According to John Adams, second President of the United States, “every problem is an opportunity in disguise.” We can apply this famous quote to the metaverse, the innovative technology that presents businesses and consumers with various challenges and opportunities. The metaverse is regarded by many as an incredibly immersive experience set to replace the mobile internet, taking browsing, working, socializing, and gaming beyond the two-dimensional like never before. Some people consider it to simply be the Internet in an updated form.
Let’s clarify what the metaverse actually is before we continue: it is a combination of virtual and augmented realities, used with haptic equipment that can sense a user’s movements and reactions, designed to provide fresh new experiences. It relies heavily on software platforms built to shape and facilitate those experiences.
By 2026, the metaverse’s market value is believed to exceed $775 billion — so nobody can afford to overlook it. Businesses are working hard to build metaverse platforms and the metaverse’s operating system. Even though no individual vendor can call itself the “owner” of the metaverse, numerous vendors are in competition to launch software platforms, tools, and devices first.
But any businesses looking to become involved in the metaverse, and consumers excited about using it, must consider the potential challenges. Otherwise, there is a risk that the metaverse may not achieve the mainstream success it is capable of and become heavily tied to the gaming industry. We will look at the three most important challenges below.
One of the biggest metaverse challenges is a lack of interoperability between metaverse platforms.
With regards to the Internet, the HTML protocol served as a powerful unifying framework and enabled the technology, allowing you to explore websites across diverse browsers and devices. We need a protocol of a similar kind to allow users to move seamlessly between devices and metaverses.
What’s the alternative? Just a few primary companies with APIs or integration protocols, such as the way in which Google and Apple dominate the mobile market with their iPhone and Android operating systems, respectively. While users have different devices, they can still interact with one another and share data. Creators behind apps and content are free to distribute products via both platforms easily.
Metaverse platforms and devices must afford users and providers the same flexibility and convenience.
Ease of use will have a massive impact on the metaverse’s usability, while usefulness will stem from the apps and content available to users in different metaverse.
Usefulness for consumers applies to whether or not it is worth investing money and time into purchasing goods, playing games, consuming content, and working together with other users within the metaverse. As the metaverse in its current form demands VR and AR tools that can be both costly and hard to set up, it will be restricted to a smaller demographic.
But these people — buyers with more disposable income and understanding of the latest technologies — may be incredibly appealing to a lot of companies. It’s clear, though, that there should be plenty of apps and content that provides all consumers with real value for money. That creates opportunities for numerous industry verticals to provide true usefulness over time.
For the metaverse to be a success, it will need to provide businesses with the means to generate real value. And, for this to occur, businesses across every vertical must explore the new platform’s potential as an interactive and delivery channel as part of an omnichannel delivery configuration. This would be similar to countless companies’ current approach to engaging with customers and delivering products via the web, smart speakers, and social networks.
For example, some companies in the fast food industry have established a presence in the metaverse, primarily as a way for consumers to order real-world food. It may be purchased in a virtual environment, but that food will be dropped at their own physical front doors.
In the fitness and gaming industries, the metaverse has already successfully presented businesses and customers with early opportunities. But different verticals can generate valuable products and experiences for users too.
For instance, the medical and healthcare fields have an invaluable opportunity to deliver a higher standard of telemedicine services than ever, as well as to overcome geographical restrictions to improve access to healthcare. The metaverse creates an exciting opportunity to set up a human body or organ’s digital twin — a 3D representation allowing for virtual surgeries and the diagnosis and treatment of diseases. In fact, the metaverse has already been successfully implemented in medical education and training.
Additionally, the metaverse presents opportunities for the entertainment and publishing industries to deliver new experiences. Just as NFTs and blockchain technology is already giving writers and musicians more power, the metaverse gives creators a chance to craft unique experiences with a whole new level of immersion.
Think about the way in which live musical performances, theater shows, and even sports could be presented in a truly immersive way, with countless people attending remotely. Films and television shows could also be involved in more interactive, engaging experiences.
When looking at the metaverse as an extra channel for delivering content, it’s important to recognize that it can do more than simply regenerating content that already exists into a new distribution platform. Instead, the metaverse actually presents an opportunity to put it out in an interactive form, in which users are engaged like never before.
This is a vital point in the process of creating content that would be both unique and relevant to the metaverse. The necessity to deliver an interactive user experience would have to both drive and guide the design process. Metaverse content’s design should prioritize interactions with surroundings and external devices which take the immersive experience to a higher level.
We must remember, though, that the metaverse is evolving, with some claiming that it is still in a stage of infancy. We are still some time away from a few platforms that dominate with a terrific roster of usable devices and apps. The technology continues to evolve and present plenty of challenges, but that should not dissuade businesses from exploring the possibilities of delivering content and services. Companies can expect huge learning experiences that will ensure they are prepared for this platform and can transform challenges into a substantial future value.