The MetaVerse will definitely be a thing – a big thing in fact, just not a social thing. Here’s why:
The Metaverse has all the inconvenience of catching up in real life without any of the benefits.
Below I’ve listed ways industries can, will and already are employing Metaverse applications. So here are my best 3 use cases of the Metaverse. Hopefully it will help you understand, if and when, your company or industry should embrace the tech.
(1) Gaming & Entertainment:
Video gaming is no small industry with an expected revenue of over $200 billion in 2022. It’s already larger than Hollywood and filled with significant competitors including Sony, Microsoft, Nintendo, Tencent, Electronic Arts and Epic Games, all of which used virtual and mixed reality and have large and loyal gaming populations. While many of these games have a multiplayer component, they aren’t driven by social interaction, it is more a side benefit. This sector will continue to morph into the Metaverse. We can expect movie studios to also enter this space, especially as video streaming eats into distribution networks – and they try and differentiate the cinema experience by making it more immersive.
(2) Training & Education:
While pilots have long used simulated reality for flying training, VR is now starting to be used for surgeons and other professions which require physical dexterity and risk reduction during the training process. We could even use it to assist learning to play and instrument, or learning a language. Eventually trade schools will use Metaverse style applications.
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(3) Computer Aided Design:
I was recently at Rio Tinto and took a virtual tour of a mine which was to be constructed. It felt incredibly real, so much so that I continued to duck my head while walking around. We can expect the metaverse to be used as a pre-production tool before anything of significant size is built. Think factories, warehouses, hotels and even our homes. Again, this space is well occupied by incumbents like AutoDesk and not particularly social in nature.
This will become an incredibly interesting and large business, just not very social in nature. But the short term use cases are actually quite clear and already filled with highly capable incumbents.
It seems Zuckerberg’s bet in this as a social application is way off. And if the $700 billion market valuation loss and 11,000 staff retrenchments this week are any indication – Meta (Facebook) as a business, is in for a bumpy ride.
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Keep Thinking,
Steve.