Globally, many organizations are betting big on the metaverse, the three-dimensional experience layer of the internet that allows people to interact with others in a computer-generated, multidimensional and multisensory environment. I expect it to have a multi-trillion-dollar market impact with billions of users in the coming decade. This next generation of the internet has the power to reshape the way that businesses and consumers engage, transact, socialize, work and learn together.
I believe that broad acceptance and sustained success of the metaverse lies not so much in the required investments in technology and infrastructure, but in our ability to grow the space in a way that is safe and inclusive for all. Here are five ways to turn the exciting promise of the metaverse into real-life benefits.
1. Focus on purpose
I believe the real metaverse opportunity is moving beyond gaming and lies in creating meaningful and inclusive experiences at the intersection of the physical and digital worlds. It can open new ways to form communities, solve problems and create value—from socializing with friends and family to on-the-job-training, telemedicine, banking or shopping. As organizations move to define their role in the metaverse, they should look beyond pursuing new revenue streams and understand their brand purpose of being there—to give consumers, employees and citizens a reason to join in.
For example, the COVID-19 pandemic has accelerated hybrid working, and the metaverse’s immersive technologies can encourage new forms of virtual employee engagement and productivity. It also allows employers to deliver lower-cost and higher-quality workforce education and training programs in simulated environments. In a construction setting, engineers can more easily collaborate around the world to accelerate the building of infrastructure in remote locations.
2. Make it equitable
Organizations should look at how they can make sure metaverse-related technologies aren’t cost-prohibitive. A recent survey by KPMG in the US finds that 38 percent of US consumers are concerned about affordable access to metaverse technology. We need low-cost connectivity to ensure broad adoption—if not, we’ll run the risk of creating a homogenous platform that’s open only to those who have the means to connect.
Technology economics show that, as adoption increases, costs inevitably drop—and today’s reality of US$100 computers and low-cost software has helped unlock digital access for a broader set of consumers. But it took time. Meanwhile, high infrastructure and hardware costs to access the metaverse risk deepening the digital divide between richer early adopters and those with limited resources. As the space grows, it may come down to governments and multinationals to help to subsidize the necessary technologies to secure equitable adoption.
3. Make it accessible
When organizations design their metaverse experiences, it’s important to make accessibility one of the value drivers. The metaverse can give people the freedom to explore the world on their own terms and could be revolutionary in ways similar to how hybrid working has accelerated accessibility in the workplace. The metaverse already holds tremendous potential to revolutionize the way people with disabilities engage, transact, socialize and work. This includes securing jobs previously inaccessible in the physical world; attending concerts, theatre performances and exhibitions via digital environments; and accessing education without needing to visit physical campuses.
Organizations should work closely with disability experts and advocates to embed accessibility at the core of designing applications and services in the metaverse. This can help to eliminate barriers and level the playing field to build virtual-reality spaces that are open to all.