The metaverse in 5 years: Architecting the next frontier

June 13, 2023

Commerce opportunities there will prosper as the metaverse matures

Author Neal Stephenson coined the term “metaverse” in his 1992 sci-fi novel “Snow Crash” to describe an immersive digital reality separate from the physical world.

Massively popular multiplayer online video games, including World of Warcraft (launched in 2004), Roblox (2006), Minecraft (2009) and Fortnite (2017) have, in their own ways, created one version of the metaverse. These unique, fully immersive digital realms allow millions of simultaneous users to role-play, interact and barter with fellow players, stockpile virtual tools or other assets, and build bases and cities.

With the development of early-stage VR headsets, including the Oculus Rift DK1 (2013) and the PlayStation VR1 (2016), another critical step in building the future digital marketplace fell into place.

But it wasn’t until around 2019 — the year Forbes fittingly dubbed “The Year Virtual Reality Gets Real” — that the term “metaverse” seemed to pop up everywhere. By 2021, Facebook had changed its name to Meta, fully aiming its sights on the new digital space.

If you’re still wondering what the metaverse is exactly — not to mention how it fits into your company’s business strategy — you’re not alone.

Metaverse in 5 years

The metaverse is still evolving

Even as Apple prepares to launch its own mixed reality headset — the step that could finally push a critical mass of users into the metaverse for the first time — clear-cut definitions about what the metaverse is and isn’t can be hard to come by.

Tech experts even disagree on whether there will be a single, unified metaverse or rather multiple metaverses formed from separate, immersive AR and VR environments.

As a result, many businesses are still grappling with what this new, mixed reality digital realm entails and what it will mean for them.

In the midst of the current confusion, one truth is clear: While today’s metaverse traffic is largely gamer driven, that won’t always be the case. The metaverse of 2028 will be more sophisticated, engaging and commerce rich than what we’re witnessing in 2023.

Over the next five to 10 years, as metaverse usage becomes more widespread, it’s going to become clear to everyone that the potential for this digital technology is, literally, limitless.

Commerce Applications

Already, corporations are racing to carve out their own business niches in the new metaverse marketplace. Brands such as Coca-Cola, Gucci, Hyundai and Nike have metaverse presences where visitors can trade NFTs and engage in innovative ways with brand merchandise.

Beyond brand building, businesses are increasingly understanding the metaverse is where business will be done in the future.

Hoping to stay ahead of this migration curve, JPMorgan Chase & Co. launched a lounge in Decentraland, a popular blockchain-powered metaverse virtual realm. There, visitors can trade NFTs and purchase other virtual goods.

Other companies are racing to invest in metaverse land sales, where one virtual plot sold for $4.3 million on the popular metaverse site Sandbox, and another sold for $5 million on the relatively new metaverse platform TCG World.

These metaverse business transactions are just the beginning. Shortly, we’ll begin to see industries, businesses and service sectors using the metaverse for everything from employee training to product design to supply chain optimization. Consider the possibilities:

Architecture firms could showcase their designs to potential clients using immersive, online 3D studio spaces.
Surgeons could train virtually to perfect new medical procedures using AI-powered augmented reality software.
Materials suppliers could fine-tune their global distribution systems to maximize efficiency and cut waste.
Automotive manufacturers could test and perfect new car designs virtually, before investing in physical production.
Universities could offer more enhanced, engaging online learning platforms for remote students.
Physicians could provide virtual customized care for patients in underserved areas where little other access to specialized health services exists.
Firms could host collaborative, immersive whiteboard meetings with employees from across the globe.

All of this, and much more, can be accomplished in the metaverse — without the time and materials costs of equivalent “real-world” processes.

Plan Now for the Digital Future

The vast, and as yet untapped, possibilities of the metaverse are poised to add $5 trillion to the global economy by 2030, experts say.

In fact, over the next five to 10 years, as metaverse usage becomes more widespread, it’s going to become clear to everyone that the potential for this digital technology is, literally, limitless.

So, if you haven’t been paying attention to the metaverse, now is the time to start.

Begin by researching what other players in your industry or corporate sector are currently doing in this new digital space. Then, ask yourself whether you should be taking similar steps — or different ones, altogether.

You can shape a proactive metaverse adoption plan by considering key questions:

Will a lack of investment in the metaverse now potentially negatively impact your business in five to 10 years?
What targeted ROIs do you hope to see from a potential metaverse presence?
How will you measure the success of your meataverse adoption? What key performance indicators are you after?
Does your company have adequate in-house assets to make this digitial leap, or will you need outside help?

The metaverse will certainly play a key role in the future of business. Exactly what role will become clearer in the next five years.

But in this instance, waiting for the fog to clear may be fatal — in a business sense, anyway.

The firms and companies who stand to stake a compelling claim in the metaverse’s new digital landscape are the ones who are busy strategizing now.

HOW WIPFLI CAN HELP

Interested in learning more about the metaverse? Our digital strategists can help you envision new and exciting ways to boost your business through immersive technology. Reach out. We’re ready to help.

Billy Collins
Senior manager
Billy puts humans at the center of every digital experience. He brings a user-empathetic perspective to digital strategy and product ideation that uncovers hidden ROI opportunities for clients.
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The metaverse in 5 years: Architecting the next frontier

Commerce opportunities there will prosper as the metaverse matures

The metaverse is still evolving

Over the next five to 10 years, as metaverse usage becomes more widespread, it’s going to become clear to everyone that the potential for this digital technology is, literally, limitless.

Commerce Applications

Plan Now for the Digital Future

HOW WIPFLI CAN HELP

Billy Collins

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