Over the past few years buzzwords like ‘crypto’ and ‘NFTs’ have become a part of more mainstream conversations. Even if you have not thoroughly figured out exactly what they are they do seem to be everywhere nowadays. The newest conversation is about the Metaverse (Web 3.0) and which companies seem to be joining the conversation. What we cannot ignore is that our economy is gradually shifting away from many conventional ways of doing things. And with drastic changes, specifically internet-based, can come potential cybersecurity threats.
For instance, cryptocurrencies are changing the conversation about modern banking. As more businesses take advantage of digital currencies, governments worldwide are looking to impose regulations to take back control. With advancement of tech and science, we are bound to see financial evolution which can change the economic landscape.
One of the latest evolution is the metaverse. Made famous by Mark Zuckerberg and Satya Nadella – Facebook and Microsoft CEOs – and the receptiveness has been divided. The latter part of the divide is not wrong to question this ‘new technology’ because it feels like something from a Sci-Fi book or movie.
That does not seem to stop tech giants and other corporations from investing in it. According to a Bloomberg report, the metaverse will have a valuation of $800 billion in the mid-2020s and will reach a whopping $2.5 trillion by 2030.
We cannot address the metaverse without including some of its challenges – cybersecurity threats, for one. This article will explore everything you need to know about this technology, its challenges, and how your business fit into the mix.
What Is the Metaverse, Really?
One of the major misconceptions of the metaverse is that it is just a fun way of saying video games are just popular. However, the reality is that the metaverse goes beyond that. But let us not get ahead of ourselves.
The metaverse coined its name from ‘Meta’, which means beyond, and ‘Universe’, which to summarize describes everything that exists. In layman’s terms, the metaverse changes how we interact with the technology and internet (tech and cyberspace) – by making them all around us. The metaverse creates an endless world of possibilities, connecting virtual communities with the use of virtual reality headsets, augmented reality glasses, smartphone and PC software, and other tech devices.
The basic concepts that form the metaverse are VR, AR, AI, and other mockups that transform how we connect are built using blockchain technology (Web 3.0).
From what it is shaping out to be, you can create a unique avatar and realistically interact with other avatars – both on a personal, social, or professional level. In the virtual reality space, you can set up different platforms, marketplaces, offices, and many more.
What Does the Metaverse Look or Feel Like?
According to industry experts, the metaverse will rely on user-generated content and designs. This means it will appear just how you want it to be. However, there are a couple of features the metaverse will have:
- Interoperable: While different entities can create ways for their VR to look, they are all part of the same universe. Thus, avatars and properties built in one space can be operational in others.
- Interactive: The metaverse is evolving. This means you can interact and control your environment anyhow you want to. But the difference between this and a video game is distinct.
- Corporeal: The metaverse is a direct imitation of our natural world. Thus, the designs and mockups will look realistic as you interact with them.
- Complete economy: Marketplaces can be set up where different avatars can buy, sell, and trade goods and services. The fun fact is that when you own a particular product in a marketplace, it applies to other marketplaces in the metaverse.
Why Businesses Should Integrate the Metaverse
The metaverse is a virtual world that people are jumping into right now. And with current market projections, it would make sense to launch an arm of your business there.
Using this 3D world, you will be able to discuss with your vendors about specific materials and see them, you can also monitor your factory and speak with your factory supervisor about production, host and attend meetings, pitch your sales strategy with your marketing team, or provide support to a customer, and many more. What’s more you will be able to do all of this without moving away from your desk!
The benefits of the metaverse for your business include:
- Enhance and improve your customer experience
- Introduce products that are crucial to the metaverse
- Collect and collate new data on consumer behavior
- Sell both physical and virtual products and services
- Gain competitive advantage.
We cannot talk about the benefits without addressing the risk of being in the metaverse.
Is the Metaverse Safe?
We are currently dealing with a cybersecurity problem. According to RISKIQ research, cybercrime costs businesses $2.9 million every minute as data breaches occur. That amounts to $1.5 trillion lost to hackers yearly.
The global expenditure on cybersecurity and potential threats is expected to clock $403 billion in 2027. Because of this businesses must review their existing data infrastructure to prepare and eliminate such threats in the future.
The metaverse is not just ripe for businesses but poses an opportunity for hackers to expand their network of cyberterrorism, steal digital currencies, and conduct illegal dealings.
While governments and tech industries have a responsibility to amend current policies to protect everyone on the metaverse, you must review your existing IT infrastructure to better prepare yourself from cybersecurity threats.
Expense To Profit is committed to helping businesses reduce expenses while boosting their sales and revenue margin. We are also dedicated to ensuring that your business functions in a safe environment.
Reach out to us to see how we can help you.
Published by Marc Freedman
Marc currently serves as our Chief Cost Evaluator, expertly advising our client management team on how to help you successfully achieve your business and financial growth goals. A respected mentor to all he consults with, he is an avid collaborator and contributor to the spend consultant community, guiding thought leaders to formulate, design, and install the best operational solutions available to their clients.