The Definition
“Metaverse” is a portmanteau of two words- “Meta”, meaning “Transcending”, and “‘verse”, short for the Universe. Mark Zuckerberg describes it as “an embodied interne. Where you’re in the experience, not just looking at it” to, among other things, “work, learn, play, shop, create”. Crucially, he also explained that in his view. The Metaverse is NOT about increasing screen time. However making the experience of whatever screen time one already experiences, richer and more immersive. He believes in the concept so much that he changed his company’s name from Facebook. One of the most recognizable brands in the world, to Meta.
Let’s be clear- nobody’s really sure what the “Metaverse” is going to be. For some experts, it is just a different name for Web3. The next evolution of the internet with more decentralization, security, AI. Mixed Reality capabilities that is itself still in early stages of formation with lots of uncertainty. For others, the former is a collective name for a cluster of immersive environments for specific purposes like education, meeting rooms, healthcare facilities, etc. That people will access and exit, rather than some sort of a “always on”, or all-encompassing scenario. Crucially, there is even disagreement if “Metaverse” can really be the dominant virtual “universe” that most people buy into, or if it will be more like a virtual “galaxy” of offerings similar to current constellations of separately existing social media platforms.
The Implication for Companies
Three types of companies are most likely to benefit from the Metaverse- those that create the base hardware and software like computer systems, telecom systems, AI software etc. that Metaverse requires; those that create or enable the content that makes up the Metaverse; and those that are placed in market sectors where the delivery of such content will drive greater purchases from customers.
Therefore what IS clear is which industries will most focus on Metaverse presence4 in the next ten years- gaming (already started), retail & shopping (some AR/VR applications like virtual try-ons already exist), media & entertainment (the first experimental VR concerts were held during Pandemic-related lockdowns), manufacturing (everything from production simulation to design is gradually being moved into private 3D environments), and Architecture (everything from realistically rendered real estate from physically scanned properties for remote buyers to literally building virtual real estate for the Metaverse).
This creates an enormous opportunity for existing service providers that serve those sectors. For instance, real estate companies need a lot of high quality marketing material which is increasingly based on 3D renders, animation capability, video & sound production, voiceovers, AR content, apps, etc. that require deep understanding of the industry, cutting-edge tech awareness, and a sense of aesthetic. One option is to do it inhouse, which has obvious advantages, but is generally very expensive, especially in top locations like New York, London, and Dubai.
The other choice is to outsource the work to a specialist. However, choosing the right outsourcing partner is an art in itself. An easy way to circumvent uncertainty in the outsourcing partner is to meet the company in person, assess the capacity, team skills, software expertise, as well as existing understanding of the industry. Larger outsourcing partners like Manipal Digital are usually the best choice, because they often have local offices near clients, and offer very professional workflows with transparency while also improving the client’s ROI with judicious offshoring.
As the Metaverse continues to evolve and grow, so will opportunities for service providers. However, only the best will know how to stay on top.
