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When you hear the term "metaverse," you probably imagine a Fortnite player interacting through a virtual reality headset, or perhaps a group of teenagers gathered around their Stumble Guys app.
But Metaverse isn't just for consumer entertainment - there are many business benefits that could change the way we partner with 5G for personal achievement.
In addition, Metaverse is growing rapidly, with a global Metaverse market of $39 billion last year and expected to grow to $679 billion by 2030. inclusiveness for employees with disabilities.
5G private network and innovation from Metaverse
Furthermore, the combination of private 5G networks and the new innovations offered by the metaverse will open up opportunities for cost savings, revenue generation and competitive advantage across sectors.
Repair of heavy industry equipment
Heavy industries such as manufacturing and logistics rely on many complex and interconnected systems and technologies. Since these machines are used constantly and in harsh environments, regular maintenance and repair is very important.
However, teaching new hires about these nuances of improvement can take a lot of time and resources. This problem is exacerbated in situations where the equipment is not physically located in the same area where the employee is being trained.
Metaverse tools can overcome these obstacles and help organizations train staff effectively and intelligently.
For example, by creating a digital twin of a refinery, employees can visualize every aspect of the process and better understand how different technologies come together.
From there, AR and VR technologies can be used to create personalized avatars so that employees can simulate interacting with and improving these systems, regardless of where they are physically located.
This not only reduces the time and cost associated with traditional approaches, but also allows employees to explore technologies and identify areas for potential improvement without any risk to the physical system.
Field application of remote assistance
Similarly, IT support and field service professionals can use Metaverse to service field applications remotely. Some organizations are diving into distant waters to provide assistance, performing some basic maintenance tasks during the pandemic as travel restrictions and health concerns prevent companies from sending personnel to personally support the technology.
However, 5G's high bandwidth and low latency will make it more accessible to businesses of all sizes and industries. Additionally, the nature of remote support will become increasingly technical, such as complex solutions and troubleshooting that have historically required immediate attention.
This will not only result in operational cost savings, but will also greatly reduce the risks associated with sending personnel to physically interact with equipment that may become unstable or explode.
NFT support in the financial sector
Non-tradable tokens, or NFTs, have gone from being a blockchain buzzword to a widely accepted concept. There are many examples in the B2C metaverse that highlight the potential of NFTs. For example, luxury fashion brands Burberry and Louis Vuitton have released NFT accessories to support their video games.
A potential application of NFTs in the corporate metaverse is foreign exchange trading and real estate management. For example, NFT-based property registration can be a safer and cheaper alternative to traditional land registration.
This can have serious consequences for people who own land but have no title to it and are therefore prohibited from mortgaging or selling it.
Another option is virtual exchanges, which allow companies from different jurisdictions and exchanges to issue NFT shares.
Much of the technology is theoretical, but it highlights the possibilities
These and other examples are currently mostly theoretical, but they show what is possible with advancing technology. NFT will continue to play an increasingly important role in virtual/physical virtual and hybrid worlds, and I believe we will see new economies of scale emerge as a result.
These and other use cases for enterprise metaverses are only possible because of the reliability, low latency and security offered by private 5G networks. While there is a lot of talk about how cloud computing is accelerating the metaverse, it is important for organizations to recognize that telecom capabilities play an equally important role.
The unmatched speeds of 5G will play a role in realizing many potential business metaverses. Companies today need to think seriously about how they will launch private 5G networks or risk being left in the rearview mirror of the corporate metaverse.
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