Despite the fact that science fiction author Neal Stephenson created the word “metaverse” in 1992, it has only recently entered the popular language when Facebook changed its name to Meta to reflect its strategic focus on making this sci-fifi vision a reality.
Given that there is no single definition of what a metaverse is, and that there will be many competing metaverses transforming our experience of social media, electronic commerce, and how we collaborate and transact online, leaders must begin to comprehend the profound ways in which this new technological paradigm is set to radically impact the future of work.
A Brief Definition Of Metaverse
The metaverse is a 3D virtual environment that can be accessible using virtual and augmented reality VR headsets, but it can also be accessed through regular PCs and mobile devices in 2D form.
In terms of social media, the metaverse is the natural next step. Many parts of social media are incorporated into a three-dimensional reality, with the user represented by an 3D avatar.
Assume Chole in Paris and Jack in Londonare dating, respectively. They’ll be able to sit in a New York bar and have a drink as if they were physically there, surrounded by other virtual couples doing the same thing with music playing in the background, thanks to the metaverse.
Chole and Jack will be in their digital avatars form in New York, despite the fact that they will be seated in separate residences hundreds of miles apart.
Obviously, their avatars will be in an virtual space of New York rather than the real city. It will, however, seem, feel, sound, and even smell like they are at a New York diner.
Avatars, on the other hand, will soon be holograms. Because holograms may exist in the actual world, it’s feasible that Chole and Jack will one day be able to beam into a real bar in real New York in hologram form.
It’s easy to envision their holograms going in and seated at a real table with real people.
Metaverse and The Future of Work
Leaders must first comprehend the digital platforms that provide the foundations on which metaverses are created in order to understand how metaverses will transform the future of work.
Facebook is planning to build its metaverse as a centralized, closed ‘walled garden,’ with the goal of owning and profiting from all user data created.
Alternative metaverses are already being built that will be open and decentralized, with the goal of safeguarding the rights and privacy of those who will dwell and utilize the technology.
Understanding how the internet is growing, and thus affecting the fundamental nature of work, the contrast between ‘open’ and ‘closed’ is crucial.
Because many metaverses will be open and decentralized, every company will need to understand how their present business models, whether digital or not, will be impacted.
The Digital Asset Trading (DAT) platform by Reality Gaming Group may tokenize any asset, including in-game digital inventories and real-world products like music, art, and apparel.
As a result, businesses will need to consider how they can provide value to customers in a future where intellectual property ownership is divided among members of metaverse communities.
A new version of the internet will emerge from the confluence of
- digital platforms,
- crypto currencies,
- data analytics, and
- decentralized and open apps, requiring organizations to plan for new employment positions that do not yet exist.
The Impact Of The Metaverse On The Digital Workspace
Leaders must first assist everyone in their organization build a “platform vision” before this can happen.
This requires a thorough grasp of the logic and structures of digital platforms, as well as how digital systems fit into a unified and scalable organizational architecture.
To drive their digital transformation programs, companies will need to recruit metaverse ecosystem architects with deep expertise of deep technologies like
- artificial intelligence,
- computer vision,
- data analytics,
- quantum computing, and
- high-speed networks.
These architects will need to operate in multidisciplinary teams that include
- metaverse marketing,
- business development, and
- innovation experts who will be in charge of redesigning their organization’s product and service portfolios, as well as discovering new markets and business models.
Because of the nature of metaverses, the volume and quality of personal data collected and analyzed will grow at an exponential rate.
This will need the hiring of metaverse analysts who can supplement strategic decision-making with artificial intelligence and deep analytics.
It’s worth noting that Facebook’s own research indicates that consumers are hesitant about fully merging their social media presence with their professional life in such an obtrusive way.
As a result, businesses will need to understand the role of health and safety in immersive digital environments, which will need demonstrating that data is secure and unhackable by the next generation of quantum computers.
They’ll also need to include metaverse expertise into their governance structure so that individuals aren’t subjected to over-monitoring and dehumanizing management techniques.
However, executives must guarantee that this vision of the future of work does not result in employee burnout as a result of spending too much time engaged in virtual worlds.
The goal of hybrid working will no longer be to achieve a balance between the home and workplace worlds, but to achieve a balance between the virtual and physical worlds. To maintain healthy metaverse working practices, HR will need to design new hybrid working policies.
Metaverses have the potential to be strong creative canvases, allowing businesses to conceive extraordinary new products and services for consumers, as well as fascinating new ways to work and collaborate for staff.
Organizations who are able to engage a new generation of brilliant transdisciplinary metaverse professionals by concentrating on the human component as much as the technology, developing purposeful innovation cultures based on a more humanized and conscious approach to work, will thrive in the future.