work was digitally signed. However, adequate verification of cryptocurrency and NFTs is still required, which is a source of confusion and logistical difficulty for many businesses. While still in their infancy, with dubious digital art fetching exorbitant prices, NFTs will mature and become more stable and legitimate over time.

Time spent in the metaverse

According to a recent report by technology research firm Gartner, a quarter of us could be spending at least an hour per day in the metaverse by 2026. We'll be doing things like shopping, studying, working, and creating virtual homes, according to the website.

Experts from Michigan State University in the United States describe the metaverse as a mix of immersive virtual reality, the internet, and a "massively multiplayer online role-playing game" in a blog post for the World Economic Forum. These are online games in which millions of people participate in a digital universe. According to a separate Accenture study, 71 percent of executives believe the metaverse will be beneficial to their businesses. Disney, Gucci, and Warner Bros. are just a few of the brands that have already embraced it.

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